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COWEN
COLLABORATIVE INSIGHTS
February 25, 2019

Appendix

Figure 136 Cannabis Comp Table

[Table Header]
Company Name - Non-Coverage | Ticker | Local Curr | Price 2/22/2019 | 52 Week Low | 52 Week High | Market Value | Enterprise Value | Enterprise Value / LTM Rev | Enterprise Value / FY1 Rev | Enterprise Value / FY2 Rev | Enterprise Value / FY3 Rev | Enterprise Value / FY1 EBITDA | Enterprise Value / FY2 EBITDA | Enterprise Value / FY3 EBITDA

[Table Body]
1933 Industries Inc | TGIF.CD | CAD | 0.56 | 0.30 | 0.80 | 133 | 131 | 8.8 | 4.3 | 3.1 | NA | 31.2 | 11.8 | NA
Aphria Inc | APHA.N | USD | 10.18 | 3.75 | 13.45 | 2,535 | 3,219 | 56.2 | NA | NA | NA | NA | NA | NA
Aurora Cannabis Inc | ACB | USD | 6.96 | 3.90 | 12.53 | 6,948 | 9,318 | 78.2 | NA | NA | NA | NA | NA | NA
Charlotte's Web Holdings Inc | CWEB.CD | CAD | 18.15 | 9.05 | 22.75 | 1,678 | 1,199 | NA | 17.1 | 7.6 | 4.4 | 51.1 | 21.5 | 12.0
Cronos Group Inc | CRON.O | USD | 21.92 | 5.12 | 25.10 | 3,892 | 5,113 | NM | NM | 37.7 | 29.2 | NM | 122.0 | 96.1
Curaleaf Holdings Inc | CURA.CD | CAD | 10.25 | 1.43 | 26.01 | 3,412 | 3,412 | NA | 38.3 | 9.3 | 4.7 | NM | 27.8 | 12.9
CV Sciences Inc | CVSI.PK | USD | 4.90 | 0.37 | 9.20 | 463 | 453 | 11.0 | NA | NA | NA | NA | NA | NA
Elixinol Global Ltd | EXL.AX | AUD | 3.47 | 1.34 | 3.69 | 161 | 148 | NA | 1.4 | 1.2 | 1.0 | 14.6 | 7.6 | 6.3
Emblem Corp | EMC.V | CAD | 1.78 | 0.83 | 2.12 | 234 | 202 | 35.4 | 24.4 | 2.7 | 1.4 | NM | 18.2 | 5.6
Emerald Health Therapeutics Inc | EMH.V | CAD | 3.89 | 2.04 | 6.35 | 554 | 504 | NM | NA | NA | NA | NA | NA | NA
Green Organic Dutchman Holdings Ltd | TGOD.TO | CAD | 3.69 | 2.06 | 9.64 | 989 | 789 | NA | 53.6 | 4.0 | 1.4 | NM | NM | 6.3
Green Thumb Industries Inc | GTII.CD | CAD | 19.69 | 8.21 | 32.50 | 1,257 | 859 | NA | 13.0 | 4.0 | 1.9 | NM | 19.2 | 5.6
Khiron Life Sciences Corp | KHRN.V | CAD | 4.05 | 0.87 | 4.35 | 308 | 294 | NA | NM | 24.6 | 3.9 | NM | NM | 15.3
Level Brands Inc | LEVB.N | USD | 5.05 | 2.60 | 8.41 | 51 | 43 | 4.7 | NA | NA | NA | NA | NA | NA
Neptune Wellness Solutions Inc | NEPT.O | USD | 3.67 | 2.27 | 5.14 | 295 | 374 | 14.5 | 14.1 | 6.1 | 2.7 | 84.2 | 30.6 | 11.1
OrganiGram Holdings Inc | OGI.V | CAD | 7.74 | 3.26 | 8.55 | 1,013 | 1,016 | NA | 8.2 | 4.3 | 3.2 | 19.5 | 11.6 | 8.8

Company Name - Coverage
Canopy Growth Corp | WEED.TO | CAD | 58.51 | 23.88 | 76.68 | 20,071 | 16,142 | NA | NM | 74.2 | 34.9 | NM | NM | 105.0
KushCo Holdings Inc | KSHB.PK | CAD | 6.38 | 3.76 | 7.20 | 560 | 16,142 | NA | NM | NM | NM | NM | NM | NM
Tilray Inc | TLRY.OQ | USD | 79.07 | 20.10 | 300.00 | 7,367 | 16,142 | NM | NA | NA | NA | NA | NA | NA
Turning Point Brands Inc | TPB | USD | 41.00 | 19.11 | 47.00 | 802 | 16,142 | NM | NM | NM | NM | NM | NM | NM

[Summary Stats Box]
Overall Min | 50.6 | 42.6 | 4.7 | 1.4 | 1.2 | 1.0 | 14.6 | 7.6 | 5.6
Overall Mean | 2636.1 | 4582.0 | 29.8 | 19.4 | 14.9 | 8.0 | 40.1 | 30.0 | 25.9
Overall Median | 895 | 937 | 14.5 | 14.1 | 5.2 | 3.2 | 31.2 | 19.2 | 11.1
Overall Max | 20,071 | 16,142 | 78.2 | 53.6 | 74.2 | 34.9 | 84.2 | 122.0 | 105.0

Source: Thomson Reuters and Cowen and Company

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