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COWEN
COLLABORATIVE INSIGHTS
February 25, 2019

ADDENDUM

Stocks Mentioned In Important Disclosures
Ticker Company Name
WEED Canopy Growth Corporation
GWPH GW Pharmaceuticals Plc
TLRY Tilray
TPB Turning Point Brands

Important Disclosures and Information Relating to Cowen Washington Research Group
Cowen Washington Research Group produces commentaries on political, economic or market conditions. Commentaries produced by Cowen Washington Research Group are not intended as research reports as defined in FINRA Rule 2241 Research Analysts and Research Reports or FINRA Rule 2242 Debt Research Analysts and Debt Research Reports. Sections of this report noted as authored by Cowen Washington Research Group have not been prepared, are not intended, and should not be interpreted as a research report or investment recommendation regarding securities of any company. Investors should not consider purchasing or selling securities based upon any information contained in sections of the report denoted as authored by Cowen Washington Research Group.

Cowen Research Analyst Certification
Each author of this research report hereby certifies that (i) the views expressed in the research report accurately reflect his or her personal views about any and all of the subject securities or issuers, and (ii) no part of his or her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report.

Important Disclosures Relating to Cowen Research
Cowen and Company, LLC and or its affiliates make a market in the stock of GW Pharmaceuticals Plc, Tilray, Turning Point Brands and Canopy Growth Corporation securities.
Cowen and Company, LLC served as the placement agent in connection with Tilray's Series A preferred stock financing in February and March 2018.
Cowen and Company, LLC managed or co-managed a public offering of GW Pharmaceuticals Plc, Tilray, Turning Point Brands and Canopy Growth Corporation in the past 12 months.
Cowen and Company, LLC received compensation for investment banking services from GW Pharmaceuticals Plc, Tilray, Turning Point Brands and Canopy Growth Corporation in the past 12 months.
GW Pharmaceuticals Plc, Tilray, Turning Point Brands and Canopy Growth Corporation is or has been in the past 12 months a client of Cowen and Company, LLC; Cowen and Company, LLC has provided or is providing investment banking services during the past 12 months.
Cowen and Company, LLC and/or its affiliates expect to receive, or intend to seek, compensation for investment banking services in the next 3 months from Tilray and Turning Point Brands.
Cowen and Company, LLC compensates research analysts for activities and services intended to benefit the firm's investor clients. Individual compensation determinations for research analysts, including the author(s) of this report, are based on a variety of factors, including the overall profitability of the firm and the total revenue derived from all sources, including revenues from investment banking, sales and trading or principal trading revenues. Cowen and Company, LLC does not compensate research analysts based on specific investment banking transactions or specific sales and trading or principal trading revenues.
The Nielsen material contained in this report represent Nielsen's estimates and do not represents facts. Nielsen has neither reviewed nor approved this report and/or any of the statements made herein.
Information contained in this report from The NPD Group, Inc. and its affiliates is the proprietary and confidential property of NPD and was made available for publication herein by way of limited license from NPD. Such NPD data may not be re-published in any manner, in whole or in part, without the express written consent of NPD.

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