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. 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COWEN COLLABORATIVE INSIGHTS February 25, 2019 Equity Research Price Targets: Cowen and Company, LLC assigns price targets on all companies covered in equity research unless noted otherwise. The equity research price target for an issuer's stock represents the value that the analyst reasonably expects the stock to reach over a performance period of twelve months. Any price targets in equity securities in this report should be considered in the context of all prior published Cowen and Company, LLC equity research reports (including the disclosures in any such equity report or on the Firm's disclosure website), which may or may not include equity research price targets, as well as developments relating to the issuer, its industry and the financial markets. For equity research price target valuation methodology and risks associated with the achievement of any given equity research price target, please see the analyst's equity research report publishing such targets. 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New York 646 562 1010 Boston 617 946 3700 San Francisco 415 646 7200 Chicago 312 577 2240 Cleveland 440 331 3531 Atlanta 866 544 7009 Stamford 646 616 3000 Washington, D.C. 202 868 5300 London (affiliate) 44 207 071 7500 COWEN AND COMPANY EQUITY RESEARCH RATING DEFINITIONS Outperform (1): The stock is expected to achieve a total positive return of at least 15% over the next 12 months Market Perform (2): The stock is expected to have a total return that falls between the parameters of an Outperform and Underperform over the next 12 months Underperform (3): Stock is expected to achieve a total negative return of at least 10% over the next 12 months Assumption: The expected total return calculation includes anticipated dividend yield Cowen and Company Equity Research Rating Distribution Distribution of Ratings/Investment Banking Services (IB) as of 12/31/18 Rating Count Ratings Distribution Count IB Services/Past 12 Months Buy (a) 473 64.01% 116 24.52% Hold (b) 259 35.05% 20 7.72% Sell (c) 7 0.95% 0 0.00% (a) Corresponds to “Outperform” rated stocks as defined in Cowen and Company, LLC's equity research rating definitions. (b) Corresponds to "Market Perform” as defined in Cowen and Company, LLC's equity research ratings definitions. (c) Corresponds to “Underperform” as defined in Cowen and Company, LLC's equity research ratings definitions. Cowen and Company Equity Research Rating Distribution Table does not include any company for which the equity research rating is currently suspended or any debt security followed by Cowen Credit Research and Trading. Note: "Buy", "Hold” and "Sell’ are not terms that Cowen and Company, LLC uses in its ratings system and should not be construed as investment options. Rather, these ratings terms are used illustratively to comply with FINRA regulation. 102 COWEN.COM HOUSE_OVERSIGHT_024918

COWEN COLLABORATIVE INSIGHTS February 25, 2019 GW Pharmaceuticals Ple Rating History as of 02/25/2019 powered by: BlueMatrix (1):$166.00 || (1):$165.00 || (1):$175.00 02/24/17 08/07/17 09/27/18 180 160 140 120 100 80 60 40 20 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18 Jan 19 Closing Price ———— Target Price Tilray Rating History as of 02/25/2019 powered by: BlueMatrix 1:(1):$34.00 | | (1):$62.00 | | (4):$172.00 | |(1):$150.00 08/13/18 08/29/18 | | 10/09/18 11418 250 200 150 100 50 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18 Jan 19 Closing Price ——— Target Price Turning Point Brands Rating History as of 02/25/2019 powered by: BlueMatrix 1:(1):$13.00 | | (1):$17.00 | | (1):$18.00 | | (1):619.00 | |(1):$20.00 | | (1):$25.00 || (1):$27.00 | | (1):$35.00 | | (1):$45.00 06/06/16 qinine § ||03137 «| )051217 | \08/10/17 |) 01/08/18 | |03M2/18 || O8/08/18 | |ag/06/18 50 40 30 ponte 20 aliiceneenageelll™ 10 - 0 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18 Jan 19 Closing Price ———— Target Price COWEN.COM 103 HOUSE_OVERSIGHT_024919

COWEN COLLABORATIVE INSIGHTS (1):$15.00 024/17 Jul 16 1:(1):$13.00 01/10/17 100 80 60 40 20 0 Apr 16 Legend for Price Chart: (1):$10.00 06/14/17 Oct 16 Canopy Growth Corporation Rating History as of 02/25/2019 Jan 17 February 25, 2019 powered by: BlueMatrix (1):$10.50 | | (1):$24.00 | | (1):$44.00 | | (1):$45.00 09/05/17 1M4N7 01/08/18 04/16/18 ee Apr 17 Jul 17 Closing Price (1):$48.00 | [(1):$56.00 06/2718 | | 08/16/18 (1):$74.00 09/04/18 (1):$82.00 10/09/18 | eT ne --, ae | Oct 17 Jan 18 Target Price Apr 18 Jul 18 Oct 18 Jan 19 | = Initiation | 1 = Outperform | 2 = Market Perform | 3 = Underperform | UR = Price Target Under Review | T = Terminated Coverage | $xx = Price Target | NA = Not Available | S=Suspended 104 COWEN.COM HOUSE_OVERSIGHT_024920

COWEN COLLABORATIVE INSIGHTS POINTS OF CONTACT Author Profiles Cowen Research New York 646 562 1330 [email protected] Andrew M. Charles, CFA New York 646 562 1332 [email protected] Andrew Charles is an analyst focused on restaurants. He has spent over seven years on the sell side covering the sector. Phil Nadeau, Ph.D. New York 646 562 1336 / phil. [email protected] Phil Nadeau is a senior analyst covering biotech. He joined Cowen in 2000 and holds an SB/M.Eng from MIT, anda Ph.D. from Harvard. Charles Rhyee New York 646 562 1376 rd Ae [email protected] Charles Rhyee is a senior analyst covering health care IT and distribution, which he has followed since 1999. He joined Cowen in 2011. February 25, 2019 Vivien Azer New York 646 562 1351 [email protected] Vivien Azer is a senior analyst covering beverages, tobacco and cannabis. She joined Cowen in 2014. Oliver Chen, CFA New York 646 562 1424 Oliver Chen is an //-ranked analyst covering retailing/specialty, broadlines, department stores, & luxury goods. He has an MBA from Wharton. [email protected] Charles Neivert New York i 646 562 1370 Charlie Neivert is a senior research analyst covering agricultural & commodity chemicals. He has a BA from University of Pennsylvania. [email protected] Eric Assaraf Washington, DC 202 868 5304 a; Eric Assaraf is with Cowen Washington Research Group covering health care. He received degrees from the University of Maryland. [email protected] COWEN.COM John Blackledge New York 646 562 1359 [email protected] John Blackledge is a senior analyst covering the Internet sector. He joined Cowen in 2012 as the head of Internet research. John Kernan, CFA New York SI 646 562 1324 [email protected] John Kernan is a research analyst focused on apparel, footwear and textiles. He has spent seven years on the Sell side covering the sector. 2 a“ a = 4 1h Jeff Osborne is an analyst covering sustainable energy tech. He has a BS from Trinity University and an MBA from Wayne State University. Jeffrey Osborne Stamford 646 562 1391 [email protected] Doug Schenkel Boston 617 946 3918 [email protected] Doug Schenkel is a senior analyst covering tools and diagnostics. He joined Cowen in 2005 and holds an M.B.A. from the UCLA Anderson School. 105 HOUSE_OVERSIGHT_024921

COWEN COLLABORATIVE INSIGHTS - Reaching Cowen February 25, 2019 Main U.S. Locations New York 599 Lexington Avenue New York, NY 10022 646 562 1010 800 221 5616 Atlanta 3399 Peachtree Road NE Suite 417 Atlanta, GA 30326 866 544 7009 International Location Cowen International Limited London 41 Snowden Street - 11th Floor London EC2A 2DQ United Kingdom 44 20 7071 7500 Boston Two International Place Boston, MA 02110 617 946 3700 800 343 7068 Chicago 181 West Madison Street Suite 3135 Chicago, IL 60602 312 577 2240 y COWENRESEARCH Cleveland 20006 Detroit Road Suite 100 Rocky River, OH 44116 440 331 3531 Stamford 262 Harbor Drive Stamford, CT 06902 646 616 3000 San Francisco One Maritime Plaza, 9th Floor San Francisco, CA 94111 415 646 7200 800 858 9316 Washington, D.C. 2900 K Street, NW Suite 520 Washington, DC 20007 202 868 5300 ff. COWEN INC. COWEN.COM HOUSE_OVERSIGHT_024922