n in 2025, a 10% incidence rate would equate to just over $590 in annual spend to achieve $16 bn. Conversely, holding the $640 in spend constant with the U.S. Census forecasted population would result in over $17 bnin revenues by 2025. 2 That said, we view this estimate as somewhat conservative, as we can envisi

consumer ultimately spends $640 per year (or less than $2 / day), that would imply a $16 bn market opportunity for CBD. We would note that using the U.S. Census 18+ population projection in 2025, a 10% incidence rate would equate to just over $590 in annual spend to achieve $16 bn. Conversely, holding the $64

15.” The number of children aged five years or under grew from approximately 22.5 million in 1990 to approximately 23.4 million in 2002, according to the U.S. Census Bureau, and is projected to reach 26.8 million in 2015,” Number of Live Births in the U.S. 4,500 3 4,250 i= & 3 4,000 o = = 3,750 3,500 1985 1

n the United States. (The reader is cautioned that cannabis may never be legalized federally in the United States.) Eligible U.S. Consumers We used U.S. Census data to identify the number of people in the United States aged 21 years or older. While some therapeutic applications of cannabis are targeted at pe