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1.24 MB
Extraction Summary
1
People
9
Organizations
1
Locations
2
Events
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Relationships
3
Quotes
Document Information
Type:
Financial research report / equity research
File Size:
1.24 MB
Summary
This document is page 73 of a Cowen financial research report dated February 25, 2019, stamped with a House Oversight Bates number. It details business partnerships in the cannabis/CBD sector, specifically a revenue-sharing agreement between Tilray and Authentic Brands Group (ABG) involving the Nine West brand, and a retail distribution deal between DSW and Green Growth Brands. The document outlines financial terms, including a $100MM-$250MM investment by Tilray, and discusses market expansion opportunities for CBD wellness products.
People (1)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient |
Named in the sidebar watermark as the intended recipient of the report (michael.cella@cowen.com).
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Organizations (9)
| Name | Type | Context |
|---|---|---|
| Cowen |
Financial services firm publishing the report.
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| Tilray |
Cannabis company involved in partnership with ABG.
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| Ninewest |
Brand featuring 'Powered by Tilray' products.
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| ABG |
Authentic Brands Group; entering deal with Tilray.
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| Winston |
ABG's micro-influencer network.
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| DSW |
Shoe retailer selling Green Growth Brands products.
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| Green Growth Brands |
Company supplying CBD products to DSW.
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| Seventh Sense |
CBD infused products brand.
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| Dick's Sporting Goods |
Mentioned as a potential future outlet for CBD products (Ticker: DKS).
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Locations (1)
| Location | Context |
|---|---|
|
Refers to store locations for DSW and Dick's Sporting Goods within the US.
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Relationships (2)
Contractual agreement detailed in text involving revenue sharing and upfront payments.
Seventh Sense products... will be sold at 96 DSW stores.
Key Quotes (3)
"Tilray will initially pay ABG $100MM and up to $250MM in cash in stock."Source
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Quote #1
"In return ABG will pay TLRY 49% of revenues from any cannabis products with any ABG brand name"Source
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Quote #2
"essentially guaranteeing TLRY will receive a return on its initial $100MM investment."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (1,679 characters)
COWEN
COLLABORATIVE INSIGHTS
COLLABORATIVE INSIGHTS
February 25, 2019
Figure 120 Nine West Products Powered By Tilray
[Image of models and products: NINE WEST, POWERED BY TILRAY, HAND & FOOT CARE KIT]
Source: Cowen and Company; Sourcingjournal.com
[Image of models and products: NINE WEST, POWERED BY TILRAY, HAND & FOOT CARE KIT]
Source: Cowen and Company; Sourcingjournal.com
Tilray will also gain exposure to ABG’s 150MM followers through its micro-influencer network, Winston. Tilray will have the ability to display its name on ABG cannabis products. Tilray will initially pay ABG $100MM and up to $250MM in cash in stock. In return ABG will pay TLRY 49% of revenues from any cannabis products with any ABG brand name, with a minimum of $10MM/year for 10 years, essentially guaranteeing TLRY will receive a return on its initial $100MM investment. This type of deal opens the door for CBD products to partner with IP ownership to expand brands and CBD use partnerships.
DSW And Green Growth Brands
Green Growth Brands’ CBD infused Seventh Sense products, including foot creams and muscle balms, will be sold at 96 DSW stores nationwide out of DSW’s 500-store base. As the sale of CBD wellness products become widely acceptable and stigma around once illegal products subsides, opportunity should increase to move into other nationwide retailers. Under our coverage universe, Dick’s Sporting Goods may have the potential to offer wellness products containing CBD. DKS has a total of 864 stores nationwide. If DKS were to offer products in a similar percentage of stores as DSW, this would provide 166 incremental distribution points for CBD wellness products.
Green Growth Brands’ CBD infused Seventh Sense products, including foot creams and muscle balms, will be sold at 96 DSW stores nationwide out of DSW’s 500-store base. As the sale of CBD wellness products become widely acceptable and stigma around once illegal products subsides, opportunity should increase to move into other nationwide retailers. Under our coverage universe, Dick’s Sporting Goods may have the potential to offer wellness products containing CBD. DKS has a total of 864 stores nationwide. If DKS were to offer products in a similar percentage of stores as DSW, this would provide 166 incremental distribution points for CBD wellness products.
[Sidebar Text]: This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
COWEN.COM
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