An anonymous director reports

CANOPY GROWTH ANNOUNCES VOLUNTARY APPLICATION FOR A MANAGEMENT CEASE TRADE ORDER

Further to Canopy Growth Corp.'s previously announced internal review of the financial reporting matters related to BioSteel Sports Nutrition Inc. and the determination from the company that it will need to restate its: (i) audited consolidated financial statements for the fiscal year ended March 31, 2022, included in the company's annual report on Form 10-K for the fiscal year ended March 31, 2022; and (ii) unaudited consolidated financial statements for the quarterly periods ended June 30, 2022, Sept. 30, 2022, and Dec. 31, 2022, included in the corporation's quarterly reports on Form 10-Q for such quarterly periods, as further described in the company's material change report and the company's current report on Form 8-K, each dated May 10, 2023, pursuant to National Policy 12-203, Management Cease Trade Orders, the company has voluntarily applied to the applicable securities regulatory authorities for a management cease trade order related to the company's securities to be imposed against certain directors and officers of the company. Once granted, the MCTO will be in effect until the restated financial statements are filed. The issuance of the MCTO does not generally affect the ability of persons who have not been directors or officers of the company to trade in their securities in accordance with applicable securities laws. Further to the company's recent filing of Form 12b-25 with the U.S. Securities and Exchange Commission, the company is working diligently to complete the Biosteel review and the restated financial statements and expects to file its annual report on Form 10-K for the fiscal year ended March 31, 2023, on or before the expiration of the 15-calendar-day extension provided by Rule 12b-25(b) promulgated under the U.S. Securities Exchange Act of 1934, as amended.

The company intends to provide information in accordance with NP 12-203 with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of biweekly status update reports until the restated financial statements have been filed and the MCTO has been revoked. The company has not taken any steps toward insolvency proceedings and the company has no material information to release to the public. The company has made the foregoing representations in accordance with the requirements of applicable securities laws.

About Canopy Growth Corp.

Canopy Growth is a leading North American cannabis and CPG (consumer packaged goods) company dedicated to unleashing the power of cannabis to improve lives. Through an unwavering commitment to its consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands, including Doja, 7Acres, Tweed and Deep Space. The company's CPG portfolio features sugar-free sports hydration brand BioSteel, targeted 24-hour skin care and wellness solutions from This Works, gourmet wellness products by Martha Stewart CBD, and category-defining vaporizer technology made in Germany by Storz & Bickel. Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC (tetrahydrocannabinol) market through its rights to Acreage Holdings Inc., a vertically integrated multistate cannabis operator with principal operations in densely populated states across the Northeast, as well as Wana Brands, a leading cannabis edible brand in North America, and Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology. Beyond its world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use and community reinvestment -- pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater well-being and life enhancement.

We seek Safe Harbor.