An anonymous director reports

CANOPY GROWTH PROVIDES UPDATE ON MANAGEMENT CEASE TRADE ORDER AND PROVIDES ESTIMATE FOR REPORTING OF Q4 AND FY2023 FINANCIALS

Canopy Growth Corp. is providing this biweekly update on the status of the management cease trade order granted on June 2, 2023, by its principal regulator, the Ontario Securities Commission, under National Policy 12-203 -- Management Cease Trade Orders, following the company's announcement on May 26, 2023, that the company has initiated an internal review of the financial reporting matters related to BioSteel Sports Nutrition Inc. and has determined 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.

The company reports that: (i) there are no changes to the information contained in the default announcement that would reasonably be expected to be material to an investor; (ii) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue biweekly default status reports until the restated financial statements are filed, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the company under NP 12-203, and, except as set forth below, no such other default is anticipated; (iv) the company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the company that has not been generally disclosed.

The company continues to work with its auditors to complete the restated financial statements further to the company's recent filing of Form 12b-25 with the U.S. Securities and Exchange Commission. While the company is continuing to work diligently to complete the BioSteel review and the restated financial statements it will not report 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) but expects to file on or before June 23, 2023.

About Canopy Growth Corp.

Canopy Growth is a leading North American cannabis and consumer packaged good 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. Its 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. 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.