Mr. Anthony Simone of Indiva reports

INDIVA AND CANOPY ANNOUNCE CLOSING OF PRIVATE PLACEMENT

Indiva Ltd. and Canopy Growth Corp., through its wholly owned subsidiary Tweed Inc., have closed the previously announced $2,155,617 private placement into Indiva by Tweed.

The private placement was completed in connection with the entering into of a licence assignment and assumption agreement and a contract manufacturing agreement, whereby Indiva assigned to Tweed all of its rights and interest in its exclusive licence to manufacture and sell Wana-branded products in Canada and Tweed granted to Indiva an exclusive right to manufacture and supply Wana-branded products in Canada for a period of five years, with the ability to renew for an additional five-year term upon mutual agreement of the parties.

Pursuant to the private placement, Tweed subscribed for 37.23 million common shares in the capital of Indiva for an aggregate purchase price of $2,155,617 at a price per common share of 5.79 cents. The issue price was determined based on the 10-day volume weighted average trading price of the common shares on the TSX Venture Exchange during the 10 consecutive trading days ending on the last trading day immediately prior to May 30, 2023. Upon closing of the private placement, Tweed exercises control and direction over 19.99 per cent of the issued and outstanding common shares. The balance of the consideration paid by Tweed to Indiva is as follows: (i) additional consideration representing a value of $844,383; (ii) a cash payment of $1.25-million on May 30, 2024.

Indiva intends to use the net proceeds of the private placement to satisfy its existing obligations under its licence to manufacture and sell Wana-branded products in Canada and for its costs and expenses related to the manufacture and supply Wana-branded products under the contract manufacturing agreement.

On closing, Tweed and Indiva entered into a customary standstill and voting support agreement, which provides, among other things, Tweed with the ability to nominate an individual as a board observer on the Board of Directors of Indiva.

The private placement is subject to the final approval of the TSX-V. The common shares issued under the private placement are subject to a statutory hold period of four months and one day following the closing of the private placement, being Oct. 17, 2023.

Early warning

Immediately prior to the private placement, Tweed and its affiliates (including Canopy Growth) held no common shares. Upon the closing of the private placement, Tweed and its affiliates (including Canopy Growth) exercises control and direction over 19.99 per cent of the issued and outstanding common shares. Tweed and its affiliates (including Canopy Growth) do not currently own any convertible securities of Indiva. The common shares are being acquired for investment purposes and, as of the date of this news release, Tweed and its affiliates (including Canopy Growth) have no current intention to acquire control or direction over additional securities of Indiva above 19.99 per cent of the issued and outstanding common shares, either alone or together with any joint actors. An early warning report regarding these transactions has been filed on SEDAR under Indiva's issuer profile and may be obtained directly from Canopy Growth upon request.

About Indiva Ltd.

Indiva is proud to be Canada's No. 1 producer of cannabis edibles. Indiva sets the gold standard for quality and innovation with its award-winning products, across a wide range of brands, including Wana, Bhang, Pearls by Gron, as well as Indiva branded edibles and extracts. Indiva manufactures its top-quality products in its state-of-the-art facility in London, Ont., and has a corporate work force remotely distributed across Southern Ontario.

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. Canopy'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. 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.

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