Mr. David Klein reports

CANOPY GROWTH ANNOUNCES FACILITY SALE AND PROVIDES UPDATE ON DIVESTITURE ACTIONS

Canopy Growth Corp. has completed the sale of its facility in Modesto, Calif.

With the completion of this transaction, Canopy Growth has now sold five facilities for proceeds of $81-million since April 1, 2023, and anticipates generating up to a total of $150-million from facility divestitures by Sept. 30, 2023.

These divestitures are aligned to the organizational transformation as announced during the company's prior fiscal year and provide improved liquidity, while also supporting the company's path to profitability through the corresponding operational expenditure reductions from no longer operating these sites.

"Today's announcement reflects our continued focus on strengthening Canopy Growth's balance sheet and demonstrates the rapid execution of our transformation to an asset-light, North American-focused cannabis business on an accelerated path to profitability," said David Klein, chief executive officer, Canopy Growth. "The proceeds from this transaction further the achievement of our target of $150-million in total proceeds from facility divestitures by the end of September, 2023, enabling us to efficiently reduce our overall footprint and strengthen our financial position."

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 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 technologies made in Germany by Storz & Bickel.

Canopy has also established a comprehensive ecosystem to realize the opportunities presented by the United States tetrahydrocannabinol market through its rights to Acreage Holdings, 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 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.