Ms. Judy Hong reports

CANOPY GROWTH ANNOUNCES EQUITIZATION OF C$12.5 MILLION OF NOTES DUE IN JULY 2023

Canopy Growth Corp. has entered into privately negotiated exchange agreements with certain holders of the company's outstanding 4.25 per cent unsecured senior notes due 2023 to acquire $12.5-million aggregate principal amount of the notes from the noteholders in exchange for common shares of the company and cash.

"We are pleased to have reached an agreement to equitize these notes and remain focused on further strengthening Canopy's financial position. This announcement builds on other already completed actions to preserve cash and provide additional financial flexibility," said Judy Hong, chief financial officer, Canopy Growth.

Transaction details

In accordance with the terms of the exchange agreements, Canopy Growth has agreed to acquire and cancel $12.5-million aggregate principal amount of the notes from the noteholders in exchange for cash, including accrued and unpaid interest owing under the notes, and the issuance of approximately 24.3 million Canopy shares.

The transaction is being conducted as a private placement, and any Canopy shares to be issued in the transaction will be issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, afforded by Section 4(a)(2) of the securities act in transactions not involving any public offering.

HudsonWest LLC acted as financial adviser to the company in connection with the transaction.

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.

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