Mr. David Klein reports

CANOPY GROWTH CONGRATULATES TERRASCEND ON TORONTO STOCK EXCHANGE LISTING

Canopy Growth Corp. has recognized the successful commencement of trading of Terrascend Corp. on the Toronto Stock Exchange on July 4, 2023, under the new ticker symbol TSND. Canopy USA LLC's conditional ownership stake in Terrascend is approximately 18 per cent, representing an aggregate market value of approximately $155-million based on Terrascend's closing stock price on July 4, 2023.

"We applaud Terrascend on their transformative TSX listing, a testament to their innovating spirit and recent growth while strengthening their balance sheet as well as becoming cash flow positive," said David Klein, chief executive officer, Canopy Growth. "Terrascend is an important part of the Canopy USA ecosystem, which is already facilitating brand collaboration to drive entry into new markets and product assortment expansion in existing markets. We look forward to continuing to support their success and working together to capitalize on a once-in-a-generation U.S. market opportunity."

Terrascend's listing on the TSX marks the first cannabis company to successfully trade on a major exchange with consolidated financial statements that include revenues from multistate operations across the United States. It also leverages a similar novel structure to that of the Canopy USA strategy which the company continues to advance and is designed to accelerate entry into the U.S. cannabis market, in addition to establishing an industry-leading, premium-focused brand powerhouse.

Further demonstrating the value-enhancing synergies of the Canopy USA ecosystem, in May, Terrascend became the sole manufacturer, supplier and commercialization partner of Wana Brands in New Jersey and has launched Wana's cannabis-infused gummies in the state.

About Canopy Growth Corp.

Canopy Growth is a leading North American cannabis and consumer packaged goods (CPG) 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 Growth'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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