An anonymous director reports

CANOPY GROWTH ANNOUNCES PRIVATE PLACEMENT OF UP TO US$50 MILLION

Canopy Growth Corp. has entered into subscription agreements, dated Sept. 18, 2023, with certain institutional investors in a private placement offering of 22,929,468 units at a price per unit of $1.09 (U.S.) for aggregate gross proceeds of approximately $25-million (U.S.). The investors also hold an overallotment option to acquire up to an additional 22,929,468 units at a price per unit of $1.09 (U.S.) for aggregate gross proceeds of $25-million (U.S.) at the discretion of the investors at any time on or before Nov. 2, 2023.

The purpose of the offering is to provide the company with additional liquidity of up to $50-million (U.S.) to further strengthen Canopy Growth's financial position and is expected to be used for working capital and other general corporate purposes.

Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share from the company at a price equal to $1.35 (U.S.) for a period of five years from the date of issuance. The company has also agreed to provide the investors with customary registration rights.

The closing of the private placement pursuant to the subscription agreements (not including the overallotment option) is expected to occur on or about Sept. 19, 2023, subject to customary closing conditions.

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 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 United States 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 edibles brand in North America, and Jetty Extracts, a California-based producer of high-quality cannabis extracts and a 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.