Ms. Judy Hong reports

CANOPY GROWTH ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

Canopy Growth Corp.'s board of directors has approved the consolidation of the company's issued and outstanding common shares on the basis of one postconsolidation common share for every 10 preconsolidation common shares. The consolidation is being implemented to ensure that the company continues to comply with the listing requirements of the Nasdaq Global Select Market.

The consolidation was approved by the company's shareholders at the annual general and special meeting of shareholders held on Sept. 25, 2023. The consolidation is subject to approval by the Toronto Stock Exchange and is expected to become effective on Dec. 15, 2023, with the postconsolidation common shares commencing trading on the TSX and Nasdaq at market open on Dec. 20, 2023, subject to final confirmation from the TSX and Nasdaq. No fractional common shares will be issued in connection with the consolidation. Any fractional common shares arising from the consolidation will be deemed to have been tendered by its registered owner to the company for cancellation for no consideration. The exercise or conversion price and/or the number of common shares issuable under any of the company's outstanding convertible securities will be proportionately adjusted in connection with the consolidation.

"By implementing this share consolidation, Canopy Growth expects to regain compliance with the Nasdaq's bid requirement and further support the marketability of the company's shares," said Judy Hong, chief financial officer of Canopy Growth.

It is anticipated that, upon completion of the consolidation, the postconsolidation common shares will continue to trade on the TSX under the symbol WEED and on Nasdaq under the symbol CGC, under a new Cusip number: 138035704.

Shareholders of record as of the effective date will receive a letter of transmittal from Odyssey Trust Company, the transfer agent for the common shares, providing instructions for the exchange of their common shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the company's SEDAR+ profile. Until surrendered, each share certificate or direct registration system statement representing preconsolidation common shares will represent the number of whole postconsolidation common shares to which the holder is entitled as a result of the consolidation. No action is required by beneficial holders to receive postconsolidation common shares in connection with the consolidation. Beneficial holders who hold their common shares through intermediaries (for example, a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the consolidation will be processed should contact their intermediaries with respect to the consolidation.

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 U.S. THC (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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