Mr. Nik Schwenker reports

CANOPY GROWTH CONFIRMS CANOPY USA'S ACQUISITION OF WANA

Canopy Growth Corp.'s Canopy USA LLC has completed its acquisition of Wana, inclusive of Wana Wellness LLC, The CIMA Group, LLC and Mountain High Products LLC. Canopy USA now owns 100 per cent of the outstanding equity interests in Wana.

Together with the completed acquisition of approximately 75 per cent of the shares of Lemurian Inc. as announced on June 4, 2024, Canopy USA is fulfilling its ambition of establishing a leading brand-focused cannabis company in the U.S. Wana and Jetty have identified areas of collaboration, including the establishment of a joint sales force in the New York market, focused on category dominance across the edible and vape segments.

This announcement follows Wana's recent launch of Wanderous, a first-of-its-kind direct-to-consumer marketplace designed to offer consumers a curated selection of high-quality hemp-derived products, including delta-9-THC (tetrahydrocannabinol) and non-intoxicating CBD (cannabidiol) gummies from leading brands like Wana, Cann, Happi, Charlotte's Web, Martha Stewart CBD and MXXN. As part of this launch, Wana introduced its new line of Wana Beverages, ready-to-drink infused sparkling beverages that combine hemp extracts, real fruit juice and other beneficial ingredients, offering consumers a new and highly sessionable way to experience Wana products.

"With Wana now part of Canopy USA alongside Jetty, Canopy USA is gaining momentum while reinforcing its commitment to building a diverse portfolio of industry-leading brands in the U.S. cannabis market," said David Klein, chief executive officer of Canopy Growth and member of the board of managers of Canopy USA. "Completing the acquisition of Wana marks another significant milestone in Canopy USA's strategy and unlocks new growth opportunities across both state-legal markets and through hemp-derived products across the U.S."

"This acquisition represents an exciting next step for Canopy USA, as we blend Wana's expertise in crafting innovative edibles with Jetty's pioneering developments in vape and extract products," said Joe Hodas, president, Wana Brands. "With the launch of Wanderous, Wana's one-stop-shop for premium hemp-derived products and the expansion of the brand's core portfolio into new U.S. states, Wana is continuing its leadership in the North American edibles category with trusted, high-quality product offerings.

The completed acquisitions of Wana and approximately 75 per cent of the shares of Jetty, followed by the contemplated acquisition of Acreage Holdings Inc., are expected to enable Canopy USA to realize significant financial benefits, including revenue growth and cost synergies across the Canopy USA ecosystem.

About Canopy Growth Corp.

Canopy Growth is a world leading cannabis 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, in addition to category defining vaporizer technology made in Germany by Storz & Bickel.

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