Mr. Dave Paterson reports

CANOPY GROWTH LAUNCHES CLAYBOURNE INFUSED PRE-ROLLS IN CANADA

Through an exclusive licensing agreement, Canopy Growth Corp. has launched the award-winning California grown Claybourne brand in Canada. This initial launch brings Claybourne's Frosted Flyers infused prerolls to Canadian medical and adult-use consumers in five distinct offerings: Blue Dream, Strawberry Cough, Pineapple Express, Grape Gasolina and Banana OG. Each Frosted Flyer is high potency and packed with non-stop flavour from start to finish.

Founded in 2017, Claybourne has built a reputation on originality and quality across California -- one of the world's most competitive cannabis markets -- helping redefine cannabis culture. Claybourne's Frosted Flyers infused prerolls are the latest introduction from Canopy Growth into the rapidly growing and established infused segment in Canada.

Since 2022, the preroll joint market in Canada has grown 94 per cent -- with infused prerolls totalling 9.6 per cent of the total recreational market.

"Claybourne Frosted Flyers are one of the most successful infused prerolls available in the [United States], and bringing them to adult consumers across Canada is a major step forward in Canopy Growth's innovation and commercialization strategy as we push even further into the rapidly expanding preroll joint category," said Dave Paterson, president, Canada, Canopy Growth. "This launch shows our dedication to delivering exciting brands and innovative products that raise the bar for what an elevated cannabis experience should be."

Claybourne Frosted Flyers infused prerolls offer higher-potency, unrivalled smokability and consistent flavour. This is achieved through a multistep innovative, artisanal and hand-made approach to crafting the final product through:

• Diamond frosting: a unique, flavourless tetrahydrocannabinolic acid coating on the outside of the joint provides added potency and contributes to a consistent, full flower flavour experience from beginning to end;
• Liquid diamond infusion: added concentrated tetrahydrocannabinol in the form of diamonds;
• Terpene enhanced: an additional infusion of natural terpenes to help accent the bold flavours of your favourite flower;
• Premium indoor full nug flower: made with 100-per-cent indoor cultivated flower.

"Claybourne was built on a passion for pushing boundaries, and we're excited to bring that spirit to Canadian adult-use consumers," said Nick Ortega, president and chief executive officer, Claybourne. "From the start, our focus has been on crafting innovative, high-quality flower and infused prerolls that give consumers an elevated experience they can't find anywhere else. We can't wait to introduce Claybourne Frosted Flyers and for Canadian adults to enjoy the unique quality and creativity that defines our brand."

Claybourne Frosted Flyers infused prerolls will be available in five offerings: each as part of a 1.5-gram three-pack, as well as a five-by-0.5-gram (2.5 grams total) variety pack.

• Blue Dream three-by-0.5-gram pack (sativa): 42 to 48 per cent THC (myrcene, pinene and caryophyllene);
• Strawberry Cough three-by-0.5-gram pack (sativa): 42 to 48 per cent THC (myrcene, pinene and caryophyllene);
• Pineapple Express three-by-0.5-gram pack (hybrid): 42 to 48 per cent THC (myrcene, pinene and caryophyllene);
• Grape Gasolina three-by-0.5-gram pack (indica): 42 to 48 per cent THC (myrcene, linalool and caryophyllene);
• Banana OG three-by-0.5-gram pack (indica): 42 to 48 per cent THC (limonene, myrcene and caryophyllene);
• Variety pack five-by-0.5-gram pack (Sa-Hybri-Ca): 36 to 40 per cent THC.

Through a combination of homegrown innovation and collaborations with the biggest brands in cannabis, like Claybourne, Canopy Growth is strategically positioned to further advance its leadership in this category.

New Claybourne preroll offerings will be available for purchase through legal recreational cannabis e-commerce channels and retail locations in select regions in addition to the Spectrum Therapeutics on-line store for authorized medical cannabis consumers.

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.

Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through an unconsolidated, non-controlling interest in Canopy USA. Canopy USA has closed the acquisitions of approximately 77 per cent of the shares of Jetty and 100 per cent of Wana. Jetty owns and operates Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, and Wana is a leading North American edibles brand. The option to acquire Acreage, a vertically integrated multistate cannabis operator with principal operations in densely populated states across the northeast and Midwest, has also been exercised.

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.