Mr. Alex Thomas reports

CANOPY GROWTH ESTABLISHES NEW US$200 MILLION AT-THE-MARKET PROGRAM

Canopy Growth Corp. has established a new at-the-market equity program (the ATM program) that allows Canopy Growth to issue and sell up to $200-million (U.S.) (or its Canadian-dollar equivalent) of common shares of the company from treasury from time to time in concurrent public offerings in the United States and Canada. Any common shares sold in the ATM program will be sold in transactions made directly on the Nasdaq or the Toronto Stock Exchange or on any other available U.S. or Canadian trading market for the common shares. The volume and timing of sales under the ATM program, if any, will be determined in the company's sole discretion and are subject to customary conditions precedent. The common shares will be distributed at market prices prevailing at the time of each sale or at certain other prices and, as a result, prices may vary as between purchasers and during the period of distribution under the ATM program.

Canopy Growth intends to use the net proceeds from the ATM program, if any, for investments in businesses and/or to finance any potential future acquisitions, and for working capital and general corporate purposes, which may include the repayment of indebtedness, including the optional $100-million (U.S.) prepayment under the company's existing credit agreement, which if completed, will automatically extend the maturity date of the company's term loan to Sept. 18, 2027.

Sales of common shares under the ATM program will be made pursuant to the terms of an equity distribution agreement dated Feb. 28, 2025, entered into among the company, BMO Nesbitt Burns Inc., as Canadian agent, and BMO Capital Markets Corp., as U.S. agent. The ATM program will be effective until the earliest of (i) the issuance and sale of all of the common shares issuable pursuant to the ATM program, (ii) the date on which the company receives notice from a securities regulatory authority that the Canadian shelf prospectus and/or registration statement (each as defined below) has ceased to be effective, and (iii) July 5, 2026, unless terminated prior to such date by the company or the agents in accordance with the terms of the distribution agreement. It is expected that the distribution agreement will replace the equity distribution agreement dated June 6, 2024, among the company and the agents.

The offering of common shares under the ATM program is qualified by a prospectus supplement dated Feb. 28, 2025, to the company's Canadian short form base shelf prospectus dated June 5, 2024, each filed with the securities commissions in each of the provinces and territories of Canada, and pursuant to a prospectus supplement dated Feb. 28, 2025, to the company's U.S. base prospectus dated June 5, 2024, included in its registration statement on Form S-3ASR filed with the U.S. Securities and Exchange Commission (the SEC). The distribution agreement, Canadian prospectus supplement and Canadian shelf prospectus are available on the SEDAR+ website, and the U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on EDGAR on the SEC's website. Alternatively, these documents may be requested from the agents by contacting, (i) in Canada: BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre, 9195 Torbram Rd., Brampton, Ont., L6S 6H2, attention: The Data Group of Companies, by e-mail at torbramwarehouse@datagroup.ca or by telephone at 905-791-3151 extension 4312; and (ii) in the United States: BMO Capital Markets Corp. by mail at 151 W 42nd St., 32nd floor, New York, N.Y., 10036, attention: Equity Syndicate Department, by e-mail at bmoprospectus@bmo.com or by telephone at 800-414-3627.

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 consumers, Canopy Growth delivers innovative products from owned and licensed brands including Tweed, 7Acres, DOJA, Deep Space and Claybourne, as well as category defining vaporization devices by Storz & Bickel. In addition, Canopy Growth serves medical cannabis patients globally with operations in Canada, Germany, Poland and Australia.

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's portfolio includes ownership of Acreage Holdings, a vertically integrated multistate cannabis operator with operations throughout the U.S. northeast and Midwest, as well as ownership of Wana Brands, a leading North American edibles brand, and majority ownership of Jetty Extracts, a California-based producer of high-quality cannabis extracts and clean vape technology.

At Canopy Growth, it is shaping a future where cannabis is embraced for its potential to enhance well-being and improve lives. With high-quality products, a commitment to responsible use, and a focus on enhancing the communities where it lives and works, it is paving the way for a better understanding of all that cannabis can offer.

We seek Safe Harbor.