Canopy Growth Corporation has commenced an “at-the-market” equity offering of common shares with an aggregate sale price of up to US$50,000,000 (C$68,780,000). The offering is conducted pursuant to a prospectus supplement dated August 29, 2025, under the company’s short form base shelf prospectus dated June 5, 2024. The equity distribution agreement, dated August 29, 2025, appoints BMO Nesbitt Burns Inc. as the Canadian Agent and BMO Capital Markets Corp. as the U.S. Agent. The agents will receive a commission of up to 3.0% of the gross sales price per share. Concurrently, up to US$200,000,000 (C$275,120,000) of common shares may be sold in the United States, with the combined gross proceeds of both offerings not to exceed US$200,000,000.

Legal counsel for Canopy Growth is Cassels Brock & Blackwell LLP (Canada) and Paul Hastings LLP (U.S.), while Torys LLP acts for the agents in both jurisdictions. The offering is subject to TSX conditional approval and Nasdaq notification. Net proceeds are intended for investments, potential acquisitions, working capital, and general corporate purposes, including possible debt repayment. There is no minimum raise, and shares will be sold at prevailing market prices.