On December 14, 2025, Canopy Growth Corporation and MTL Cannabis Corp. entered into an arrangement agreement pursuant to which Canopy Growth will acquire all of the issued and outstanding common shares of MTL and settle all debt and debt-like instruments owed by MTL. The transaction is valued at approximately $125 million on a fully-diluted equity basis and approximately $179 million on an enterprise value basis.

The transaction is expected to close by the end of February 2026 and is expect to create the leading medical cannabis business in Canada.

Canaccord Genuity Corp. is acting as exclusive financial advisor to Canopy Growth. Cassels Brock & Blackwell LLP and Paul Hastings LLP are acting as legal counsel to the Company.

Haywood Securities Inc. is acting as exclusive financial advisor to the MTL Special Committee and provided a fairness opinion to the MTL Special Committee. Farris, LLP is acting as legal counsel to MTL Cannabis.