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Canopy Growth Corp Launches $200M Equity Program

Canopy Growth Corporation, a leading cannabis company, has announced the establishment of a new at-the-market equity program (ATM program) that allows the company to issue and sell up to US$200 million of common shares from treasury from time to time in concurrent public offerings in the United States and Canada. The company intends to use the net proceeds from the ATM program for investments in businesses and/or to fund potential future acquisitions and for working capital and general corporate purposes, including the potential repayment of indebtedness.

The sales of common shares under the ATM program will be made pursuant to the terms of an equity distribution agreement dated August 29, 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 June 5, 2027, or the issuance and sale of common shares having an aggregate offering price of US$200,000,000 on the terms and subject to the conditions set forth in the distribution agreement.

This new ATM program replaces the equity distribution agreement dated February 28, 2025, as amended, among the company and the agents, which terminated upon the company’s entry into the distribution agreement. The offering of common shares under the ATM program is qualified by a prospectus supplement dated August 29, 2025, to the company’s Canadian short form base shelf prospectus dated June 5, 2024, and pursuant to a prospectus supplement dated August 29, 2025, to the company’s U.S. base prospectus included in its registration statement on Form S-3 initially filed with the U.S. Securities and Exchange Commission (SEC) on June 5, 2024, and amended on May 29, 2025, and May 30, 2025.

As a result of these announcements, the company's shares have moved -4.25% on the market, and are now trading at a price of $1.80. For the full picture, make sure to review Canopy Growth Corp's 8-K report.

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