Company: CGC
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085662
Chunk: 9

Company: Canopy Growth Corp
Filing Date: 2025-08-29
Form: 424B5
Chunk 9
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 in connection with the conversion of convertible debt, the exercise of options and warrants or grants of other equity awards granted by us. See “Dilution”. Such additional equity issuances could, depending on the price at which such securities are issued, substantially dilute the interests of the holders of our existing securities.

The Common Shares will be sold in “at the market” offerings, and investors who buy Common Shares at different times will likely pay different prices.

Investors who purchase Common Shares in this offering and in the Concurrent Canadian Offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and number of Common Shares sold in this offering and in the Concurrent Canadian Offering. In addition, subject to the final determination by our board of directors or any restrictions we may place in any applicable placement notice, there is no minimum or maximum sales price for Common Shares to be sold in this offering or in the Concurrent Canadian Offering. Investors may experience a decline in the value of their Common Shares as a result of sales of Common Shares in this offering and in the Concurrent Canadian Offering made at prices lower than the prices they paid.

There are risks, including stock market volatility, inherent in owning our Common Shares.

The market price and volume of our Common Shares have been, and may continue to be, subject to significant fluctuations. For example, from August 28, 2024 to August 28, 2025, the closing price of the Common Shares on the Nasdaq Global Select Market has ranged from a high of $5.29 to a low of $0.83. These fluctuations may arise from general stock market and economic conditions; conditions relating to the cannabis sector; our compliance with applicable U.S. federal cannabis laws, as well as the Nasdaq Stock Market LLC (“Nasdaq”), TSX, SEC and Ontario Securities Commission rules and regulations; or a change in opinion in the market regarding our business prospects and financial performance, and other risk factors described, or incorporated by reference, in this prospectus supplement, any of which may have a material adverse effect on our results of operations and financial position.

We will have broad discretion as to the use of the proceeds from this offering and the Concurrent Canadian Offering and may not use the proceeds effectively.

We currently intend to use the net proceeds from the sale of our Common Shares offered by this prospectus supplement, together with the net proceeds of the Concurrent Canadian Offering, for investments in businesses and