Company: CGC
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085662
Chunk: 0

Company: Canopy Growth Corp
Filing Date: 2025-08-29
Form: 424B5
Chunk 0
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TABLE OF CONTENTS

#### Filed Pursuant to Rule 424(b)(5)​

#### Registration No. 333-279949​

#### Prospectus Supplement
**(To Prospectus dated June 4, 2025)**

#### Up to $200,000,000Common Shares
**We have entered into an Equity Distribution Agreement, dated August 29, 2025 (the “Equity Distribution Agreement”), with BMO Capital Markets Corp. (the “Agent”) and BMO Nesbitt Burns Inc. (the “Canadian Agent” and, together with the Agent, the “Agents”), relating to the sale of our common shares (“Common Shares”) offered by this prospectus supplement and the accompanying prospectus. Under the terms of the Equity Distribution Agreement, we may also make offers and sales of our Common Shares in Canada through the Canadian Agent pursuant to a Canadian prospectus supplement (the “Canadian Prospectus”) on the same terms as this offering, subject to the Canadian Cap (as defined below). The Equity Distribution Agreement provides that we may offer and sell Common Shares having an aggregate offering price of up to $200,000,000 from time to time on or after the date hereof, through the Agent, less any amounts sold in Canada through the Canadian Agent pursuant to the Canadian Prospectus (the “Concurrent Canadian Offering”), provided , however , that (i) in no event will we sell Common Shares in the Concurrent Canadian Offering for aggregate gross sales proceeds exceeding $50,000,000 (the “Canadian Cap”) and (ii) in no event will the combined gross sales proceeds of this offering and the Concurrent Canadian Offering exceed $200,000,000. The Equity Distribution Agreement replaces the Equity Distribution Agreement, dated February 28, 2025, as amended, among us and the Agents, which terminated upon our entry into the Equity Distribution Agreement.

Our Common Shares are listed and posted for trading on the Toronto Stock Exchange (the “TSX”) under the symbol “WEED” and the Nasdaq Global Select Market under the symbol “CGC.” On August 28, 2025, the closing price of our Common Shares on the Nasdaq Global Select Market was $1.88 per share.

Sales of our Common Shares, if any, under this prospectus supplement and the accompanying prospectus will be made in sales deemed to be “at the market offerings” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Sec