Company: CGC
Filing Date: 2025-02-28
Form Type: 424B5
Source: 0001104659-25-019242
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Company: Canopy Growth Corp
Filing Date: 2025-02-28
Form: 424B5
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TABLE OF CONTENTS

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

#### Registration No. 333-279949​

#### Prospectus Supplement
**(To Prospectus dated June 5, 2024)**

#### Up to $200,000,000Common Shares
**We have entered into an Equity Distribution Agreement dated February 28, 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 (the “Canadian Prospectus”) on the same terms as this offering. In accordance with the terms of the Equity Distribution Agreement, under this prospectus supplement and the accompanying prospectus, 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 a concurrent “at-the-market” offering of up to $200,000,000 in Canada through the Canadian Agent pursuant to the Canadian Prospectus (the “Concurrent Canadian Offering”). The maximum offering size of this offering and the Concurrent Canadian Offering, taken together, will not exceed $200,000,000. It is expected that the Equity Distribution Agreement will replace the Equity Distribution Agreement, dated June 6, 2024, among us and the Agents.

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 February 27, 2025, the closing price of our Common Shares on the Nasdaq Global Select Market was $1.41 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 “Securities Act”). The Agent will only sell Common Shares in the United States, and the Canadian Agent will only sell Common Shares on marketplaces in