Company: CGC
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085662
Chunk: 8

Company: Canopy Growth Corp
Filing Date: 2025-08-29
Form: 424B5
Chunk 8
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 we have the discretion to deliver placement notices to the Agents at any time throughout the term of the Equity Distribution Agreement. The number of Common Shares that are sold by the Agents, as applicable, after delivering a placement notice will fluctuate based on the market price of the Common Shares during the sales period and any limits that we set with the applicable Agent in the applicable placement notice.

You may experience dilution as a result of this offering and the Concurrent Canadian Offering, which may adversely affect the per share trading price of our Common Shares.

The Common Shares sold in this offering and the Concurrent Canadian Offering, if any, will be sold from time to time at various prices, and investors in this offering may accordingly experience dilution. The actual amount of dilution from this offering will be based on numerous factors, including the number of Common Shares issued in the Concurrent Canadian Offering and in other potentially dilutive transactions, including, but not limited to, those transactions disclosed in the section of this prospectus supplement entitled “Summary — The Offering”, and cannot be determined at this time. The per share trading price of our Common Shares could decline as a result of sales of a large number of our Common Shares in the market in connection with this offering, including in the Concurrent Canadian Offering, or otherwise, or as a result of the perception or expectation that such sales could occur. See the section of this prospectus supplement entitled “Dilution” for a more detailed illustration of the dilution you may incur if you participate in this offering.

Our shareholders may be subject to dilution resulting from future issuances of Common Shares by us.

We may raise additional funds or complete other transactions in the future by issuing Common Shares or equity-linked securities. Holders of our securities, including investors in this offering, will have no preemptive

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rights in connection with such further issuances. Our board of directors has the discretion to determine if an issuance of our Common Shares is warranted, the price at which such issuance is to be effected and the other terms of any future issuance of Common Shares. For example, additional Common Shares may be issued by us as consideration for the acquisition by Canopy USA of the remaining interests in Lemurian, Inc. (“Jetty”), and the number of such additional Common Shares is currently not known, is not quantifiable as of the date hereof and may be material. In addition, additional Common Shares will be issued upon exchange of the Exchangeable Shares, if any, and