Company: CGC
Filing Date: 2025-05-29
Form Type: POSASR
Source: 0001104659-25-054285
Chunk: 45

Company: Canopy Growth Corp
Filing Date: 2025-05-29
Form: POSASR
Chunk 45
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TABLE OF CONTENTS

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 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 in connection with the conversion of convertible debt, the exercise of options and warrants or grants of other equity awards granted by us. See “Summary — The Offering”. 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 May 29, 2024 to May 28, 2025, the closing price of the