Company: CGC
Filing Date: 2025-06-06
Form Type: 424B5
Source: 0001104659-25-057337
Chunk: 1

Company: Canopy Growth Corp
Filing Date: 2025-06-06
Form: 424B5
Chunk 1
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, 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 Canada. The Agent is not required to sell any specific number or dollar amount of securities, but will act as our sales agent using commercially reasonable efforts to sell on our behalf all of the Common Shares requested to be sold by us, consistent with its normal trading and sales practices, on mutually agreed terms between the Agent and us.

We will pay the Agent compensation equal to up to 3% of the gross sales price of Common Shares sold by the Agent under the Equity Distribution Agreement (the “Commission”). In connection with the sale of Common Shares on our behalf, the Agent will be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation of the Agent will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agent with respect to certain liabilities, including liabilities under the Securities Act.

Investing in our Common Shares involves risks. See “Risk Factors” on page S-5of this prospectus supplement, as well as our other filings that are incorporated by reference into this prospectus supplement and the accompanying prospectus.

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

#### Agent

#### BMO Capital Markets Corp.
<div align='center'>**The date of this prospectus supplement is June 4, 2025.**</div>

TABLE OF CONTENTS

TABLE OF CONTENTS Prospectus Supplement

| ​                                                                | ​ | ​ | Page |   |      |   | ​ |
| ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS | ​ | ​ | ​    | ​ | S-1  | ​ | ​ |
| PROSPECTUS SUPPLEMENT SUMMARY                                    | ​ | ​ | ​    | ​ | S-2  | ​ | ​ |
| THE OFFERING                                                     | ​ | ​ | ​    | ​ | S-3  | ​ | ​ |
| RISK FACTORS                                                     | ​ | ​ | ​    | ​ | S-5  | ​ | ​ |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS             | ​ | ​ | ​    | ​