Company: CGC
Filing Date: 2025-05-30
Form Type: POS AM
Source: 0001104659-25-054925
Chunk: 45

Company: Canopy Growth Corp
Filing Date: 2025-05-30
Form: POS AM
Chunk 45
---
, those transactions disclosed in the sections of this prospectus supplement entitled “Summary — The Offering” and “Dilution”, 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

<div align='center'>S-5</div>

TABLE OF CONTENTS

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 “Dilution”. 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