Company: CGC
Filing Date: 2025-07-25
Form Type: PRE 14A
Source: 0001104659-25-070853
Chunk: 69

Company: Canopy Growth Corp
Filing Date: 2025-07-25
Form: PRE 14A
Chunk 69
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 | ​ | ​ | C$0.71        | ​ |
| ​ | S&P/TSX Composite Index                    | ​ | ​ | C$100.00      | ​ | ​ | C$151.46      | ​ | ​ | C$179.78      | ​ | ​ | C$169.99      | ​ | ​ | C$193.72      | ​ | ​ | C$224.36      | ​ |
| ​ | Horizons Marijuana Life Sciences Index ETF | ​ | ​ | C$100.00      | ​ | ​ | C$223.09      | ​ | ​ | C$104.18      | ​ | ​ | C$47.82       | ​ | ​ | C$49.95       | ​ | ​ | C$31.50       | ​ |

Since April 1, 2020, the Share price performance declined because of considerable volatility in the cannabis sector resulting from a multitude of factors, including, among others, the multiple attempts in the U.S. to reschedule cannabis from a Schedule I substance to a Schedule III substance under the Controlled Substances Act (21 U.S.C. § 811), significant price compression across core products in both adult-use and international medical supply, rising energy costs contributed to increased operating costs, depressing margins. Relative stock underperformance was even more pronounced given the recent election of the Trump administration and their uncertain position on cannabis rescheduling as well as prices of commodities remaining high when compared to April 1, 2020, supporting the S&P TSX performance. Continued capital requirements through the issuance of additional common shares has further affected the relative underperformance which has continued throughout Fiscal 2025. While our Share price has been volatile due in part to the evolving state of the cannabis industry, our executive compensation remains competitive as we aim to attract and retain an experienced executive team whose compensation is tied to a variety of metrics including long-term profit improvement and Share price appreciation. Executive compensation for Fiscal 2025 remains aligned with financial performance and the Shareholder experience to the end of Fiscal 2025, evidenced by a significant decrease in realizable equity compensation held by executives. For further discussion on this point, please refer above to “PSU Metric Details and Certification Results”.

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TABLE OF CONTENTS COMPENSATION COMMITTEE REPORT The members of the CGCN Committee have reviewed and discussed the contents of the CD&A with management. Based on such review and discussion with management, and subject to the limitations on the role