Company: CGC
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085662
Chunk: 17

Company: Canopy Growth Corp
Filing Date: 2025-08-29
Form: 424B5
Chunk 17
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 could, among other things, cause actual results to differ from these forward-looking statements.**

<div align='center'>S-11</div>

TABLE OF CONTENTS

### USE OF PROCEEDS
We are offering up to $200,000,000 of Common Shares in this offering, together with sales pursuant to the Concurrent Canadian Offering; subject to the Canadian Cap. The net proceeds from this offering and the Concurrent Canadian Offering, if any, are not determinable in light of the nature of such offerings. The net proceeds of any given sale of Common Shares through the Agents in an “at-the-market” offering will represent the gross proceeds after deducting the Commission, the expenses of the distribution and any transaction or filing fees imposed by any governmental, regulatory or self-regulatory organization in connection with the sales. The proceeds we receive from sales in this offering and the Concurrent Canadian Offering will depend on the number of Common Shares actually sold in this offering and the Concurrent Canadian Offering and the offering price of such Common Shares. See “Plan of Distribution”.

We currently intend to use the net proceeds from the sale of our Common Shares offered by this prospectus supplement, together with the net proceeds of the Concurrent Canadian Offering, for investments in businesses and/or to fund any potential future acquisitions and for working capital and general corporate purposes, which may include the repayment of indebtedness, including a portion of the amounts outstanding under our secured $750 million first lien senior term loan facility, which currently has an aggregate principal amount outstanding of $125.6 million (the “Credit Facility”) pursuant to a term loan credit agreement entered into by us on March 18, 2021, as amended, and, as discussed below, requires certain prepayments in connection with the agreement, dated July 29, 2025, between us and certain lenders under the Credit Facility.

The Credit Facility matures on September 18, 2027, and interest on amounts outstanding under the Credit Facility is calculated at either the applicable prime rate plus 7.50% per annum, subject to a prime rate floor of 2.00%, or adjusted term SOFR plus 8.50% per annum, subject to an adjusted term SOFR floor of 1.00%. Pursuant to the agreement, dated July 29, 2025, between us and certain lenders under the Credit Facility, we are required to pay down the Credit Facility by $10 million on or before December 31, 2025 and by a further $15 million on or before March 31,