Company: CGC
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085662
Chunk: 21

Company: Canopy Growth Corp
Filing Date: 2025-08-29
Form: 424B5
Chunk 21
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up to 8,239 Common Shares issuable upon the conversion of the senior unsecured convertible debentures due September 2025 issued by the Company’s wholly-owned subsidiary, The Supreme Cannabis Company, Inc.;

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up to 6,700,860 Common Shares issuable upon the conversion of the Company’s convertible debentures due May 2029 with a conversion price of C$14.38 per Common Share;

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up to 1,763,696 Common Shares issuable upon exercise of replacement common share purchase warrants issued to former securityholders of Acreage in connection with the Acreage Acquisition, with a weighted average exercise price of US$3.66 (C$4.98) per Common Share; and

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68,469 Common Shares issuable in connection with the acquisition by Canopy USA of the minority interests of certain subsidiaries of Acreage.

To the extent that any of these Common Shares are issued upon exercise or conversion of any instruments exercisable for, or convertible into, Common Shares or the vesting of restricted share units, investors purchasing our Common Shares in this offering may experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our shareholders.

Subsequent to June 30, 2025, we have issued additional Common Shares and securities convertible into Common Shares and made additional equity awards.

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TABLE OF CONTENTS

### PLAN OF DISTRIBUTION
We have entered into the Equity Distribution Agreement with the Agents under which we may issue and sell from time-to-time Common Shares having an aggregate sale price of up to $200,000,000 (or the equivalent in Canadian currency) in this offering and in the Concurrent Canadian Offering pursuant to placement notices delivered by us to the Agents from time to time in accordance with the terms of the Equity Distribution Agreement, subject to the Canadian Cap. In this offering, sales of Common Shares, if any, will be made by any method that is deemed to be an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act, including sales made by the Agent directly on the Nasdaq Global Select Market or any other trading market for the Common Shares in the United States or pursuant to any other