# EDGAR Filing Document

**Accession Number:** 0001737927
**File Stem:** 0001104659-25-085779
**Filing Date:** 2025-8
**Character Count:** 258690
**Document Hash:** 5182f256d0e04f6ebe21160ab368f757
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085779.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085779

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250829

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Canopy Growth Corp
- **CENTRAL INDEX KEY:** 0001737927
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38496
- **FILM NUMBER:** 251281862

**BUSINESS ADDRESS:**
- **STREET 1:** 1 HERSHEY DRIVE
- **CITY:** SMITH FALLS
- **STATE:** A6
- **ZIP:** K7A0A8
- **BUSINESS PHONE:** 855-558-9333

**MAIL ADDRESS:**
- **STREET 1:** 1 HERSHEY DRIVE
- **CITY:** SMITH FALLS
- **STATE:** A6
- **ZIP:** K7A0A8

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): August 29, 2025

**Canopy Growth Corporation**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Canada** | **001-38496** | **N/A** |
| (State or other jurisdiction <br> of incorporation) | (Commission <br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1 Hershey Drive<br> Smiths Falls, Ontario** | **K7A 0A8** |
| (Address of principal executive offices) | (Zip Code) |

---

**(855) 558-9333**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol(s)** | **Name of each exchange<br> on which registered** |
| **Common Shares, no par value** | **CGC** | **Nasdaq Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

On August 29, 2025, Canopy Growth Corporation (the "Company") issued a press release announcing its new at-the-market equity program, which is attached as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report") and is incorporated herein by reference.

The information in Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, regardless of any incorporation by reference language in any such filing.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

---

On August 29, 2025, the Company entered into an equity distribution agreement (the "Equity Distribution Agreement") with BMO Capital Markets Corp. (the "U.S. Agent") and BMO Nesbitt Burns Inc. (the "Canadian Agent", and together with the U.S. Agent, the "Agents" and each an "Agent"), pursuant to which the Company may offer and sell, from time to time, up to an aggregate offering price of up to $200,000,000 of the Company's common shares (the "Common Shares") through the U.S. Agent, less any amounts sold in Canada through the Canadian Agent pursuant to the Concurrent Canadian Offering (as defined below); *provided, however,* that (i) in no event will the Company sell Common Shares in the Concurrent Canadian Offering for aggregate gross sales proceeds exceeding $50,000,000 (the "Canadian Cap") and (ii) in no event will the combined gross sales proceeds of the U.S. Offering (as defined below) and the Concurrent Canadian Offering exceed $200,000,000. The U.S. Agent may sell Common Shares only in the United States (the "U.S. Offering"), and the Canadian Agent may sell Common Shares only on marketplaces in Canada (the "Concurrent Canadian Offering"), subject to the Canadian Cap. The Equity Distribution Agreement replaces the equity distribution agreement, dated February 28, 2025, as amended, among the Company and the Agents, which terminated upon the Company's entry into the Equity Distribution Agreement.

In the U.S. 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, but not limited to, sales made 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 sales method used by the U.S. Agent. In the Concurrent Canadian Offering, sales of Common Shares, if any, will be made in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 — *Shelf Distributions*, including sales made by the Canadian Agent directly on the Toronto Stock Exchange or any other marketplace for the Common Shares in Canada or pursuant to any other sales method used by the Canadian Agent. The Agents may also sell the Common Shares by any other method agreed by the Company and the applicable Agent and permitted by applicable law, including, without limitation, as block transactions. Actual sales of Common Shares pursuant to the Equity Distribution Agreement will depend on a variety of factors to be determined by the Company from time to time, including (among others) market conditions, the trading price of the Common Shares, capital needs and determinations by the Company of the appropriate sources of funding for the Company.

Subject to the terms and conditions of the Equity Distribution Agreement, the Agents will use their commercially reasonable efforts to sell the Common Shares from time to time, as sales agents, based upon the Company's instructions.

The Company has no obligation to sell any of the Common Shares and may at any time suspend offers under the Equity Distribution Agreement, and either the Company or the Agents may terminate the Equity Distribution Agreement at any time. The Equity Distribution Agreement contains customary representations, warranties and covenants of the Company, indemnification rights and obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Equity Distribution Agreement were made only for purposes of the Equity Distribution Agreement and as of specific dates, were solely for the benefit of the parties to the Equity Distribution Agreement and are subject to certain limitations contained in the Equity Distribution Agreement. Accordingly, investors and security holders should not rely on the representations and warranties in the Equity Distribution Agreement as characterizations of the actual state of facts.

The U.S. Offering is being made pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-279949), filed with the Securities and Exchange Commission (the "SEC") on June 5, 2024, and amended on May 29, 2025 and May 30, 2025 (as amended, the "Registration Statement"), a base prospectus, dated June 4, 2025, included as part of the Registration Statement, and a prospectus supplement, dated August 29, 2025 filed with the SEC pursuant to Rule 424(b)(5) on August 29, 2025. The Concurrent Canadian Offering is being made pursuant to a preliminary short form base shelf prospectus dated May 14, 2024, a (final) short form base shelf prospectus dated June 5, 2024 and a prospectus supplement dated August 29, 2025, filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares nor shall there be any sale of the Common Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The foregoing description of the Equity Distribution Agreement is not complete and is qualified in its entirety by reference to the full text of the Equity Distribution Agreement, a copy of which is attached as Exhibit 1.1 to this Current Report and is incorporated by reference herein.

The legal opinion of Cassels Brock & Blackwell LLP relating to the Common Shares being offered pursuant to the Equity Distribution Agreement is filed as Exhibit 5.1 to this Current Report.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| [1.1\*+](tm2524672d1_ex1-1.htm) | [Equity Distribution Agreement, dated as of August 29, 2025, by and among Canopy Growth Corporation and BMO Capital Markets Corp. and BMO Nesbitt Burns Inc.](tm2524672d1_ex1-1.htm) |
| [5.1](tm2524672d1_ex5-1.htm) | [Opinion of Cassels Brock & Blackwell LLP](tm2524672d1_ex5-1.htm) |
| [23.1](tm2524672d1_ex5-1.htm) | [Consent of Cassels Brock & Blackwell LLP (included in Exhibit 5.1)](tm2524672d1_ex5-1.htm) |
| [99.1](tm2524672d1_ex99-1.htm) | [Press Release, dated August 29, 2025](tm2524672d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL document) |

---

---

| | |
|:---|:---|
| \* | A non-material exhibit has been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of the omitted exhibit upon request by the SEC. |
| + | Portions of this exhibit have been omitted pursuant to Item 601(a)(6) of Regulation S-K. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **CANOPY GROWTH CORPORATION** | **CANOPY GROWTH CORPORATION** |
| Date: August 29, 2025 | By: | /s/ Thomas Stewart |
|  |  | Thomas Stewart |
|  |  | Interim Chief Financial Officer |

---

## Exhibit 1.1

**Exhibit 1.1**

**Execution Version**

**CANOPY GROWTH CORPORATION**

**<u>US$200,000,000</u>**

**EQUITY DISTRIBUTION AGREEMENT**

August 29, 2025

BMO Capital Markets Corp.<br> 151 West 42nd Street<br> New York, New York, 10036

BMO Nesbitt Burns Inc.<br> First Canadian Place, 4<sup>th</sup> Floor<br> 100 King Street West<br> Toronto, ON M5X 1H3

Ladies and Gentlemen:

Canopy Growth Corporation, a corporation incorporated under the federal laws of Canada (the "**Corporation**"), confirms its agreement (this "**Agreement**") with BMO Capital Markets Corp. (the "**U.S. Agent**") and BMO Nesbitt Burns Inc. (the "**Canadian Agent**", and together with the U.S. Agent, the "**Agents**") to issue and sell common shares of the Corporation (the "**Shares**") upon and subject to the terms and conditions contained herein. Capitalized terms used herein have the meanings given to them in Section 24 hereof.

**1.**  **<u>Issuance and Sale of Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation agrees that, from time
 to time during the term of this Agreement, on the terms and subject to the conditions set
 forth herein, it may issue and sell Shares (i) through the Canadian Agent, having an
 aggregate sales price of up to US$50,000,000 (or the equivalent in Canadian currency) (the
 "**Canadian Offering** "); and (ii) through the U.S. Agent, having an
 aggregate sales price of up to US$200,000,000 (the "**Maximum Amount** "),
 less any amounts sold in the Canadian Offering (the "**U.S. Offering** ", and
 together with the Canadian Offering, the "**Offerings** "). The Shares will
 be sold on the terms set forth herein at such times and in such amounts as the Corporation
 and the Agents shall agree from time to time. The issuance and sale of the Shares through
 the Agents will be effected pursuant to the Canadian Prospectus and the U.S. Prospectus,
 in each case, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When determining the aggregate value of
 the Placement Shares sold, the Corporation will use the daily exchange rate posted by the
 Bank of Canada on the date the applicable Placement Shares were sold to determine the United
 States dollar equivalent of any Placement Shares which were sold for Canadian dollars.

**2.**  **<u>Placements</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Placement Notice</u>. Each time that
 the Corporation wishes to issue and sell Shares hereunder (each, a "**Placement** "),
 it will notify the applicable Agent by telephone followed by e-mail notice (or other method
 mutually agreed to in writing by the parties) (a "**Placement Notice**") containing
 the parameters within which the Corporation desires to sell the Shares, which shall at a
 minimum include (i) the number of Shares to be sold under the applicable Placement pursuant
 to this Agreement (the "**Placement Shares** "), (ii) the time period
 during which sales of the Placement Shares are requested to be made, (iii) any limitation
 on the number of Placement Shares that may be sold in any one Trading Day, (iv) whether
 the Corporation desires the Placement Shares to be sold on a particular stock exchange, and
 (v) any minimum price below which sales of the Placement Shares may not be made, with
 a copy to the other Agent. The Placement Notice shall originate from any of the individuals
 (each, an "**Authorized Representative**") from the Corporation set forth
 on Schedule 1 hereto, and shall be addressed to each of the respective individuals from the
 applicable Agent set forth on Schedule 1 hereto (after contacting such individuals by telephone),
 as such Schedule 1 may be amended from time to time by notice given in accordance with Section 14.
 The Placement Notice shall be effective upon delivery to the applicable Agent unless and
 until (A) the applicable Agent declines to accept the terms contained therein for any
 reason, in its sole discretion, in accordance with the notice requirements set forth in Section 4,
 (B) the entire amount of the Placement Shares specified in the Placement Notice have
 been sold and all such Shares have settled in accordance with the terms and conditions of
 this Agreement, (C) the Corporation suspends or terminates the Placement Notice in accordance
 with the notice requirements set forth in Section 4 or Section 13, as applicable,
 (D) the Corporation issues a subsequent Placement Notice with parameters superseding
 those on the earlier Placement Notice, or (E) this Agreement has been terminated in
 accordance with the provisions of Section 13. Notwithstanding the foregoing, the Corporation
 may not deliver a Placement Notice to an Agent if the Corporation has delivered a Placement
 Notice which remains in effect to another Agent, unless the Corporation has terminated the
 prior Placement Notice in accordance with the notice requirements set forth in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Placement Fee</u>. The amount of compensation
 to be paid by the Corporation to an Agent with respect to each Placement for which such Agent
 acted as sales Agent under this Agreement shall be equal to up to 3.0% of the gross proceeds
 from such Placement (the "**Placement Fee** "), which amount shall be paid
 in the same currency as the gross proceeds from the sale of the Placement Shares to which
 it pertains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Obligation</u>. It is expressly
 acknowledged and agreed that neither the Corporation nor any Agent will have any obligation
 whatsoever with respect to a Placement or any Placement Shares unless and until the Corporation
 delivers a Placement Notice to the applicable Agent, which Placement Notice has not been
 declined, suspended or otherwise terminated in accordance with the terms of this Agreement,
 and then only upon the terms specified therein and herein. It is also expressly acknowledged
 that the Agents will be under no obligation to purchase Placement Shares on a principal basis
 and any purchase by the Agents as principal will be subject to the prior approval of the
 TSX. In the event of a conflict between the terms of this Agreement and the terms of a Placement
 Notice, the terms of the Placement Notice will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Limitations on Placements</u>. Under
 no circumstances shall the Corporation deliver a Placement Notice (i) to the Canadian
 Agent to effect sales in the Canadian Offering if, after giving effect to the issuance of
 the Placement Shares requested to be issued under such Placement Notice, the aggregate sales
 price of the Placement Shares sold in the Canadian Offering pursuant to this Agreement would
 exceed US$50,000,000 (or the equivalent in Canadian currency), or (ii) to either Agent
 if, after giving effect to the issuance of the Placement Shares requested to be issued under
 such Placement Notice, the aggregate sales price of the Placement Shares sold in the Offerings
 pursuant to this Agreement would exceed the Maximum Amount. Notwithstanding anything to the
 contrary contained herein, the parties hereto acknowledge and agree that compliance with
 the limitations set forth in this Section 2(d) on the dollar amount of Placement
 Shares that may be issued and sold under this Agreement from time to time shall be the sole
 responsibility of the Corporation, and that the Agents shall have no obligation in connection
 with such compliance. The Corporation acknowledges and agrees that each Agent has informed
 the Corporation that the Agents may, to the extent permitted under the Securities Act, the
 Exchange Act (including, without limitation, Regulation M promulgated thereunder), Canadian
 Securities Laws, the rules of the TSX and Nasdaq and this Agreement, purchase and sell
 Shares for its own account while this Agreement is in effect, and shall be under no obligation
 to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise
 agreed by an Agent and the Corporation, subject to the prior approval of the TSX.

**3.**  **<u>Sale of Placement Shares by the Agents</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of
 this Agreement, upon the Corporation's issuance of a Placement Notice, and unless the
 sale of the Placement Shares described therein has been declined, suspended, or otherwise
 terminated in accordance with the terms of this Agreement, the applicable Agent will use
 its commercially reasonable efforts consistent with its normal trading and sales practices
 to sell, on behalf of the Corporation and as agent, such Placement Shares up to the amount
 specified during the time period specified, and otherwise in accordance with the terms of
 such Placement Notice, subject to applicable federal, provincial, territorial and state laws,
 rules and regulations, and the rules of the TSX and Nasdaq. The applicable Agent
 will provide written confirmation (by email correspondence to an individual set forth on
 Schedule 1) to the Corporation no later than the opening of the Trading Day immediately following
 the Trading Day on which such Agent has made sales of Placement Shares hereunder setting
 forth (i) the number of Placement Shares sold on such day (showing the number of Placement
 Shares sold on the TSX, on any other "marketplace" (as such term is defined in
 NI 21-101) in Canada (a "**Canadian Marketplace** "), on Nasdaq, on any other
 "marketplace" in the United States (a "**United States Marketplace** ")
 and pursuant to any other sales method used by the Agents, including to or through a market
 maker), (ii) the price of the Placement Shares sold (showing the price of the Placement
 Shares sold on the TSX, a Canadian Marketplace, Nasdaq, a United States Marketplace and pursuant
 to any other sales method used by the Agents, including to or through a market maker), (iii) the
 aggregate gross proceeds of the Placement, (iv) the Placement Fee payable by the Corporation
 to the Agents with respect to such sales of Placement Shares (including the currency payable
 in respect thereof), and (v) the Net Proceeds payable to the Corporation. Subject to
 the terms and conditions of the Placement Notice, the Agents may sell Placement Shares by
 any method permitted by law that constitutes an "at-the-market distribution"
 under NI 44-102 including, without limitation, sales made directly on Nasdaq and the TSX,
 on any Canadian Marketplace or United States Marketplace, in block transactions, or by any
 other method permitted by law. The U.S. Agent covenants and agrees with the Corporation that
 (i) it shall not, directly or indirectly, advertise or solicit offers to purchase or
 sell Placement Shares in Canada, and (ii) it shall not sell Placement Shares on the
 TSX or on any Canadian Marketplace. For the avoidance of doubt, the U.S. Agent is not acting
 as an underwriter of the Placement Shares in the Canadian Qualifying Jurisdictions and no
 action on the part of the U.S. Agent in its capacity as an Agent of the offering of the Placement
 Shares in the United States is intended to create any impression or support any conclusion
 that it is acting as an underwriter of the Placement Shares in the Canadian Qualifying Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Agents hereby covenants and
 agrees that, during the time an Agent is the recipient of a Placement Notice pursuant to
 Section 2 hereof that has not been declined, suspended or terminated in accordance with
 the terms hereof, such Agent will prudently and actively monitor the market's reaction
 to trades made on any "marketplace" pursuant to this Agreement in order to evaluate
 the likely market impact of future trades, and that, if such Agent has concerns as to whether
 a particular sale contemplated by a Placement Notice may have a significant effect on the
 market price of the Shares, the applicable Agent will immediately recommend to the Corporation
 against effecting the trade at that time or on the terms proposed. Notwithstanding the foregoing,
 the Corporation acknowledges and agrees that the Agents cannot provide complete assurances
 that any sale will not have a significant effect on the market price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agents covenant that the Agents will
 not (nor will any affiliate thereof or person or company acting jointly or in concert therewith),
 in connection with the distribution of Placement Shares in an "at-the-market distribution"
 (as defined in NI 44-102), enter into any transaction that is intended to stabilize or maintain
 the market price of the Placement Shares or the Shares, including selling an aggregate number
 or principal amount of Placement Shares that would result in creating an over-allocation
 position in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary
 set forth in this Agreement or a Placement Notice, the Corporation acknowledges and agrees
 that (i) there can be no assurance that the Agents will be successful in selling any
 Placement Shares or as to the price at which any Placement Shares are sold, if at all, and
 (ii) the Agents will incur no liability or obligation to the Corporation or any other
 person or entity if they do not sell Placement Shares for any reason other than a failure
 by the Agents to use their commercially reasonable efforts consistent with their normal trading
 and sales practices to sell, on behalf of the Corporation and as agent, such Placement Shares
 as provided under this Section 3.

**4.**  **<u>Suspension of Sales</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation or the applicable Agent
 may, upon notice to the other party in writing, by telephone (confirmed immediately by e-mail)
 or by e-mail notice (or other method mutually agreed to in writing by the parties), suspend
 any sale of Placement Shares for which it has delivered or received, as applicable, a Placement
 Notice; provided, however, that such suspension shall not affect or impair any party's
 obligations with respect to any Placement Shares sold hereunder prior to the receipt of such
 notice of suspension. The Corporation and the Agents agree that no such notice shall be effective
 against any other party unless it is made to one of the individuals named on Schedule 1 hereto,
 as such Schedule 1 may be amended from time to time by notice given in accordance with Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of
 this Agreement, during any period in which the Corporation is in possession of material non-public
 information with respect to the Corporation and its Subsidiaries or the Shares, the Corporation
 and the Agents (provided they have been given prior written notice of such by the Corporation,
 which notice the Agents agree to treat confidentially) agree that no sale of Placement Shares
 will take place. The Corporation and the Agents agree that no such notice shall be effective
 against any applicable Agents unless it is made in writing to the individuals named on Schedule
 1 hereto, as such Schedule 1 may be amended from time to time by notice given in accordance
 with Section 14. Material non-public information includes, without limitation, any material
 fact or material change that has not been disclosed, and any information that constitutes
 "privileged information" within the meaning of the *Securities Act* (Québec).

**5.**  **<u>Settlement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Settlement of Placement Shares</u>.
 Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
 Shares will occur on the first (1st) Trading Day on the applicable stock exchange following
 the date on which the Placement Shares were sold or, if the Placement Shares are not sold
 on a stock exchange, on the first (1st) Trading Day (or, in either case, such earlier day
 as is agreed by the parties to be industry practice for regular-way trading) following the
 date on which such sales are made (each, a "**Settlement Date** "). The amount
 of proceeds to be delivered to the Corporation on a Settlement Date against the receipt of
 the Placement Shares sold will be equal to the aggregate sales price at which such Placement
 Shares were sold, after deduction for the Placement Fee for such sales payable by the Corporation
 to the applicable Agent pursuant to Section 2 hereof and expenses pursuant to Section 8(h) hereof
 (the "**Net Proceeds** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of Shares</u>. On each Settlement Date, the Corporation will, or will cause its transfer
 agent to, electronically transfer the Placement Shares being sold by crediting the applicable
 Agent's account or its designee's account (provided that the applicable Agent
 shall have given the Corporation written notice of such designee at least one Trading Day
 prior to the Settlement Date) at CDS Clearing and Depository Services Inc. through its CDSX
 system for Placement Shares sold in Canada and at The Depository Trust Company through its
 Deposit Withdrawal at Custodian System for Placement Shares sold in the United States or
 by such other means of delivery as may be mutually agreed upon by the Corporation and the
 applicable Agent and, upon receipt of such Placement Shares, which in all cases shall be
 freely tradeable, transferable, registered shares in good deliverable form, the applicable
 Agent will, on each Settlement Date, or such other date as agreed between the Agents and
 the Corporation in writing, deliver the related Net Proceeds in same day funds to an account
 designated by the Corporation prior to the Settlement Date. The Agents covenant and
 agree to copy or otherwise include the Corporation on all correspondence between the Agents
 and the Corporation's transfer agent, in connection with or relating to the settlement
 (electronic or otherwise) of any sale of Placement Shares hereunder and further, shall be
 responsible for taking all actions required to be taken by it within the applicable time
 periods to ensure that all sales of Placement Shares hereunder are settled without default
 in accordance with existing industry practice for regular-way trading. If the Corporation
 defaults in its obligation to deliver Placement Shares on a Settlement Date, the Corporation
 agrees that in addition to and in no way limiting the rights and obligations set forth in
 Section 11 hereof, it will (i) hold the Agents harmless against any loss, claim,
 damage, or expense (including reasonable legal fees and expenses), as incurred, arising out
 of or in connection with such default by the Corporation and (ii) pay to the Agents
 any Placement Fee, discount, or other compensation to which it would otherwise have been
 entitled absent such default; provided, however, that without limiting Section 11 hereof,
 with respect to (ii) above, the Corporation shall not be obligated to pay the Agents
 any Placement Fee, discount or other compensation on any Placement Shares that it is not
 possible to settle due to: (A) a suspension or material limitation in trading in securities
 generally on the TSX or Nasdaq; (B) a material disruption in securities settlement or
 clearance services in the United States or Canada; or (C) failure by an Agent to comply
 with its obligations under the terms of this Agreement.

**6.**  **<u>Registration Statement and Prospectuses</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation has prepared and filed
 with the Canadian Qualifying Authorities in the Canadian Qualifying Jurisdictions the Canadian
 Preliminary Base Prospectus and has prepared and filed with the Canadian Qualifying Authorities
 in the Canadian Qualifying Jurisdictions the Canadian Base Prospectus in respect of an aggregate
 of up to US$500,000,000 in Shares, Exchangeable Shares, debt securities, subscription receipts,
 units and warrants of the Corporation (collectively, the "**Shelf Securities** ")
 in each case in accordance with Canadian Securities Laws. The Ontario Securities Commission
 (the "**Reviewing Authority**") is the principal regulator of the Corporation
 under the passport system procedures provided for under Multilateral Instrument 11-102 — *Passport System* and National Policy 11-202 — *Process for Prospectus Reviews in Multiple Jurisdictions* in respect of the Shelf Securities and the Canadian Offering.
 The Reviewing Authority has issued a receipt evidencing that a receipt has been issued on
 behalf of itself and the other Canadian Qualifying Authorities for the Canadian Base Prospectus
 (the "**Receipt** "). The term "**Canadian Base Prospectus** "
 means the (final) short form base shelf prospectus of the Corporation (in the English language)
 dated June 5, 2024 filed with the Canadian Qualifying Authorities, at the time the Reviewing
 Authority issued the Receipt with respect thereto in accordance with Canadian Securities
 Laws, including NI 44-101 and NI 44-102, and includes all documents incorporated therein
 by reference and the documents otherwise deemed to be a part thereof or included therein
 pursuant to Canadian Securities Laws, including but not limited to, all Designated News Releases.
 As used herein, a "**Designated News Release**" means a news release disseminated
 by the Corporation in respect of previously undisclosed information that, in the Corporation's
 determination, constitutes a "material fact" (as such term is defined in Canadian
 Securities Laws) and identified by the Corporation as a "designated news release"
 in writing on the face page of the version of such news release that is filed by the
 Corporation on SEDAR+ in compliance with Section 5.5 of the Companion Policy to NI 44-102.
 As used herein, "**Canadian Prospectus Supplement**" means the most recent
 prospectus supplement (in the English language) to the Canadian Base Prospectus relating
 to the Placement Shares, to be filed by the Corporation with the Canadian Qualifying Authorities
 in accordance with Canadian Securities Laws. The Canadian Prospectus Supplement shall provide
 that any and all Designated News Releases shall be deemed to be incorporated by reference
 in the Canadian Base Prospectus. As of the date of this Agreement, there is a sufficient
 remaining amount of unsold Shelf Securities under the Canadian Base Prospectus to cover the
 offering and sale of Placement Shares up to the maximum US$50,000,000 to be qualified for
 distribution under the Canadian Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation has prepared and filed
 a registration statement on Form S-3ASR, dated June 5, 2024 (File No. 333-279949)
 (the "**Initial Registration Statement** "), which was amended on May 29,
 2025 on SEC form type "POSASR" (as amended, the "**Amended Registration Statement** "), and further amended by the Corporation on May 30, 2025 by way
 of a post-effective amendment to the Amended Registration Statement on SEC form type "POS
 AM" to convert the Amended Registration Statement to a non-WKSI registration statement
 on Form S-3 (as so further amended, the "**POS AM** "), in each case,
 including a related U.S. Base Prospectus (as defined below), covering the registration of
 the Shelf Securities under the Securities Act and the rules and regulations of the SEC
 thereunder (the "**Rules and Regulations** "), together with a U.S. Prospectus
 Supplement thereto, covering the sale of Placement Shares up to the Maximum Amount, and such
 further amendments to such Registration Statement as may be permitted or required for the
 registration of such Shelf Securities. For purposes of this Agreement, references to the
 "**U.S. Base Prospectus**" shall mean the U.S. base prospectus that is included
 in the POS AM. As of the date and time of the filing of the U.S. Prospectus Supplement, there
 is a sufficient remaining amount of unsold Shelf Securities under the Registration Statement
 to cover the Maximum Amount (less any amounts previously sold in the Offerings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any reference herein to the Registration
 Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses or any amendment
 or supplement thereto shall be deemed to refer to and include the documents incorporated
 by reference therein, and any reference herein to the terms "amend," "amendment"
 or "supplement" with respect to the Registration Statement, the Base Prospectuses,
 the Prospectus Supplements or the Prospectuses shall be deemed to refer to and include the
 filing or furnishing of any document with or to the SEC or the Canadian Qualifying Authorities,
 as applicable, on or after the effective date of the Registration Statement or the date of
 the Base Prospectuses, the Prospectus Supplements or the Prospectuses, as the case may be,
 and deemed to be incorporated by reference therein. For purposes of this Agreement, all references
 to the Canadian Base Prospectus, the Canadian Prospectus Supplement and the Canadian Prospectus
 or any amendment or supplement thereto shall be deemed to include any copy filed with any
 Canadian Qualifying Jurisdiction on SEDAR+ and all references to the Registration Statement,
 the U.S. Base Prospectus, the U.S. Prospectus Supplement and the U.S. Prospectus or any amendment
 or supplement thereto shall be deemed to include any copy filed with the SEC on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All references in this Agreement to financial
 statements and schedules and other information which is "contained," "included"
 or "stated" in the Registration Statement, the U.S. Base Prospectus, the U.S.
 Prospectus Supplement and the U.S. Prospectus (or other references of like import) shall
 be deemed to mean and include all such financial statements and schedules and other information
 which is incorporated by reference in or otherwise deemed by the Rules and Regulations
 to be a part of or included in the Registration Statement, the U.S. Base Prospectus, the
 U.S. Prospectus Supplement or the U.S. Prospectus, as the case may be; and all references
 in this Agreement to amendments or supplements to the Registration Statement, the U.S. Base
 Prospectus, the U.S. Prospectus Supplement or the U.S. Prospectus shall be deemed to mean
 and include the filing of any document under the Exchange Act, and which is deemed to be
 incorporated therein by reference or otherwise deemed by the Rules and Regulations to
 be a part of or included in the Registration Statement, the U.S. Base Prospectus, the U.S.
 Prospectus Supplement or the U.S. Prospectus, as the case may be. All references in this
 Agreement to financial statements and other information which is "described,"
 "contained," "included" or "stated" in the Canadian Base
 Prospectus, the Canadian Prospectus Supplement or the Canadian Prospectus (or other references
 of like import) shall be deemed to mean and include all such financial statements and other
 information which is incorporated by reference in or otherwise deemed by Canadian Securities
 Laws to be a part of or included in the Canadian Base Prospectus, the Canadian Prospectus
 Supplement or the Canadian Prospectus, as the case may be.

**7.**  **<u>Representations and Warranties of the Corporation</u>** 

The Corporation represents and warrants to, and agrees with, the Agents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Prospectuses and Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation is qualified in accordance
 with the provisions of NI 44-101 and NI 44-102 to file a short form base shelf prospectus
 in each of the Canadian Qualifying Jurisdictions and the entering into of this Agreement
 will not cause the Receipt to cease to be effective. Any amendment or supplement to the Registration
 Statement or the Prospectuses required by this Agreement will be so prepared and filed by
 the Corporation and, as applicable, the Corporation will use commercially reasonable efforts
 to cause it to become effective as soon as reasonably practicable. No stop order suspending
 the effectiveness of the Registration Statement has been issued under the Securities Act,
 and no proceeding for that purpose has been instituted or, to the knowledge of the Corporation,
 threatened by the SEC, and any request on the part of the SEC for additional or supplemental
 information has been complied with. No order preventing or suspending the use of the Base
 Prospectuses, the Prospectus Supplements, the Prospectuses or any Issuer Free Writing Prospectus
 has been issued by the SEC or any Canadian Qualifying Authority. The Canadian Prospectus,
 at the time of filing thereof with the Canadian Qualifying Authorities, complied in all material
 respects and, as amended or supplemented, if applicable, will comply in all material respects
 with Canadian Securities Laws. The Canadian Prospectus, as amended or supplemented, as of
 its date, did not and, as of each Applicable Time and Settlement Date, if any, will not contain
 a misrepresentation, as defined under Canadian Securities Laws. The Canadian Prospectus,
 as amended or supplemented, as of its date, did and, as of each Applicable Time and Settlement
 Date, if any, will contain full, true and plain disclosure of all material facts relating
 to the Placement Shares and to the Corporation. The representations and warranties set forth
 in the two immediately preceding sentences do not apply to statements in or omissions from
 the Canadian Prospectus, or any amendments or supplements thereto, made in reliance upon
 and in conformity with information furnished to the Corporation in writing by or on behalf
 of the Agents expressly for use therein, it being understood and agreed that the only information
 furnished by any Agent consists of the information described as such in Section 11(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the time of filing the Initial Registration
 Statement, the Corporation met the requirements to file a registration statement on Form S-3ASR;
 at the time of filing the Amended Registration Statement, the Corporation met the requirements
 to file an amendment to the Initial Registration Statement on SEC form type "POSASR";
 and at the time of filing the POS AM, the Corporation met the requirements to file an amendment
 to the Amended Registration Statement on SEC form type "POS AM" to convert the
 Amended Registration Statement to a non-WKSI registration statement on Form S-3. As
 of the date hereof, the Corporation remains permitted to use the POS AM for the offering
 and sale of the Placement Shares up to the Maximum Amount and other Shelf Securities in reliance
 on General Instruction I.B.1 of Form S-3. The initial Effective Date of the Registration
 Statement was not earlier than the date three years before the Execution Time. The Registration
 Statement, including any amendments thereto, remains effective, and no stop order suspending
 the effectiveness of the Registration Statement has been issued under the Securities Act
 and no proceedings for that purpose have been instituted or are pending or, to the knowledge
 of the Corporation, are contemplated or threatened by the SEC, and any request on the part
 of the SEC for additional or supplemental information has been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation shall file with the SEC
 a U.S. Prospectus Supplement relating to the sale of Placement Shares up to the Maximum Amount
 in accordance with Rule 424(b) promptly after the execution of this Agreement (but
 in any event in the time period prescribed by Rule 424(b)). As filed, the U.S. Prospectus
 shall contain all information required by the Securities Act, and, except to the extent the
 Agents shall agree in writing to a modification, shall be in all substantive respects in
 the form furnished to the Agents prior to the execution of this Agreement or prior to any
 such time this representation is repeated or deemed to be made. The Registration Statement,
 at the Execution Time, and during any period in which a prospectus relating to any Placement
 Shares is required to be delivered by the Agents (including in circumstances where such requirement
 may be satisfied pursuant to Rule 172 under the Securities Act or similar rule) (the
 "**Prospectus Delivery Period** "), meets, or will meet, the requirements for
 a continuous or delayed offering set forth in Rule 415(a)(1)(x) under the Securities
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation has delivered to each of
 the Agents one complete copy of each of the Canadian Base Prospectus and the Registration
 Statement and a copy of each consent of experts filed as a part thereof, and conformed copies
 of the Canadian Base Prospectus, the Registration Statement (without exhibits) and the Prospectuses,
 as amended or supplemented, at such places as the Agents have reasonably requested (provided
 that the Corporation shall not be required to deliver any such document if such document
 is accessible from SEDAR+ or EDGAR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Misstatement or Omission</u>. The
 Registration Statement, at the Execution Time, on each Effective Date, at each deemed effective
 date with respect to the Agents pursuant to Rule 430B(f)(2) under the Securities
 Act, at each Applicable Time and Settlement Date, if any, and the U.S. Prospectus, on the
 date of filing thereof with the SEC and at each Applicable Time and Settlement Date, conformed,
 or will conform in all material respects, with the applicable requirements of the Rules and
 Regulations, and the Registration Statement, when it became effective and at each deemed
 effective date with respect to the Agents pursuant to Rule 430B(f)(2) under the
 Securities Act, did not or will not contain any untrue statement of a material fact or omit
 to state a material fact required to be stated therein or necessary to make the statements
 therein not misleading; and the U.S. Prospectus, on the date of filing thereof with the SEC,
 and the U.S. Prospectus and the applicable Issuer Free Writing Prospectus, if any, issued
 at or prior to such Applicable Time, taken together (collectively, and with respect to any
 Placement Shares, together with the applicable sale price of such Placement Shares, the "**Disclosure Package**") and at each Applicable Time and Settlement Date, if any, did not or will
 not include any untrue statement of a material fact or omit to state a material fact necessary
 in order to make the statements therein, in the light of the circumstances under which they
 were made, not misleading; except that the foregoing shall not apply to statements or omissions
 in any such document based upon and in conformity with information furnished in writing to
 the Corporation by or on behalf of any Agent specifically for inclusion therein, it being
 understood and agreed that the only information furnished by the Agents consist of the information
 described as such in Section 11(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Incorporation and Good Standing of Corporation</u>. The Corporation has been duly incorporated and is validly existing and is
 in good standing under the laws of its jurisdiction of incorporation and has all requisite
 corporate power and authority to carry on its business as now carried on and presently proposed
 to be conducted as is or will be described in the Registration Statement, the Prospectuses
 and the Disclosure Package and to carry out the transactions contemplated by this Agreement,
 and is duly qualified to transact business and is in good standing in each jurisdiction in
 which such qualification is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Title</u>. The material subsidiaries
 of the Corporation as of August 29, 2025 are set out in Exhibit D and are directly
 or indirectly owned by the Corporation in the percentages set out therein (each, a "**Material Subsidiary** ", and collectively, the "**Material Subsidiaries** ").
 Other than the Material Subsidiaries, neither the Corporation nor any Material Subsidiary
 has, directly or indirectly, any interest (whether equity, debt or otherwise) in any entity
 other than: (i) immaterial subsidiaries of the Corporation as of August 29, 2025
 which are set out in Exhibit E and which are directly or indirectly owned by the Corporation
 in the percentages set out therein (the "**Immaterial Subsidiaries** "); and
 (ii) the Investment Entities. Each of the Subsidiaries and, to the knowledge of the
 Corporation, the Investment Entities, is a corporation, company or limited partnership organized
 and existing under the laws of the jurisdiction of its incorporation or formation, is current
 and up-to-date with all material filings required to be made under the laws of its jurisdiction
 of incorporation or formation and has the requisite power and capacity to own, lease and
 operate its properties and assets and to conduct its business as now carried on by it, and
 is duly qualified to transact business and is in good standing in each jurisdiction in which
 such qualification is required, whether by reason of the ownership, leasing or licensing
 of property or the conduct of business, except where the failure to be so would not have
 a Material Adverse Effect. The term "**Material Adverse Effect**" means an
 effect, change, event or occurrence that, individually or in the aggregate, has or would
 reasonably be expected to have a material adverse effect on: (A) the business, general
 affairs, management, condition (financial or otherwise), results of operations, shareholders'
 equity, properties or prospects of the Corporation and its Subsidiaries, taken as a whole,
 or (B) the ability of the Corporation to consummate the transactions contemplated herein.
 No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends
 to the Corporation, from making any other distribution on such Subsidiary's share capital,
 from repaying to the Corporation any loans or advances to such Subsidiary from the Corporation
 or from transferring any of such Subsidiary's property or assets to the Corporation
 or any other Subsidiary, as the case may be. All of the issued and outstanding shares or
 other equity interests in the capital of each Subsidiary and, to the extent such equity interests
 are owned by the Corporation or a Subsidiary, of each Investment Entity, have been duly authorized
 and validly issued, are fully paid and non-assessable and are directly or indirectly beneficially
 owned by the Corporation, free and clear of any encumbrance or title defect of whatever kind
 or nature, regardless of form, whether or not registered or registrable or arising by law
 (statutory or otherwise), including any mortgage, lien, charge, pledge or security interest,
 whether fixed or floating, or any assignment, lease, option, right of pre-emption, privilege,
 encumbrance, easement, servitude, right of way, restrictive covenant, right of use or any
 other right or claim of any kind or nature whatever which affects ownership or possession
 of, or title to, any interest in, or the right to use or occupy such property or assets (each,
 a "**Lien** ", and together, the "**Liens**") except such as
 are described in the Registration Statement, the Prospectuses and the Disclosure Package
 or such as do not (individually or in the aggregate) materially affect the value of such
 shares or other equity interests, and none of the outstanding shares or other equity interests
 of any Subsidiary was issued in violation of pre-emptive or similar rights of any security
 holder of such subsidiary. There exist no options, warrants, purchase rights, or other contracts
 or commitments that could require the Corporation to sell, transfer or otherwise dispose
 of any shares or equity interest of any Material Subsidiary or Investment Entity. No act
 or proceeding has been taken by or against the Material Subsidiaries or, to the knowledge
 of the Corporation, the Investment Entities, in connection with their liquidation, winding-up
 or bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Licences</u>. Each of the Corporation,
 the Subsidiaries and, to the knowledge of the Corporation, the Investment Entities has all
 requisite power, capacity and authority, and all necessary consents, approvals, authorizations,
 orders, registrations, qualifications, licences, filings and permits of, with and from all
 judicial, regulatory and other legal or governmental agencies and bodies and all third parties,
 Canadian, U.S. or foreign, including without limitation, those administered by Health Canada
 and any successor thereof ()"**Health Canada**") or any other governments,
 regulatory authorities, governmental departments, agencies, commissions, bureaus, officials,
 ministers, Crown corporations, courts, bodies, boards, tribunals, commercial registers or
 dispute settlement panels or other law, rule or regulation-making organizations or entities
 ()"**Governmental Authorities**") in Canada or any other country performing
 functions similar to those performed by Health Canada (collectively, the "**Consents** "),
 to own, lease and operate its properties and conduct its business as it is now being conducted
 or, except as disclosed in the Registration Statement, the Prospectuses and the Disclosure
 Package, proposed to be conducted, in each case as disclosed in the Registration Statement,
 the Prospectuses and the Disclosure Package, and each such Consent is valid, existing, in
 good standing and in full force and effect, except in each case as would not have, individually
 or in the aggregate, any Material Adverse Effect. Neither the Corporation nor any Subsidiary
 nor, to the knowledge of the Corporation, any Investment Entity, has received notice of any
 investigation or proceedings which, if decided adversely to the Corporation, any such Subsidiary
 or Investment Entity, as the case may be, could reasonably be expected to result in a Material
 Adverse Effect. The Corporation, each Subsidiary, and, to the knowledge of the Corporation,
 each Investment Entity, have been and are in compliance with the terms and conditions of
 all such Consents, except where the failure to so comply would not, individually or in the
 aggregate, have any Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance with Applicable Laws</u>.
 Each of the Corporation and the Subsidiaries has conducted and is conducting its business
 and activities in compliance in all material respects with all applicable laws, rules and
 regulations of each jurisdiction in which it carries on such business and activities. To
 the knowledge of the Corporation, each of the Investment Entities has conducted and is conducting
 its business and activities in compliance in all material respects with all applicable laws,
 rules and regulations of each jurisdiction in which it carries on such business and
 activities except as disclosed in the Registration Statement, the Prospectuses and the Disclosure
 Package. Neither the Corporation nor any Subsidiary, nor to the knowledge of the Corporation,
 any Investment Entity, has received any notice of any alleged violation of any laws, rules or
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Defaults</u>. None of the Corporation
 or the Subsidiaries is in default of any term, covenant or condition under or in respect
 of any judgment, order, agreement or instrument to which it is a party or to which it or
 any of the properties or assets thereof are or may be subject, and no event has occurred
 and is continuing, and no circumstance exists which constitutes a default by it in respect
 of any commitment, agreement, document or other instrument to which the Corporation or any
 Subsidiary is a party or by which it is otherwise bound entitling any other party thereto
 to accelerate the maturity of any amount owing thereunder, except with respect to all of
 the foregoing such as would not, individually or in the aggregate, if the subject of an unfavourable
 decision, order, ruling or finding, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Enforceability of Agreement</u>. The
 Corporation has duly authorized, executed and delivered this Agreement and this Agreement
 constitutes a legal, valid and binding obligation of the Corporation enforceable against
 it in accordance with its terms, subject to the exceptions as to enforceability as are contained
 in the opinion of Cassels Brock & Blackwell LLP referred to in Section 8(o) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Consents Required</u>. Except as
 shall have been made or obtained on or before each Applicable Time and Settlement Date, if
 any, each of which is, or shall be, in full force and effect (on a conditional basis, in
 the case of the consent of the TSX), no consent, approval, authorization, registration or
 qualification of any court, governmental agency or body, regulatory authority or contractual
 party is required for the execution, delivery and performance of this Agreement, the distribution
 of the Placement Shares or the consummation of the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Due Authorization</u>. The Corporation
 has the necessary corporate power and authority to execute and deliver the Registration Statement
 and the Canadian Prospectus and, if applicable, will have the necessary corporate power and
 authority to execute and deliver any amendment to the Registration Statement or the Canadian
 Prospectus prior to the filing thereof, and all necessary corporate action has been taken
 by the Corporation to authorize the execution and delivery by it of the Registration Statement,
 the Canadian Prospectus and the filing thereof, as the case may be, in each of the Canadian
 Qualifying Jurisdictions under Canadian Securities Laws or with the SEC under the Securities
 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Material Change</u>. Subsequent
 to the respective dates as of which information is given in the Registration Statement, the
 Prospectuses and the Disclosure Package, except as disclosed in the Registration Statement,
 the Prospectuses and the Disclosure Package, (i) the Corporation has not declared or
 paid any dividends, or made any other distribution of any kind, on or in respect of its share
 capital, (ii) there has not been any material change in the share capital or long-term
 or short-term debt of the Corporation or any Subsidiary, (iii) neither the Corporation
 nor any Subsidiary has sustained any loss or interference with its business or properties
 from fire, explosion, flood, hurricane, accident or other calamity, whether or not covered
 by insurance, or from any labor dispute or any legal or governmental proceeding except where
 the loss or interference would not, result in a Material Adverse Effect, and (iv) there
 has not been any Material Adverse Effect or any development involving a prospective Material
 Adverse Effect, whether or not arising from transactions in the ordinary course of business,
 in or affecting the business, general affairs, management, condition (financial or otherwise),
 results of operations, shareholders' equity, properties or prospects of the Corporation
 and the Subsidiaries, taken as a whole. Since the date of the latest balance sheet included,
 or incorporated by reference, in the Registration Statement, the Prospectuses and the Disclosure
 Package, neither the Corporation nor any Subsidiary has incurred or undertaken any liabilities
 or obligations, whether direct or indirect, liquidated or contingent, matured or unmatured,
 or entered into any transactions, including any acquisition or disposition of any business
 or asset, which are material to the Corporation and the Subsidiaries, taken as a whole, except
 for liabilities, obligations and transactions which are disclosed in the Registration Statement,
 the Prospectuses and the Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Financial Information</u>. The consolidated
 financial statements of the Corporation and its consolidated subsidiaries, and any Rule 3-09
 Financial Statements (as defined below), that are included or incorporated by reference in
 the Registration Statement, the Prospectuses and the Disclosure Package (the "**Corporation Financial Information** "), together with the related schedules and notes, (i) present
 fairly, in all material respects, the financial position of the Corporation and its consolidated
 subsidiaries (or equity investees(s), as applicable), as at the date specified in such Corporation
 Financial Information; (ii) have been prepared in accordance with accounting principles
 generally accepted in the United States of America ()"**U.S. GAAP**") applied
 on a consistent basis throughout the periods involved, (iii) comply with the requirements
 of Canadian Securities Laws and U.S. Securities Laws, subject to any duly obtained waiver
 therefrom, and (iv) do not contain any misrepresentation (within the meaning of Canadian
 Securities Laws). No other financial statements or supporting schedules are required to be
 included, or incorporated by reference in the Registration Statement, the Prospectuses and
 the Disclosure Package by Canadian Securities Laws, the Securities Act or the Exchange Act.
 The other financial and statistical information included or incorporated by reference in
 the Registration Statement, the Prospectuses and the Disclosure Package, including the selected
 consolidated financial data set forth under the caption "Consolidated Capitalization"
 in the Canadian Prospectus present fairly the information included or incorporated by reference
 therein and have been prepared on a basis consistent with that of the financial statements
 that are included or incorporated by reference in the Registration Statement, and the Prospectuses,
 and with the books and records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Non-GAAP Measures</u>. All disclosures
 contained in the Registration Statement, the Disclosure Package and the Prospectuses regarding
 "non-GAAP financial measures" (as such term is defined by the rules and
 regulations of the SEC and under Canadian Securities Laws) comply in all material respects
 with Regulation G under the Exchange Act, paragraph (e) of Item 10 of Regulation S-K
 under the Securities Act, and Canadian Securities Laws, in each case to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Undisclosed Liabilities</u>. Neither
 the Corporation nor the Subsidiaries have any liabilities, obligations, indebtedness or commitments,
 whether accrued, absolute, contingent or otherwise, which are not disclosed or referred to
 in the Corporation Financial Information and in the Registration Statement, the Prospectuses
 and the Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Material Interests</u>. Except as disclosed
 in the Registration Statement, the Prospectuses and the Disclosure Package, none of the directors,
 officers or employees of the Corporation, the Subsidiaries or, to the knowledge of the Corporation,
 the Investment Entities or any other person who owns, directly or indirectly, more than 10%
 of any class of securities of the Corporation or securities of any person exchangeable for
 more than 10% of any class of securities of the Corporation, or any associate or affiliate
 of any of the foregoing, had or has any material interest, direct or indirect, in any transaction
 or any proposed transaction (including, without limitation, any loan made to or by any such
 person) with the Corporation which, as the case may be, materially affects, is material to
 or will materially affect the Corporation or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Operational Restrictions</u>. Neither
 the Corporation nor any Subsidiary is a party to, bound by or affected by any commitment,
 agreement or document containing any covenant which expressly and materially limits the freedom
 of the Corporation or a Subsidiary to compete in any line of business, transfer or move any
 of its respective assets or operations or could reasonably be expected to have a Material
 Adverse Effect. The operations of Canopy USA are limited by the Second Amended and Restated
 Protection Agreement by and among the Corporation and Canopy USA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Legal Proceedings</u>. Except as disclosed
 in the Registration Statement, the Prospectuses and the Disclosure Package, there is no judicial,
 regulatory, arbitral or other legal or governmental proceeding, investigation or other litigation
 or arbitration, Canadian, United States or foreign, including any proceeding before Health
 Canada or any other Governmental Authority in Canada or any other country performing functions
 similar to those performed by Health Canada, in progress or pending to which the Corporation,
 any Subsidiary or, to the knowledge of the Corporation, any Investment Entity, are a party
 or of which any of their respective property, operations or assets is the subject which,
 individually or in the aggregate, if determined adversely to the Corporation, any Subsidiary,
 or any Investment Entity, as the case may be, would reasonably be expected to have a Material
 Adverse Effect, nor are there any matters under discussion outside of the ordinary course
 of business with any Governmental Authority relating to taxes, governmental charges, orders
 or assessments asserted by any such authority except as disclosed in the Registration Statement,
 the Prospectuses and the Disclosure Package, and to the knowledge of the Corporation there
 are no facts or circumstances that would reasonably be expected to form the basis for any
 such litigation, governmental or other proceeding or investigation, taxes, governmental charges,
 orders or assessments except as disclosed in the Registration Statement, the Prospectuses
 and the Disclosure Package; to the Corporation's knowledge, no such proceeding, investigation,
 litigation or arbitration is threatened or contemplated except as disclosed in the Registration
 Statement, the Prospectuses and the Disclosure Package; and the defense of all such proceedings,
 investigations, litigation and arbitrations against or involving the Corporation, any Subsidiary
 or, to the knowledge of the Corporation, any Investment Entity would not reasonably be expected
 to have a Material Adverse Effect. Except as disclosed in the Registration Statement, the
 Prospectuses, and the Disclosure Package, none of the Corporation, any Subsidiary or, to
 the knowledge of the Corporation, any Investment Entity, or any director or officer thereof,
 is or has been the subject of any judicial, regulatory, arbitral or other legal or governmental
 proceeding, investigation or other litigation or arbitration involving a claim of violation
 of or liability under federal, provincial, territorial or state securities laws or a claim
 of breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Labor Relations</u>. Each of the Corporation
 and its Subsidiaries is in compliance, in all material respects, with the provisions of all
 applicable federal, provincial, territorial, state, local and other laws and regulations
 respecting employment and employment practices, terms and conditions of employment and wages
 and hours. No labor disturbance by the employees of the Corporation or any Subsidiary exists
 or, to the knowledge of the Corporation, is imminent and the Corporation is not aware of
 any existing or imminent labor disturbances by the employees of any of its or any Subsidiary's
 principal suppliers, manufacturers, customers or contractors, which, in either case (individually
 or in the aggregate), would have a Material Adverse Effect. No union has been accredited
 or otherwise designated to represent any employees of the Corporation or any Subsidiary and,
 to the knowledge of the Corporation, no accreditation request or other representation question
 is pending with respect to the employees of the Corporation or any Subsidiary, and no collective
 agreement or collective bargaining agreement or modification thereof has expired or is in
 effect in any of the Corporation's or any Subsidiary's facilities and none is
 currently being negotiated by the Corporation or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Third-Party Relationships</u>. Except
 for such matters as would not, individually or in the aggregate, have a Material Adverse
 Effect, no existing supplier, distributor, service provider, manufacturer or contractor of
 the Corporation or any Subsidiary has indicated that it intends to terminate its relationship
 with the Corporation or such Subsidiary or that it will alter or be unable to meet the Corporation's
 or such Subsidiary's supply, distribution, service, manufacturing or contracting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Pre-Emptive Rights</u>. Except as disclosed
 in the Registration Statement, the Prospectuses and the Disclosure Package, the distribution
 of the Placement Shares is not subject to the pre-emptive rights of any shareholder of the
 Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Translation Relief</u>. The Corporation
 has received the French Translation Exemption in respect of the Canadian Base Prospectus
 and the Canadian Prospectus Supplement, and such relief remains in full force and effect
 without amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Violation</u>. The execution and
 delivery of this Agreement, the compliance by the Corporation with the provisions of this
 Agreement or the consummation of the transactions contemplated herein or contemplated by,
 or described in, the Registration Statement, the Prospectuses and the Disclosure Package,
 including, without limitation, the distribution of the Placement Shares by the Corporation
 for the consideration and upon the terms and conditions as set out herein, do not or will
 not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) result in any breach of, or constitute a
 default under, and do not and will not create a state of facts which, after notice or lapse
 of time or both, would result in a breach of or constitute a default under, (a) any
 term or provision of the articles, by-laws or resolutions of the Corporation, (b) any
 indenture, mortgage, note, contract, agreement (written or oral), instrument, lease or other
 document to which the Corporation or any Subsidiary is a party or to which any of them or
 any of the properties or assets currently owned by them are subject, except as such would
 not have a Material Adverse Effect, or (c) any judgment, decree, order, statute, rule or
 regulation of any court, governmental authority, arbitrator, stock exchange or securities
 regulatory authority applicable to the Corporation or any Subsidiary or any of the properties
 or assets currently owned by them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as disclosed in the Registration
 Statement, the Prospectuses and the Disclosure Package, create a right for any other party
 to terminate, accelerate or in any way alter any other rights existing under any indenture,
 mortgage, note, contract, agreement (written or oral), instrument, lease or other document
 to which the Corporation or any Subsidiary is a party or by which any of them or any of the
 properties or assets currently owned is bound, except such as would not have a Material Adverse
 Effect.

Neither the Corporation nor any Subsidiary nor, to the Corporation's knowledge, any Investment Entity (i) is in violation of its certificate or articles of incorporation, by-laws, certificate of formation, limited liability company agreement, partnership agreement or other organizational documents, (ii) is in default under, and no event has occurred which, with notice or lapse of time or both, would constitute a default under or result in the creation or imposition of any Lien upon any property or assets of the Corporation or any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its property or assets is subject, or (iii) is in violation of any statute, law, rule, regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body, Canadian, U.S. or foreign, except as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package and except (in the case of clauses (ii) and (iii) above) in any such case for violations or defaults that would not (individually or in the aggregate) have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Compliance with Anti-Corruption Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Corporation, any Subsidiary,
 any director or officer thereof acting on behalf of the Corporation or any Subsidiary or,
 to the knowledge of the Corporation, any agent, employee, affiliate or other person acting
 on behalf of the Corporation or any Subsidiary, or, to the knowledge of the Corporation,
 any Investment Entity, any director or officer thereof or any agent, employee, affiliate
 or other person acting on behalf of any Investment Entity, is aware of or has taken any action,
 directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt
 Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA** "),
 the *Corruption of Foreign Public Officials Act* (Canada) (the "**CFPOA** "),
 the *Criminal Code* (Canada) or any other applicable anti-corruption laws, rules, or
 regulation of Canada or any other jurisdiction in which the Corporation, any Subsidiary or
 any Investment Entity conducts business, including, without limitation, making use of the
 mails or any means or instrumentality of interstate commerce corruptly in furtherance of
 an offer, payment, promise to pay or authorization of the payment of any money, or other
 property, gift, promise to give, or authorization of the giving of anything of value to any
 "foreign official" or "foreign public official" (as such terms are
 defined in the FCPA and CFPOA, as applicable) or any foreign political party or official
 thereof or any candidate for foreign political office, in contravention of the FCPA or the
 CFPOA, or to any Canadian public official in contravention of the *Criminal Code* and
 the Corporation,= and the Subsidiaries have conducted their businesses in compliance with
 the FCPA, CFPOA, and the *Criminal Code* (Canada) and have instituted and maintain policies
 and procedures designed to ensure, and which are reasonably expected to continue to ensure,
 continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None of the Corporation, any Subsidiary,
 any director or officer thereof acting on behalf of the Corporation or any Subsidiary or,
 to the knowledge of the Corporation, any agent, employee, affiliate or other person acting
 on behalf of the Corporation or any Subsidiary, nor, to the knowledge of the Corporation,
 any Investment Entity any director or officer thereof or any agent, employee, affiliate or
 other person acting on behalf of any Investment Entity, has at any time during the last five
 years (i) made any unlawful contribution to any candidate for non-United States office,
 or failed to disclose fully any such contribution in violation of law, or (ii) made
 any payment to any federal or state governmental officer or official, or other person charged
 with similar public or quasi-public duties, other than payments required or permitted by
 the laws of the United States or any jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Compliance with Anti-Money Laundering Laws</u>. The operations of the Corporation, each Subsidiary and, to the knowledge of the
 Corporation, any Investment Entity, are and have been conducted at all times in compliance
 with applicable financial record-keeping and reporting requirements of the Currency and Foreign
 Transactions Reporting Act of 1970, as amended, the *Proceeds of Crime (Money Laundering)* and *Terrorist Financing Act* (Canada), with the *Criminal Code* (Canada), and
 with the money laundering statutes of all other applicable jurisdictions, the rules and
 regulations thereunder and any related or similar rules, regulations or guidelines issued,
 administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental
 agency, authority or body or any arbitrator involving the Corporation, any Subsidiary or,
 to the knowledge of the Corporation, any Investment Entity, with respect to the Money Laundering
 Laws is pending or, to the knowledge of the Corporation, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Compliance with Sanctions Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Corporation nor any Subsidiary
 nor any director or officer thereof nor, to the Corporation's knowledge, any employee,
 agent, affiliate, representative or other person acting on behalf of the Corporation or any
 Subsidiary, is an individual or entity ()"**Specified Person**") that is, or
 is 50% or more owned or controlled by a Specified Person that is: (i) the subject or
 target of any sanctions administered or enforced by the U.S. Department of Treasury's
 Office of Foreign Assets Control, the United Nations Security Council, the European Union,
 His Majesty's Treasury, Global Affairs Canada, Public Safety Canada or other relevant
 sanctions authority (collectively, "**Sanctions** "), nor (ii) located,
 organized or resident in a country or territory that is the subject or target of comprehensive
 economic Sanctions including, without limitation, Cuba, Burma (Myanmar), Iran, North
 Korea, Sudan, Syria, the Crimea Region and the non-government controlled areas of Zaporizhzhia
 and Kherson Regions of Ukraine, the so-called Donetsk People's Republic and the so-called
 Luhansk People's Republic (each, a "**Sanctioned Territory** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation will not, directly or indirectly,
 use the proceeds of the Offerings, or lend, contribute or otherwise make available such proceeds
 to any subsidiary, joint venture partner or other person: (i) to fund or facilitate
 any unauthorized activities or business of or with any person that, at the time of such funding
 or facilitation, is the subject of Sanctions, or in any Sanctioned Territory; or (ii) in
 any other manner that will result in a violation of Sanctions by any person (including any
 person participating in the Offerings, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the past five years, the Corporation,
 its Subsidiaries and, to the knowledge of the Corporation, the Investment Entities, have
 not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any direct
 or indirect dealings or transactions in violation of applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Corporation Activities</u>. N either the Corporation nor any of its Subsidiaries nor any director,
 officer, employee or any agent or other person acting on behalf of the Corporation or any
 Subsidiary has cultivated, produced, processed, imported or distributed any cannabis or cannabinoid
 product or has otherwise engaged in any direct or indirect dealings or transactions, in each
 case, involving the purchase or sale of cannabis or cannabinoid product by the Corporation
 or any of its Subsidiaries in or to any jurisdiction (including the United States of America,
 its territories and possessions, any state of the United States and the District of Columbia)
 where such activity is illegal. The Corporation and its Subsidiaries have instituted and
 maintained policies and procedures reasonably designed to ensure that the Corporation and
 its Subsidiaries do not carry on any activities in, or distribute any products to, any jurisdiction
 where such activities or products are not in compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Criminal Laws</u>. Neither the Corporation nor any of its Subsidiaries has violated, and does
 not reasonably expect it will violate, U.S. federal or state criminal laws, including, without
 limitation, the Federal Cannabis Laws, the Racketeering Influenced and Corrupt Practices
 Act, the Travel Act or any anti-money laundering statute. No action, suit or proceeding by
 or before any U.S. court or governmental agency, authority or body or any arbitrator involving
 the Corporation or any of its Subsidiaries with respect to U.S. federal or state criminal
 laws is pending or, to the Corporation's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>U.S. Cannabis Compliance</u>. As of
 the date hereof, the Corporation's interest in the Investment Entities is structured
 (the "**Canopy USA Structure**") such that the Corporation holds non-voting,
 non-participating securities in the Investment Entities on the terms and conditions as described
 in the Registration Statement, the Prospectuses and the Disclosure Package, and in connection
 therewith, the Corporation does not, directly or indirectly, exercise control or direction
 over any of the Investment Entities or their respective subsidiaries, and under the terms
 of the Canopy USA Structure, the Investment Entities are prohibited from paying any dividends
 or making any other distribution on share capital to the Corporation and its Subsidiaries.
 None of the Nasdaq, TSX, SEC, OSC or any other Governmental Authority, as of the date hereof,
 has raised any objections with respect to the Canopy USA Structure that have not been adequately
 remedied. As of the date hereof, the Corporation has completed the deconsolidation of the
 Investment Entities under U.S. GAAP in accordance with the terms of the Canopy USA Structure;
 and the Corporation and its Subsidiaries, and, to the knowledge of the Corporation, the Investment
 Entities, have conducted their operations in compliance with the terms and conditions of
 the Canopy USA Structure. The Corporation and its Subsidiaries are not considered a U.S.
 Marijuana Issuer (as defined in the Canadian Securities Administrators Staff Notice 51-352
 – *Issuers with U.S. Marijuana-Related Activities* (the "**Staff Notice** "))
 nor does the Corporation have material ancillary involvement in the U.S. cannabis industry
 in accordance with the Staff Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Financial and Disclosure Controls</u>.
 The Corporation and each of its Subsidiaries maintain a system of internal accounting and
 other controls sufficient to provide reasonable assurance that (i) transactions are
 executed in accordance with management's general or specific authorizations, (ii) transactions
 are recorded as necessary to permit preparation of financial statements in conformity with
 U.S. GAAP and to maintain asset accountability, (iii) access to assets is permitted
 only in accordance with management's general or specific authorization, and (iv) the
 recorded accountability for assets is compared with the existing assets at reasonable intervals
 and appropriate action is taken with respect to any differences. Except as disclosed in the
 Registration Statement, the Prospectuses or the Disclosure Package, the Corporation's
 "internal control over financial reporting" (as such term is defined in Rule 13a-15(f) under
 the Exchange Act and Canadian Securities Laws) are effective and the Corporation and its
 Subsidiaries are not aware of any material weakness in their internal control over financial
 reporting. Since the date of the latest audited consolidated financial statements included
 or incorporated by reference in the Registration Statement, the Prospectuses and the Disclosure
 Package there has been no change in the Corporation's internal control over financial
 reporting that would have a Material Adverse Effect. Except as disclosed in the Registration
 Statement, the Prospectuses and the Disclosure Package, the Corporation and its Subsidiaries
 maintain "disclosure controls and procedures" (as such term is defined in Rule 13a-15(e) under
 the Exchange Act and Canadian Securities Laws) that have been designed to ensure that material
 information relating to the Corporation and its Subsidiaries is made known to the Corporation's
 principal executive officer and principal financial officer. Except as disclosed in the Registration
 Statement, the Prospectuses or the Disclosure Package, such disclosure controls and procedures
 of the Corporation and the Subsidiaries were effective as at the date of the Corporation's
 most recent balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Tax Returns</u>. Except as has been
 disclosed in each of the Registration Statement, the Prospectuses and the Disclosure Package:
 (i) each of the Corporation and the Subsidiaries has, on a timely basis, accurately
 prepared and filed all U.S., Canadian and foreign tax returns that are required to be filed
 by it and has paid or made provision for the payment of all applicable taxes, assessments,
 governmental or other similar charges with respect to the periods covered by such tax returns,
 except to the extent that the failure to do any of the foregoing would not be expected to
 have a Material Adverse Effect; (ii) each of the Corporation and the Subsidiaries has
 paid all sales and use taxes and all taxes which the Corporation or any Subsidiary is obligated
 to withhold from amounts owing to employees, creditors and third parties, except in any such
 case as would not have a Material Adverse Effect; (iii) the Corporation is not aware
 of any tax deficiencies or interest or penalties accrued or accruing or alleged to be accrued
 or accruing, thereon with respect to itself or any Subsidiary which have not otherwise been
 provided for by the Corporation, except to the extent that any such deficiency, interest
 or penalty would not be expected to have a Material Adverse Effect; (iv) there are no
 transfer taxes or other similar fees or charges under Canadian or U.S. federal law or the
 laws of any state, province, territory or any political subdivision thereof, required to
 be paid in connection with the execution and delivery of this Agreement or the issuance by
 the Corporation or sale by the Corporation of the Placement Shares; and (v) no stamp
 duty, registration or documentary taxes, duties or similar charges are payable under Canadian
 or U.S. federal laws or the laws of any state, province, territory or any political subdivision
 thereof in connection with the creation, issuance, sale and delivery to the Agents of the
 Placement Shares or the authorization, execution, delivery and performance of this Agreement
 or the resale of Placement Shares by an Agent to U.S. residents. The accruals and reserves
 on the books and records of the Corporation and the Subsidiaries in respect of tax liabilities
 for any taxable period not finally determined are adequate to meet any assessments and related
 liabilities for any such period and, since the date of the most recent audited consolidated
 financial statements of the Corporation, the Corporation and the Subsidiaries have not incurred
 any liability for taxes other than in the ordinary course of their business, except to the
 extent that any such liability would not be expected to have a Material Adverse Effect. There
 is no tax lien, whether imposed by any U.S., Canadian or other taxing authority, outstanding
 against the assets, properties or business of the Corporation or any Subsidiary, except to
 the extent that any such tax lien would not be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Accurate Disclosures</u>. The statements
 set forth in the Canadian Base Prospectus under the captions "*Description of Securities* ",
 "*The Corporation*" and "*Risk Factors* "; in the U.S. Base
 Prospectus under the captions "*Description of Capital Shares* ", "*The Company* ", "*Risk Factors*" and "*Enforceability of Civil Liabilities* "; in the Corporation's most recently filed Annual Report on Form 10-K
 under the caption "*Item 1. Business*" (as updated by the Corporation's
 most recently filed Quarterly Report on Form 10-Q, if applicable); in the U.S. Prospectus
 Supplement under the captions "*Certain Canadian Income Tax Considerations* "
 and "*Certain United States Federal Income Tax Considerations* "; in the
 Canadian Prospectus Supplement under the captions "*Certain Canadian Federal Income Tax Considerations*" and "*Certain United States Federal Income Tax Considerations* ";
 and in the Registration Statement under *"Part II – Item 15. Indemnification of Directors and Officers* ", insofar as such statements summarize legal matters,
 agreements, documents or proceedings discussed therein, are, in all material respects, accurate,
 complete and fair summaries of such legal matters, agreements, documents or proceedings.
 There is no franchise, contract or other document of a character required to be described
 in the Registration Statement, the Prospectuses or the Disclosure Package, or to be filed
 as an exhibit thereto, which is not described or filed as required; insofar as such descriptions
 summarize legal matters, agreements, documents or proceedings discussed therein, such descriptions
 are accurate and fair summaries of such legal matters, agreements, documents or proceedings.
 This Agreement conforms in all material respects to the description thereof in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Significant Acquisitions or Dispositions</u>.
 Except as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package,
 no acquisition or disposition has been completed by the Corporation during its three most
 recent fiscal years or since the beginning of the Corporation's current fiscal year
 that would be a significant acquisition or disposition for the purposes of Canadian Securities
 Laws, the Securities Act or the Rules and Regulations or that would require the financial
 statement and/or pro forma disclosure in respect of the acquired business in the Registration
 Statement, the Prospectuses and the Disclosure Package, and no proposed acquisition by the
 Corporation has progressed to a state where a reasonable person would believe that the likelihood
 of the Corporation completing the acquisition is high or would be considered "probable"
 (within the meaning of Regulation S-X under the Securities Act) and that: (i) if completed
 by the Corporation at the date of the Prospectuses, would be a significant acquisition for
 the purposes of Canadian Securities Laws, the Securities Act or the Rules and Regulations
 or (ii) would require the financial statement disclosure in respect of the acquired
 business in the Registration Statement, the Prospectuses and the Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Capitalization</u>. The Corporation
 is authorized to issue an unlimited number of Shares and an unlimited number of Exchangeable
 Shares. All of the issued and outstanding Shares and Exchangeable Shares are fully paid and
 non-assessable and have been duly and validly authorized and issued, in material compliance
 with all applicable Canadian, United States and other securities laws and not in violation
 of or subject to any pre-emptive or similar right that entitles any person to acquire from
 the Corporation any Shares, Exchangeable Shares or other security of the Corporation or any
 security convertible into, or exercisable or exchangeable for, Shares, Exchangeable Shares
 or any other such security (any "**Relevant Security** "), except for such
 rights as (i) may have been fully satisfied or waived prior to the date hereof, or (ii) are
 disclosed in the Registration Statement, the Prospectuses and the Disclosure Package. The
 form of the certificates for the Shares and the Exchangeable Shares have been approved by
 the board of directors of the Corporation and adopted by the Corporation and comply with
 all applicable legal and stock exchange requirements and do not conflict with the Corporation's
 constating documents. Except as disclosed in the Registration Statement, the Prospectuses
 and the Disclosure Package, no holder of any Relevant Security has any rights to require
 registration or qualification under the Securities Act or Canadian Securities Laws of any
 Relevant Security in connection with the offer and sale of the Shares contemplated hereby.
 No person has the right to act as an underwriter or as a financial advisor to the Corporation
 in connection with the offer and sale of the Placement Shares hereunder, as a result of the
 sale of the Placement Shares as contemplated hereby or otherwise. Except as disclosed in
 the Registration Statement, the Prospectuses and the Disclosure Package, there are no shareholders'
 agreements, voting agreements, investors' rights agreements or other agreements in
 force or effect which in any manner affects or will affect the voting or control of any of
 the securities of the Corporation or its Subsidiaries, the nomination of directors to the
 board of the Corporation or the operations or affairs of the Corporation or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Description of Shares</u>. The Shares
 conform and will conform to all statements relating thereto contained in the Registration
 Statement, the Prospectuses and the Disclosure Package and such description conforms to the
 rights set forth in the instruments defining the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>The Placement Shares</u>. The Corporation
 has full power and authority (corporate or otherwise) to issue the Placement Shares up to
 the Maximum Amount and to perform its obligations hereunder. When issued in accordance with
 this Agreement, and upon receipt of payment for the Placement Shares, the Placement Shares
 will have been duly and validly created and issued as fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>No Undisclosed Relationships</u>.
 Neither the Corporation nor any Subsidiary (i) has any material lending or other relationship
 with any bank or lending affiliate of any of the Agents, (ii) intends to use any of
 the proceeds from the sale of the Placement Shares hereunder to repay any outstanding debt
 owed to any affiliate of any of the Agents, (iii) except as disclosed in the Canadian
 Prospectus Supplement, has any other relationship with any of the Agents that would require
 disclosure in the Canadian Prospectus pursuant to NI 33-105, or (iv) has been involved
 in any related party transactions or off-balance sheet transactions or any other non-arm's
 length transactions involving the Corporation or its Subsidiaries that are required to be
 disclosed under NI 33-105 or the rules and regulations of FINRA, that have not been
 described in the Registration Statement, the Prospectuses or the Disclosure Package or to
 be filed as exhibits thereto which have not been so filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Public Filings</u>. There are no reports
 or information that in accordance with the requirements of Canadian Securities Laws must
 be made publicly available in connection with the Offerings that have not been made publicly
 available as required; there are no documents required to be filed as of the date hereof
 with the Canadian Qualifying Authorities in connection with the Offerings that have not been
 filed as required; and the Corporation has not filed any confidential material change reports
 or similar confidential report with any securities regulatory authority that is still maintained
 on a confidential basis. There are no contracts or other documents that are required by the
 Securities Act to be described in the U.S. Prospectus or filed as exhibits to the Registration
 Statement, or that are required by the Exchange Act to be filed as exhibits to a document
 incorporated by reference into the U.S. Prospectus, that have not been so described in the
 U.S. Prospectus or filed as exhibits to the Registration Statement or such incorporated document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>No Brokerage or Finder's Fees</u>.
 Other than the Agents, there is no person acting or, to the knowledge of the Corporation,
 purporting to act at the request of the Corporation, who is entitled to any brokerage, finder's
 fees or other like payment in connection with the transactions contemplated herein or, to
 the Corporation's knowledge, any arrangements, agreements, understandings, payments
 or issuance with respect to the Corporation or any of its officers, directors, shareholders,
 partners, employees, Subsidiaries or affiliates that may affect the Agents' compensation
 as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>No Rulings Against Directors or Officers</u>.
 Except as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package,
 to the knowledge of the Corporation, none of the directors or officers of the Corporation
 are now, or have been in the ten (10) years prior to the date hereof, subject to an
 order or ruling of any securities regulatory authority or stock exchange prohibiting such
 individual from acting as a director or officer of a public company or of a company listed
 on a particular stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Transactions at Arm's Length</u>.
 Neither the Corporation nor any of the Subsidiaries owes any amount to, nor has the Corporation
 or any of the Subsidiaries made any present loans to, or borrowed any amount from or is otherwise
 indebted to, any officer, director, employee or securityholder of any of them or any person
 not dealing at "arm's-length" (within the meaning of such term for purposes
 of the *Income Tax Act* (Canada)) with any of them, except for usual employee reimbursements
 and compensation paid in the ordinary and normal course of the business of the Corporation
 or any of the Subsidiaries. Except as disclosed in the Registration Statement, the Prospectuses
 and the Disclosure Package, and usual employee or consulting arrangements made in the ordinary
 and normal course of business, neither the Corporation nor any of the Subsidiaries is a party
 to any contract, agreement or understanding with any officer, director, employee or securityholder
 of any of them or any other person not dealing at arm's-length with the Corporation
 and the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Compliance with Sarbanes-Oxley Act</u>.
 The Corporation and its Subsidiaries are in compliance in all material respects with the
 applicable provisions of Sarbanes-Oxley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>No Orders</u>. No securities commission
 or any similar regulatory authority in any jurisdiction has issued any order which is currently
 outstanding preventing or suspending trading in any securities of the Corporation and no
 such proceeding is, to the knowledge of the Corporation, pending, contemplated or threatened,
 and the Corporation is not in material default of any requirement of Canadian Securities
 Laws, the Securities Act or the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Listing on TSX and Nasdaq</u>. The
 issued and outstanding Shares are listed and posted for trading on the TSX and Nasdaq, and
 the Corporation reasonably believes that it is in compliance with the current listing requirements
 of the TSX and Nasdaq; and the Placement Shares will be listed and posted for trading on
 the TSX and Nasdaq as of each Applicable Time. Except as disclosed in the Registration Statement,
 the Prospectuses and the Disclosure Package, the Corporation has not, in the 12 months preceding
 the date the first Placement Notice is given hereunder, received notice from the TSX or Nasdaq
 to the effect that the Corporation is not in compliance with the listing or maintenance requirements
 of each such stock exchange. Except as disclosed in the Registration Statement, the Prospectuses
 and the Disclosure Package, the Corporation has no reason to believe that it will not in
 the foreseeable future continue to be in compliance with all such listing and maintenance
 requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Canadian Reporting Issuer; SEC Registration</u>.
 The Corporation is a "reporting issuer" or the equivalent thereof in each of
 the Canadian Qualifying Jurisdictions where such concept exists, is not on the list of defaulting
 reporting issuers maintained by the Canadian Qualifying Authorities in each such Canadian
 Qualifying Jurisdiction that maintains such a list and its securities are not the subject
 of a general cease trade order by any of the Canadian Qualifying Authorities. The Corporation
 is subject to the reporting requirements of Section 13 of the Exchange Act and files
 periodic reports with the SEC; the Shares are registered with the SEC under Section 12(b) of
 the Exchange Act, and the Registration Statement is not the subject of a stop order by the
 SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Transfer Agents and Registrar</u>.
 Odyssey Trust Company at its principal offices in Calgary, Alberta, is the duly appointed
 registrar and transfer agent of the Corporation in Canada and the United States with respect
 to the Shares and the Exchangeable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Investment Company Act</u>. The Corporation
 is not and, solely after giving effect to the Offerings and the application of the Net Proceeds
 as described in the Registration Statement, the Prospectuses and the Disclosure Package,
 will not be an "investment company" as defined in the United States Investment
 Company Act of 1940, as amended, and the rules and regulations of the SEC promulgated
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Independent Accountants</u>. PKF O'Connor
 Davies, LLP, the current independent registered public accounting firm for the Corporation,
 is independent with respect to the Corporation within the meaning of the Chartered Professional
 Accountants of Ontario CPA Code of Professional Conduct and is an independent registered
 public accounting firm with respect to the Corporation within the meaning of the Securities
 Act and the Public Company Accounting Oversight Board (United States), and is registered
 with the Canadian Public Accountability Board. KPMG LLP, the former independent registered
 public accounting firm for the Corporation, was at all applicable times independent with
 respect to the Corporation within the meaning of the Chartered Professional Accountants of
 Ontario CPA Code of Professional Conduct and was at all applicable times an independent registered
 public accounting firm with respect to the Corporation within the meaning of the Securities
 Act and the Public Company Accounting Oversight Board (United States). There has not been
 any reportable event (within the meaning of NI 51-102) between the Corporation and its auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>No Stabilization</u>. The Corporation
 has not taken, directly or indirectly, any action designed to or that would constitute or
 that might reasonably be expected to cause or result in, under Canadian Securities Laws,
 the Exchange Act or otherwise, stabilization or manipulation of the price of the Shares to
 facilitate the sale or resale of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Purchases by the Agents</u>. The Corporation
 acknowledges and agrees that the Agents have informed the Corporation that the Agents may,
 but are not required to, to the extent permitted under the Securities Act, the Exchange Act,
 Canadian Securities Laws, the rules of the TSX and Nasdaq and this Agreement, purchase
 and sell Shares for the Agents' own accounts and for the accounts of their clients
 at the same time as sales of Placement Shares occur pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Conformity of Issuer Free Writing Prospectus</u>. Each Issuer Free Writing Prospectus conformed or will conform in all respects
 with the requirements of the Securities Act on the date of first use, and the Corporation
 has complied or will comply with any filing requirements applicable to such Issuer Free Writing
 Prospectus pursuant to the Securities Act. Each Issuer Free Writing Prospectus, as of its
 issue date and at all subsequent times through the completion of the public offer and sale
 of the Placement Shares, did not, does not and will not include any information that conflicted,
 conflicts or will conflict with the information contained in the Registration Statement or
 the Prospectuses, including any document incorporated by reference therein that has not been
 superseded or modified. The Corporation has not made any offer relating to the Shares that
 would constitute an Issuer Free Writing Prospectus without the prior written consent of the
 Agents. The Corporation has retained in accordance with the Securities Act all Issuer Free
 Writing Prospectuses that were not required to be filed pursuant to the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>Compliance with Regulatory Laws</u>.
 Except where the failure to comply would not, individually or in the aggregate, reasonably
 be expected to have a Material Adverse Effect, each of the Corporation, the Subsidiaries
 and their respective directors, officers and employees acting on behalf of the Corporation
 or any Subsidiary: (A) is and at all times has been in compliance with all applicable
 federal, provincial, state, municipal, local, or foreign statutes, rules, regulations, ordinances,
 orders, decrees and guidances including, without limitation, the *Food and Drugs Act* R.S.C. 1985, c. F-27, the Cannabis Act, and the *Controlled Drugs and Substances Act* S.C. 1996, c. 19; (B) has not received any correspondence, inspection report, notice
 of adverse finding, warning letter or other notice from any Governmental Authority alleging
 or asserting material non-compliance with any applicable laws or any licences, certificates,
 approvals, consents, clearances, registrations, qualifications, authorizations, permits and
 supplements or amendments thereto required by any such applicable laws (collectively, "**Authorizations** ");
 (C) possesses all Authorizations required for the conduct of its business, and such
 Authorizations are valid and in full force and effect, and the Corporation, the Subsidiaries
 and all directors, officers and employees of each acting on behalf of the Corporation or
 any Subsidiary are not in violation of any term of any such Authorization; (D) has not
 received notice of any pending or threatened claim, suit, proceeding, charge, hearing, enforcement,
 audit, investigation, inspection, arbitration or other action from any Governmental Authority
 or third party alleging that any operation or activity of the Corporation, the Subsidiaries
 or any of their directors, officers and/or employees acting on behalf of the Corporation
 or any Subsidiary is in violation of any applicable laws or Authorizations and, except as
 disclosed in the Registration Statement and the Prospectuses, has no knowledge or reason
 to believe that any such Governmental Authority or third party is considering or would have
 reasonable grounds to consider any such claim, suit, proceeding, charge, hearing, enforcement,
 audit, investigation, arbitration or other action; (E) has not received notice that
 any Governmental Authority has taken, is taking, or intends to take action to limit, suspend,
 modify or revoke any material Authorizations and, except as disclosed in the Registration
 Statement, the Prospectuses and the Disclosure Package, has no knowledge or reason to believe
 that any such Governmental Authority is considering taking or would have reasonable grounds
 to take such action; (F) has, or has had on its behalf, filed, declared, obtained, maintained
 or submitted all reports, documents, forms, notices, applications, renewals, records, claims,
 submissions and supplements or amendments as required by any applicable laws or Authorizations
 and to keep its Authorizations that are described or referred to in the Registration Statement,
 the Prospectuses and the Disclosure Package in good standing and that all such reports, documents,
 forms, notices, applications, renewals, records, claims, submissions and supplements or amendments
 were materially complete and correct on the date filed (or were corrected or supplemented
 by a subsequent submission); and (G) has not, either voluntarily or involuntarily, initiated,
 conducted or issued or caused to be initiated, conducted or issued, any recall, market withdrawal
 or replacement, safety alert, post-sale warning or other notice or action relating to the
 alleged safety or efficacy of any product or any alleged product defect or violation and,
 to the knowledge of the Corporation, there is no basis for any such notice or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) <u>Insurance</u>. Each of the Corporation
 and the Subsidiaries maintain insurance in such amounts and covering such risks as the entity
 reasonably considers adequate for the conduct of its business and the value of its properties
 and as is customary for companies engaged in similar businesses in similar industries, including,
 but not limited to, in the case of the Corporation and the Subsidiaries, directors and officers
 insurance coverage in such amounts as are prudent and customary in the businesses in which
 the Corporation and the Subsidiaries are engaged, all of which insurance is in full force
 and effect. There are no material claims by the Corporation or any Subsidiary under any such
 policy or instrument as to which any insurance company is denying liability or defending
 under a reservation of rights clause. The Corporation has no reason to believe that it will
 be unable to renew its existing insurance as and when such coverage expires or will be able
 to obtain replacement insurance adequate for the conduct of the business and the value of
 its properties at a cost that would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) <u>Owned Premises</u>. All real property
 owned by the Corporation or the Subsidiaries is 100% legally and beneficially owned by the
 Corporation or a Subsidiary, and the Corporation or the applicable Subsidiary holds valid,
 subsisting and enforceable title documents and such title documents permit the Corporation
 and such Subsidiary to carry on the business thereon as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) <u>Leased Premises</u>. The Corporation
 and its Subsidiaries have the exclusive right to occupy and use all real property that is
 leased by the Corporation or a Subsidiary and each of the corresponding leases is valid,
 subsisting and enforceable and in good standing and in full force and effect with such exceptions
 as are not material to, and do not materially interfere with, the use made and proposed to
 be made of such property and buildings by the Corporation and the Subsidiaries. The performance
 of obligations pursuant to and in compliance with the terms of this Agreement, and the completion
 of the transactions described herein by the Corporation, will not afford any of the parties
 to such leases or any other person the right to terminate such lease or result in any additional
 or more onerous obligations under such leases. Except for such matters as would not, individually
 or in the aggregate, have a Material Adverse Effect, neither the Corporation nor any Subsidiary
 is in default or breach of any real property lease, and neither the Corporation nor any Subsidiary
 has received any notice or other communication from the owner or manager of any real property
 leased by the Corporation or any Subsidiary that the Corporation or such Subsidiary is not
 in compliance with any real property lease, and to the knowledge of the Corporation, no such
 notice or other communication is pending or has been threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) <u>PFIC</u>. The Corporation was not
 classified as a "passive foreign investment company" (a "**PFIC** ")
 for United States federal income tax purposes within the meaning of Section 1297 of
 the United States Internal Revenue Code of 1986, as amended (the "**Code** "),
 for its most recently-completed taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) <u>Intellectual Property</u>. (i) Each
 of the Corporation and its Subsidiaries owns all rights in or has obtained valid and enforceable
 licences or other rights to use, the systems, recipes, know how (including trade secrets
 and other proprietary or confidential information), trade-marks (both registered and unregistered),
 trade names, patents, patent applications, inventions, copyrights and any other intellectual
 property (collectively, "**Intellectual Property**") described in the Registration
 Statement, the Prospectuses and the Disclosure Package as being owned or licensed by the
 Corporation or which are used or necessary for the conduct of the Corporation's business
 as currently carried on and presently proposed to be carried on, free and clear of any Lien,
 except such as are described in the Registration Statement, the Prospectuses and the Disclosure
 Package or such as do not (individually or in the aggregate) materially affect the value
 of such Intellectual Property or materially interfere with the use made or proposed to be
 made of such Intellectual Property by the Corporation and the Subsidiaries, or other adverse
 claim or interest of any kind or nature affecting the assets of the Corporation; (ii) to
 the knowledge of the Corporation, except where any infringement would not, individually or
 in the aggregate, have any Material Adverse Effect, there is no infringement, violation or
 misappropriation by third parties of any Intellectual Property owned, licensed or commercialized
 by the Corporation; (iii) there is no action, suit, proceeding, claim, or allegation
 pending or, to the knowledge of the Corporation, threatened by others challenging the Corporation's
 rights in or to any Intellectual Property or the validity or scope of any Intellectual Property
 owned, licensed or commercialized by the Corporation or its Subsidiaries, or alleging that
 the Corporation or its Subsidiaries have infringed, violated or misappropriated Intellectual
 Property rights of a third party, and the Corporation is unaware of any other fact which
 could form a reasonable basis for any such action, suit, proceeding, claim or allegation,
 in each case, except as would not, individually or in the aggregate, have any Material Adverse
 Effect; and (iv) to the Corporation's knowledge, all trade secrets and other confidential
 proprietary information forming part of or in relation to the Intellectual Property being
 owned or licensed by the Corporation or any Subsidiary is and remains confidential to the
 Corporation or such Subsidiary, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) <u>IT Systems</u>. The Corporation's
 and its Subsidiaries' information technology assets and equipment, computers, systems,
 networks, hardware, software, websites, applications, and databases (collectively, "**IT Systems**") are adequate for, and operate and perform in all material respects as
 required in connection with, the operation of the business of the Corporation and the Subsidiaries
 as currently conducted, to the knowledge of the Corporation, are free and clear of all material
 bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants and the Corporation
 and its Subsidiaries have valid, enforceable and sufficient rights to use all such IT systems.
 The Corporation and its Subsidiaries maintain commercially reasonable controls, policies,
 procedures, and safeguards to maintain and protect their material confidential information
 and the integrity, continuous operation, redundancy and security of all IT Systems and all
 personal, personally identifiable, sensitive, confidential or regulated data ()"**Personal Data**") processed and stored thereon, and there have been no breaches, incidents,
 violations, outages, compromises or unauthorized uses of or accesses to same, except for
 those that have been remedied without material cost or liability or the duty to notify any
 other person or Governmental Authority, nor any incidents under internal review or investigations
 relating to the same. The Corporation and its Subsidiaries are presently in compliance with
 all applicable laws or statutes and all applicable judgments, orders, rules and regulations
 of any court or arbitrator or governmental or regulatory authority, applicable industry standards,
 internal policies and contractual obligations relating to the privacy and security of IT
 Systems and Personal Data and to the protection of such IT Systems and Personal Data from
 unauthorized use, access, misappropriation or modification ()"**Privacy Requirements** "),
 except for any such noncompliance that would not have a Material Adverse Effect. There is
 no action, suit, proceeding, claim, or allegation pending or, to the knowledge of the Corporation,
 threatened by any third party with respect to any actual or alleged breach of Personal Data,
 unauthorized processing, or other misuse of any Personal Data or with respect to any violation
 of any applicable Privacy Requirement, and the Corporation is unaware of any other fact which
 could form a reasonable basis for any such action, suit, proceeding, claim or allegation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) <u>Properties and Leases</u>. Except
 as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package,
 (i) each of the Corporation and the Subsidiaries owns or leases all such properties
 as are necessary to the conduct of its business as presently operated as described in the
 Registration Statement, the Prospectuses and the Disclosure Package; (ii) each of the
 Corporation and the Subsidiaries has good and marketable title in fee simple to all real
 property owned by them and good and marketable title to all personal property owned by them,
 in each case free and clear of any and all Liens except such as are described in the Registration
 Statement, the Prospectuses and the Disclosure Package or such as do not (individually or
 in the aggregate) materially affect the value of such property or materially interfere with
 the use made or proposed to be made of such property by the Corporation and the Subsidiaries;
 and (iii) neither the Corporation nor any Subsidiary has received any notice or other
 communication of any claim adverse to its ownership of any real or personal property or of
 any claim against the continued possession of any real property, whether owned or held under
 lease or sublease by the Corporation or any Subsidiary, except as would not have a Material
 Adverse Effect. Except for the sale of inventory in the ordinary course of business and as
 disclosed in the Registration Statement, the Prospectuses and the Disclosure Package, no
 person has any contract or any right or privilege capable of becoming a right to purchase
 any property from the Corporation or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) <u>Facilities</u>. The Corporation's,
 the Subsidiaries' and, to the knowledge of the Corporation, the Investment Entities'
 facilities and product research and development activities are and have been in compliance
 in all respects with applicable good practices, processes, standards and procedures as required
 by Health Canada and any other Governmental Authority, except as would not, individually
 or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) <u>Environmental Laws</u>. There has
 been no storage, generation, transportation, handling, use, treatment, disposal, discharge,
 emission, contamination, release or other activity involving any kind of hazardous, toxic
 or other wastes, pollutants, contaminants, petroleum products or other hazardous or toxic
 substances, chemicals or materials ()"**Hazardous Substances**") by, due to,
 on behalf of, or caused by the Corporation or any Subsidiary (or, to the knowledge of the
 Corporation, any other entity for whose acts or omissions the Corporation is or may be liable)
 upon any property now or previously owned, operated, used or leased by the Corporation or
 any Subsidiary, or upon any other property, which would be a violation of or give rise to
 any liability under any applicable law, rule, regulation, order, judgment, decree or permit,
 common law provision or other legally binding standard relating to pollution or protection
 of human health and the environment ()"**Environmental Law** "), except for
 violations and liabilities which, individually or in the aggregate, would not have a Material
 Adverse Effect. There has been no disposal, discharge, emission contamination or other release
 of any kind at, onto or from any such property or into the environment surrounding any such
 property of any Hazardous Substances with respect to which the Corporation or any Subsidiary,
 except as would not, individually or in the aggregate, have a Material Adverse Effect. There
 is no pending or, to the knowledge of the Corporation, threatened administrative, regulatory
 or judicial action, claim or notice of noncompliance or violation, investigation or proceedings
 relating to any Environmental Law against the Corporation or any Subsidiary, except as would
 not, individually or in the aggregate, have a Material Adverse Effect. No property of the
 Corporation or any Subsidiary is subject to any Lien under any Environmental Law. Except
 as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package,
 neither the Corporation nor any Subsidiary is subject to any order, decree, agreement or
 other individualized legal requirement related to any Environmental Law, which, in any case
 (individually or in the aggregate), would have a Material Adverse Effect. The Corporation
 and its Subsidiaries have all permits, authorizations and approvals required under all applicable
 Environmental Laws and are each in compliance with their requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Changes in Law</u>. To the knowledge
 of the Corporation, there is no pending or contemplated change to any law, regulation or
 position of a Governmental Authority that would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) <u>Corporate Records</u>. The minute
 books and corporate records of the Corporation and its Material Subsidiaries are true, complete,
 and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) <u>Foreign Private Issuer Status</u>.
 The Corporation is not, and upon completion of the transactions contemplated herein, and
 assuming the anticipated use of the Net Proceeds thereof as described in the Registration
 Statement, the Prospectuses and the Disclosure Package, will not be, a "foreign private
 issuer" within the meaning of Rule 3b-4 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) <u>Forward-Looking Information and Third-Party Data</u>. The Corporation has a reasonable basis for disclosing all forward-looking information
 (as defined in NI 51-102) or forward-looking information (within the meaning of Section 27A
 of the Securities Act and Section 21E of the Exchange Act) contained in the Registration
 Statement, the Prospectuses and the Disclosure Package. The statistical, industry-related
 and market-related data included in the Registration Statement, the Prospectuses and the
 Disclosure Package are based on or derived from sources which the Corporation reasonably
 and in good faith believes are reliable and accurate, and such data agree with the sources
 from which they are derived. The Corporation has obtained the consent to the use of such
 data or information from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) <u>Incentive Plans</u>. Each stock option
 granted under the Corporation's stock option plan or other security based compensation
 plan of the Corporation (each, a "**Stock Plan**") was granted with an exercise
 price no less than the fair market value per Share on the grant date of such option, determined
 in accordance with the rules of the TSX, and no such grant involved any "back-dating,"
 "forward-dating" or similar practice with respect to the effective date of such
 grant; each such option (i) was granted in compliance with applicable law and with the
 applicable Stock Plan(s), (ii) was duly approved by the board of directors (or a duly
 authorized committee thereof) of the Corporation and (iii) has been or will be properly
 accounted for in the Corporation's financial statements and has been or will be disclosed,
 to the extent required, in the Corporation's filings or submissions with the SEC and
 the Canadian Qualifying Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) <u>Security Clearance</u>. Except as
 disclosed in the Registration Statement, the Prospectuses and the Disclosure Package or for
 security clearances which have been applied for and are in process with Health Canada, each
 director, executive officer, and other personnel of the Corporation or the Subsidiaries that
 is required to hold a security clearance under the Cannabis Act and related regulations holds
 such security clearance and to the knowledge of the Corporation, there are no circumstances
 that would affect or prevent them from obtaining, or which would lead to the suspension,
 revocation or cancellation of, such security clearances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) <u>XBRL</u>. The interactive data in
 eXtensible Business Reporting Language included or incorporated by reference in the Registration
 Statement fairly presents the information called for in all material respects and has been
 prepared in accordance with the SEC's rules and guidelines applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) <u>No Reliance</u>. The Corporation
 has not relied upon the Agents or legal counsel for the Agents for any legal, tax or accounting
 advice in connection with the offering and sale of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) <u>Continuous Offering Agreements</u>.
 Except for this Agreement, the Corporation is not party to any other equity distribution
 or sales agency agreement or other similar arrangement with any other agent or any other
 representative in respect of any "at the market offering" or other continuous
 equity offering transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) <u>Corporation Certificates</u>. Any
 certificate signed by a director or an officer of the Corporation and delivered to an Agent
 or to counsel for such Agent pursuant to or in connection with this Agreement shall be deemed
 to be a representation and warranty by the Corporation to such Agent as to the matters set
 forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) <u>Canadian Shelf Procedures</u>. The
 Corporation will, following the execution of this Agreement, promptly issue and file a news
 release that (i) states that the Corporation has entered into this Agreement and has
 filed or will file the Prospectus Supplements, and (ii) specifies where and how a purchaser
 of Placement Shares hereunder may obtain a copy of this Agreement and the Prospectuses.

The Corporation acknowledges that each Agent and, for purposes of opinions that may be delivered by them, counsel to the Corporation and to the Agents, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

**8.**  **<u>Covenants of the Corporation</u>** 

The Corporation covenants and agrees with the Agents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Prospectus and Registration Statement Amendments</u>. After the date of this Agreement and until the latest of the date on which
 the sale of the Maximum Amount of Placement Shares through the Agents on the terms and subject
 to the conditions set forth herein has been completed, the end of the Prospectus Delivery
 Period or the termination of this Agreement in accordance with the terms and conditions contained
 herein, (i) the Corporation will notify the Agents promptly of the time when any amendment
 or replacement to the Canadian Base Prospectus or the Registration Statement has been filed,
 as applicable, with any Canadian Qualifying Authority or the SEC and has become effective
 or where a receipt has been issued therefor, as applicable, or any subsequent supplement
 or replacement to the U.S. Prospectus or the Canadian Prospectus has been filed (each, an
 "**Amendment Date**") and of any request by the SEC or any Canadian Qualifying
 Authority for any amendment, supplement or replacement to the Registration Statement or the
 Prospectuses or for additional information; (ii) the Corporation will file promptly
 all other material required to be filed by it with the SEC pursuant to Rule 433(d) of
 the Securities Act and with the Canadian Qualifying Authorities in connection with the Offerings;
 (iii) the Corporation will submit to the Agents a copy of any amendment, supplement
 or replacement to the Registration Statement or the Prospectuses (other than a copy of any
 documents incorporated by reference into the Registration Statement or the Prospectuses)
 within a reasonable period of time before the filing thereof and will afford the Agents and
 the Agents' counsel a reasonable opportunity to comment on any such proposed filing
 and to perform any due diligence investigations as may reasonably be required prior to such
 proposed filing; and (iv) the Corporation will furnish to the Agents at the time of
 filing thereof a copy of any document that upon filing is deemed to be incorporated by reference
 in the Registration Statement or the Prospectuses (provided that the Corporation shall not
 be required to deliver documents or information incorporated by reference into the Registration
 Statement or the Prospectuses if such documents are accessible from SEDAR+ or EDGAR) and
 the Corporation will cause (A) each amendment or supplement to the U.S. Prospectus to
 be filed with the SEC within the time period prescribed by the Securities Act and the Rules and
 Regulations or, in the case of any document to be incorporated therein by reference, to be
 filed with the SEC as required pursuant to the Exchange Act, within the time period prescribed
 and (B) each amendment, supplement or replacement to the Canadian Prospectus to be filed
 with the Canadian Qualifying Authorities as required pursuant to the Canadian Shelf Procedures
 or, in the case of any document to be incorporated therein by reference, to be filed with
 the Canadian Qualifying Authorities as required pursuant to Canadian Securities Laws, within
 the time period prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Cease Trade or Stop Orders</u>.
 After the date of this Agreement and until the latest of the date on which the sale of the
 Maximum Amount of Placement Shares through the Agents on the terms and subject to the conditions
 set forth herein has been completed, the end of the Prospectus Delivery Period or the termination
 of this Agreement in accordance with the terms and conditions contained herein, the Corporation
 will advise the Agents, promptly after it receives notice thereof, of the issuance by the
 SEC or the Canadian Qualifying Authorities of any stop order, cease trade order or of any
 order preventing or suspending the use of the Prospectuses or other prospectus in respect
 of the Shares, of any notice of objection of the SEC to the use of the form of the Registration
 Statement or any post-effective amendment thereto, of the suspension of the qualification
 of the Shares for offering or sale in the United States or the Canadian Qualifying Jurisdictions,
 of the initiation or threatening of any proceeding for any such purpose, or of any request
 by the SEC or the Canadian Qualifying Authorities for the amending or supplementing of the
 Registration Statement or the Prospectuses or for additional information relating to the
 Shares. If there is a Placement Notice that has been issued by the Corporation that has not
 been suspended or terminated in accordance with Section 4 or Section 13 of this
 Agreement, the Corporation will use its commercially reasonable efforts to prevent the issuance
 of any stop order, cease trade order or any order preventing or suspending the use of the
 Prospectuses or other prospectus in respect of the Shares, a notice of objection of the SEC
 to the form of the Registration Statement or any post-effective amendment thereto, the suspension
 of any qualification for offering or sale in the United States or the Canadian Qualifying
 Jurisdictions, and, in the event of the issuance of any such stop order, cease trade order
 or any such order preventing or suspending the use of any prospectus relating to the Shares
 or suspending any such qualification, the Corporation will use its commercially reasonable
 efforts to obtain the lifting or withdrawal of such order as soon as possible. If there is
 no such outstanding Placement Notice, then, if, in the Corporation's determination
 and at the Corporation's sole discretion, it is necessary to prevent the issuance of
 any stop order or cease trade order or have a stop order or cease trade order lifted, the
 Corporation will use its commercially reasonable efforts to prevent the issuance of any stop
 order, cease trade order or any order preventing or suspending the use of the Prospectuses
 or other prospectus in respect of the Shares, a notice of objection of the SEC to the form
 of the Registration Statement or any post-effective amendment thereto, the suspension of
 any qualification for offering or sale in the United States or the Canadian Qualifying Jurisdictions,
 and, in the event of the issuance of any such stop order, cease trade order or any such order
 preventing or suspending the use of any prospectus relating to the Shares or suspending any
 such qualification, the Corporation will use its commercially reasonable efforts to obtain
 the lifting or withdrawal of such order as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Prospectus; Subsequent Changes</u>. After the date of this Agreement and until the latest of the date on which the
 sale of the Maximum Amount of Placement Shares through the Agents on the terms and subject
 to the conditions set forth herein has been completed or the termination of this Agreement
 in accordance with the terms and conditions contained herein, within the time during which
 a prospectus relating to the Shares is required to be delivered by the Agents under the Securities
 Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172
 or Rule 173(a) under the Securities Act) or Canadian Securities Laws, the Corporation
 will comply in all material respects with such applicable requirements imposed upon it by
 the Securities Act and by Canadian Securities Laws, as appropriate and as from time to time
 in force, and will file or furnish on or before their respective due dates all reports required
 to be filed or furnished by it with the SEC pursuant to Sections 13(a), 13(c), or 15(d) of
 the Exchange Act, if applicable, or any other provision of or under the Exchange Act or with
 the Canadian Qualifying Authorities pursuant to Canadian Securities Laws, as appropriate.
 If during such period any event occurs as a result of which the Prospectuses as then amended
 or supplemented would include an untrue statement of material fact or omit to state a material
 fact necessary to make the statements therein, in light of the circumstances then existing,
 not misleading, or if during such period it is necessary to amend or supplement the Registration
 Statement or the Prospectuses to comply with the Securities Act, the Rules and Regulations
 or Canadian Securities Laws, the Corporation will immediately notify the Agents to suspend
 the offering of Placement Shares during such period and, if, in the Corporation's determination
 and at the Corporation's sole discretion, it is necessary to file an amendment or supplement
 to the Registration Statement or the Prospectuses to comply with the Securities Act, the
 Rules and Regulations or Canadian Securities Laws, the Corporation will promptly prepare
 and, after complying with Section 8(a)(iii) hereof, file with the Canadian Qualifying
 Authorities and the SEC such amendment or supplement as may be necessary to correct such
 statement or omission or to make the Registration Statement or the Prospectuses comply with
 such requirements, and the Corporation will furnish to the Agents such number of copies of
 such amendment or supplement as the Agents may reasonably request. The Corporation shall
 in good faith discuss with the Agents any change in a fact or circumstance (actual, proposed
 or prospective) which is of such a nature that there is reasonable doubt whether notice need
 be given to the Agents pursuant to this Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Registration Statement and Prospectuses</u>. After the date of this Agreement and until the latest of the date on
 which the sale of the Maximum Amount of Placement Shares through the Agents on the terms
 and subject to the conditions set forth herein has been completed, the end of the Prospectus
 Delivery Period or the termination of this Agreement in accordance with the terms and conditions
 contained herein, the Corporation will furnish to the Agents and their counsel (at the expense
 of the Corporation) copies of the Registration Statement, the Prospectuses (including all
 documents incorporated by reference therein) and all amendments and supplements to the Registration
 Statement or the Prospectuses that are filed with the SEC or Canadian Qualifying Authorities
 during the period in which a prospectus relating to the Shares is required to be delivered
 under the Securities Act (including all documents filed with the SEC during such period that
 are deemed to be incorporated by reference therein) or the Canadian Qualifying Authorities
 (including all documents filed with the Canadian Qualifying Authorities during such period
 that are deemed to be incorporated by reference therein), in each case as soon as reasonably
 practicable and in such quantities as the Agents may from time to time reasonably request;
 provided, however, the Corporation shall not be required to furnish any documents to the
 Agents that are available on SEDAR+ or EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Corporation Information</u>. After
 the date of this Agreement and until the latest of the date on which the sale of the Maximum
 Amount of Placement Shares through the Agents on the terms and subject to the conditions
 set forth herein has been completed, the end of the Prospectus Delivery Period or the termination
 of this Agreement in accordance with the terms and conditions contained herein, the Corporation
 will furnish to the Agents such information in its possession as is reasonably requested
 by the Agents as necessary or appropriate to fulfil their obligations as agent pursuant to
 this Agreement, the Securities Act and Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Earnings Statement</u>. The Corporation
 will make generally available to its shareholders as soon as practicable, but in any event,
 not later than 15 months after the end of the Corporation's current fiscal quarter,
 an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) of
 the Securities Act and Rule 158 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Material Non-public Information</u>.
 Subject to such further limitations on offers and sales of Placement Shares or delivery of
 instructions to offer and sell Placement Shares as are set forth herein and as may be mutually
 agreed upon by the Corporation and the Agents, the Corporation shall not request the sale
 of any Placement Shares that would be sold, and no Agent shall be obligated to sell, (i) any
 time during the period commencing on the tenth Business Day prior to the time the Corporation
 shall issue a press release and/or file a Current Report on Form 8-K containing, or
 shall otherwise publicly announce, its earnings, revenues or other results of operations
 (each, an "**Earnings Announcement**") through and including the time that
 is 24 hours after the time that the Corporation files a Quarterly Report on Form 10-Q
 or an Annual Report on Form 10-K that includes consolidated financial statements as
 of and for the same period or periods, as the case may be, covered by such Earnings Announcement,
 or (ii) during any other period in which the Corporation is in possession of material
 non-public information regarding the Corporation and the Subsidiaries, taken as a whole,
 or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Expenses</u>. The Corporation, whether
 or not the transactions contemplated hereunder are consummated or this Agreement is terminated
 in accordance with Section 13, will pay all expenses relating to the following matters:
 (i) the preparation and filing of the Registration Statement and each amendment or supplement
 thereto, each of the Prospectuses and each amendment and supplement thereto and each Issuer
 Free Writing Prospectus, (ii) the preparation, issuance and delivery of the Placement
 Shares, (iii) all fees and disbursements of the Corporation's counsel, accountants
 and other advisors, (iv) reimbursement for the reasonable and documented fees, disbursements
 and expenses of counsel to the Agents in connection with this Agreement, the Registration
 Statement and the Prospectuses and the reasonable and documented fees, disbursements and
 expenses of counsel to the Agents for their ongoing services in connection with the transactions
 contemplated hereunder, up to a maximum of US$200,000 plus applicable taxes, (v) the
 qualification of the Placement Shares under securities law, including filing fees in connection
 therewith, (vi) the printing and delivery to the Agents of copies of the Prospectuses
 and any amendments or supplements thereto, and of this Agreement, (vii) the fees and
 expenses incurred in connection with the listing or qualification of the Placement Shares
 for trading on the TSX and Nasdaq, and (viii) the filing fees and expenses related to
 the SEC, the Canadian Qualifying Authorities and FINRA. All fees and expenses are to be paid
 in the currency in which such fees and expenses were incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Use of Proceeds</u>. The Corporation
 will use the Net Proceeds as described in the Prospectuses. The Corporation will not use
 the Net Proceeds in any manner that may violate Federal Cannabis Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Change of Circumstances</u>. During
 the term of this Agreement, the Corporation will, at any time during a fiscal quarter in
 which the Corporation has or intends to deliver a Placement Notice to the Agents to sell
 Placement Shares, advise the Agents promptly after it has received notice or obtained knowledge
 thereof, of any information or fact that would alter or affect in any material respect any
 applicable opinion, certificate, letter or other document provided or to be provided to the
 Agents pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Due Diligence Cooperation</u>. After
 the date of this Agreement and until the completion of the latest of the sales of all of
 the Placement Shares contemplated hereunder or the termination of this Agreement in accordance
 with the terms and conditions contained herein, the Corporation will cooperate with any due
 diligence review conducted by the Agents or their agents during periods in which the Offerings
 are being utilized, including, without limitation, providing information and making available
 documents and senior corporate officers, as the Agents or their counsel may reasonably request;
 provided, however, that the Corporation shall be required to make available senior corporate
 officers only (i) by telephone or at the Corporation's principal offices and (ii) during
 the Corporation's ordinary business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Affirmation of Representations, Warranties, Covenants and Other Agreements</u>. Upon commencement of the offering of the Placement Shares
 under this Agreement (and upon the recommencement of the offering of the Placement Shares
 under this Agreement following any suspension of sales under Section 4), and at each
 Applicable Time, each Settlement Date and each Amendment Date, as applicable, the Corporation
 shall be deemed to have affirmed each representation and warranty contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Required Filings Relating to Placement of Placement Shares</u>. In each quarterly report (including on Form 10-Q), management's
 discussion and analysis, annual information form or annual financial statements/annual report
 on Form 10-K filed by the Corporation in respect of any period in which sales of Placement
 Shares were made by the Agents under this Agreement, the Corporation shall set forth with
 regard to such period (i) the number and average price of Placement Shares sold through
 the Agents under this Agreement, (ii) the aggregate gross and Net Proceeds received
 by the Corporation and (iii) the aggregate compensation paid or payable by the Corporation
 to the Agents with respect to sales of Placement Shares pursuant to this Agreement during
 such annual or quarterly period, as applicable. For so long as the Shares are listed on the
 TSX, the Corporation will provide the TSX with all information it requires with respect to
 the Offerings within the timelines prescribed by the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Representation Dates; Certificate</u>.
 As of the date of this Agreement and each time, during the term of this Agreement, that the
 Corporation (i) files the Prospectuses or a U.S. Prospectus relating to the Placement
 Shares or amends or supplements the Registration Statement or the Prospectuses relating to
 the Placement Shares by means of a post-effective amendment or supplement but not by means
 of incorporation of document(s) into the Registration Statement or the Prospectuses
 relating to the Placement Shares by reference; (ii) files or amends an annual report
 on Form 10-K; (iii) files, furnishes or amends interim financial statements on
 Form 8-K or Form 10-Q; or (iv) at any other time reasonably requested by the
 Agents (each date of filing of one or more of the documents referred to in clauses (i) through
 (iii) and any time of request pursuant to (iv) above shall be a "**Representation Date** "), the Corporation shall furnish the Agents with a certificate, in the form
 attached hereto as Exhibit A within three (3) Trading Days of any Representation
 Date. The requirement to provide a certificate under this Section 8(n) shall be
 waived for any Representation Date occurring at a time at which no Placement Notice is pending,
 which waiver shall continue until the earlier to occur of the date the Corporation delivers
 a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
 Date) and the next occurring Representation Date; provided, however, that such waiver shall
 not apply for any Representation Date on which the Corporation files its annual report on
 Form 10-K. Notwithstanding the foregoing, if the Corporation subsequently decides to
 sell Placement Shares following a Representation Date when the Corporation relied on such
 waiver and did not provide the Agents with a certificate under this Section 8(n), then
 before the Corporation delivers the Placement Notice or the Agents sell any Placement Shares,
 the Corporation shall provide the Agents with a certificate, in the form attached hereto
 as Exhibit A, dated the date of the Placement Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Legal Opinions</u>. Upon execution
 of this Agreement and (x) within three (3) Trading Days of each Representation
 Date with respect to which the Corporation is obligated to deliver a certificate in the form
 attached hereto as Exhibit A for which no waiver is applicable and (y) concurrently
 with the delivery of a certificate pursuant to the last sentence of Section 8(n), the
 Corporation will furnish or cause to be furnished to the Agents and to counsel to the Agents,
 (i) the written opinion of Cassels Brock & Blackwell LLP (Toronto, Ontario),
 and other local counsel as required, such opinions to be substantially similar to the form
 attached hereto as Exhibit B, and (ii) the written opinion and negative assurance
 letter of Paul Hastings LLP (New York, New York), in form and substance reasonably satisfactory
 to the Agents, each dated the date that the opinion or letter, as applicable, is required
 to be delivered, or, in lieu of such opinions or letter, as applicable, counsel last furnishing
 such opinion or letter, as applicable to the Agents may furnish the Agents with a letter
 to the effect that the Agents may rely on such last opinion or letter, as applicable, to
 the same extent as though it was dated the date of such letter authorizing reliance (except
 that statements in such last opinion or letter, as applicable, shall be deemed to relate
 to the Registration Statement and the Prospectuses as amended and supplemented to the time
 of delivery of such letter authorizing reliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Auditor Comfort Letters</u>. Upon execution
 of this Agreement and (x) within three (3) Trading Days of each Representation
 Date with respect to which the Corporation is obligated to deliver a certificate in the form
 attached hereto as Exhibit A for which no waiver is applicable and (y) concurrently
 with the delivery of a certificate pursuant to the last sentence of Section 8(n), the
 Corporation shall cause (i) each of PKF O'Connor Davies, LLP and KPMG LLP, the
 Corporation's current and former auditors, respectively; it being understood that no
 Auditor Comfort Letter (as defined below) of KPMG LLP shall be required if and when the applicable
 audit report(s) of KPMG LLP are no longer included or deemed to be incorporated by reference
 in the Registration Statement, the Prospectuses and the Disclosure Package by Canadian Securities
 Laws, the Securities Act or the Exchange Act; and (ii) each auditor of the Rule 3-09
 Financial Statements (if any), if the audit report(s) of such auditor(s) are included
 or deemed incorporated by reference in the Registration Statement, the Prospectuses and the
 Disclosure Package, to furnish to the Agents a letter (each, an "**Auditor Comfort Letter**") addressed to the Agents dated the date such Auditor Comfort Letter is
 delivered, in form and substance satisfactory to the Agents, acting reasonably, (A) relating
 to the verification of certain of the financial information and statistical and accounting
 data relating to the Corporation and its Subsidiaries (or any equity investee, to the extent
 Rule 3-09 Financial Statements are required for such equity investee), as applicable,
 contained in the Registration Statement and the Prospectuses or the documents incorporated
 by reference therein, which Auditor Comfort Letters shall be based on a review having a cut-off
 date not more than two Business Days prior to the date of such letter, (B) stating that
 such auditors were at the time of their report independent public accountants within the
 meaning of the Securities Act, the Rules and Regulations, and Canadian Securities Laws
 and the rules and regulations thereunder, and that in their opinion the portion of the
 audited financial statements of the Corporation and its Subsidiaries (or the equity investee(s),
 as applicable) incorporated by reference in the Registration Statement and the Prospectuses
 and audited by such auditors comply as to form in all material respects with the applicable
 accounting requirements of the Securities Act and Canadian Securities Laws and the related
 regulations adopted by the SEC and the Canadian Qualifying Authorities (the first such letter
 in each case, the "**Initial Auditor Comfort Letter**") and (C) if applicable,
 updating the Initial Auditor Comfort Letter with any information which would have been included
 in the Initial Auditor Comfort Letter had it been given on such date and modified as necessary
 to relate to the Registration Statement and the Prospectuses, as amended and supplemented
 to the date of such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Chief Financial Officer Certificate</u>.
 Upon execution of this Agreement and (i) within three (3) Trading Days of each
 Representation Date with respect to which the Corporation is obligated to deliver a certificate
 in the form attached hereto as Exhibit A for which no waiver is applicable, and (ii) concurrently
 with the delivery of a certificate pursuant to the last sentence of Section 8(n), the
 Corporation will furnish the Agents a certificate of the Chief Financial Officer of the Corporation
 in the form attached hereto as Exhibit C with respect to certain financial information
 in the Registration Statement and the Prospectuses, as amended and supplemented to the date
 of such certificate (the "**CFO Certificate** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Market Activities</u>. During the term
 of this Agreement, the Corporation will not, directly or indirectly, (i) take any action
 designed to or that would constitute, under Canadian Securities Laws or the Exchange Act
 or otherwise, stabilization or manipulation of the price of any security of the Corporation
 to facilitate the sale or resale of the Placement Shares or (ii) bid for, or purchase
 the Placement Shares, or pay anyone any compensation for soliciting purchases of the Placement
 Shares other than the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Investment Company Act</u>. During
 the term of this Agreement, the Corporation will conduct its affairs in such a manner so
 as to reasonably ensure that, prior to the termination of this Agreement, it will not be
 or become an "investment company" as defined in the United States Investment
 Company Act of 1940, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>No Offer to Sell</u>. Other than a
 free writing prospectus (as defined in Rule 405) approved in advance by the Corporation
 and the Agents in each of their capacities as principal or agent hereunder, neither the Agents
 nor the Corporation (including its agents and representatives, other than the Agents in each
 of their capacities as such) will make, use, prepare, authorize, approve or refer to any
 written communication (as defined in Rule 405 under the Securities Act), required to
 be filed by it with the SEC, that constitutes an offer to sell or solicitation of an offer
 to buy Placement Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Consent to the Agents' Trading</u>.
 To the extent permitted under the Securities Act, the Exchange Act, Canadian Securities Laws,
 the rules of the TSX and Nasdaq and under this Agreement, the Corporation consents to
 the Agents trading in the Shares of the Corporation: (i) for the account of their other
 clients at the same time as sales of Placement Shares occur pursuant to this Agreement; and
 (ii) for the Agents' own accounts, provided that no such purchase or sale shall
 take place by an Agent while such Agent has received a Placement Notice that remains in effect,
 unless the Corporation has expressly authorized or consented in writing to any such trades
 by such Agent except that such Agent may engage in trading that is permitted by §619
 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Actively-Traded Security</u>. After
 the date of this Agreement and until the date on which the sale of the Maximum Amount of
 Placement Shares through the Agents on the terms and subject to the conditions set forth
 herein has been completed or the termination of this Agreement in accordance with the terms
 and conditions contained herein, the Corporation shall notify the Agents immediately by an
 email addressed to each of the respective individuals from each of the Agents set forth on
 Schedule 1 hereto if the Shares cease to qualify as an "actively-traded security"
 exempted from the requirements of Rule 101 of Regulation M under the Exchange Act by
 subsection (c)(1) of such rule and the sales shall be suspended until that
 or other exemptive provisions have been satisfied in the judgment of each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Corporation Activities</u>. After the
 date of this Agreement and until the latest of the completion of all of the sales of the
 Placement Shares contemplated hereunder, the end of the Prospectus Delivery Period or the
 termination of this Agreement in accordance with the terms and conditions contained herein:
 (i) neither the Corporation nor any of its Subsidiaries nor any director, officer, employee,
 agent or other person acting on behalf of the Corporation or any Subsidiary will cultivate,
 produce, process, import, sell or distribute any cannabis or cannabinoid product or otherwise
 engage in any direct or indirect dealings or transactions, in each case, involving the purchase
 or sale of cannabis or cannabinoid product by the Corporation or any of its Subsidiaries
 in or to the United States of America, its territories and possessions, any state of the
 United States or the District of Columbia or any other jurisdiction unless such activity
 is in compliance with all federal, state and provincial or territorial laws applicable to
 such activity; and (ii) the Corporation will conduct its business and affairs in compliance
 with the terms and conditions of the Canopy USA Structure and in such a manner so as to reasonably
 ensure that the Corporation and the Subsidiaries will remain in compliance with Federal Cannabis
 Laws. The Corporation will notify the Agents promptly if the Corporation, any Subsidiary
 or any director, officer, employee, agent or other person acting on behalf of the Corporation
 or any Subsidiary has received notice of any investigation or proceedings related to the
 matters set forth in this Section 8(w).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Investment Entities' Activities</u>.
 After the date of this Agreement and until the latest of the date on which the sale of the
 Maximum Amount of Placement Shares through the Agents on the terms and subject to the conditions
 set forth herein has been completed, the end of the Prospectus Delivery Period or the termination
 of this Agreement in accordance with the terms and conditions contained herein, the Corporation
 will take all necessary actions to maintain compliance with the applicable TSX and Nasdaq
 policies, rules and regulations in effect at the applicable time with respect to the
 cannabis sector and the Investment Entities, including, without limitation, conducting the
 business and affairs of the Corporation and its Subsidiaries in accordance with the terms
 and conditions of the Canopy USA Structure. The Corporation will notify the Agents promptly
 if it has received notice of any investigation or proceedings related to the matters set
 forth in this Section 8(x). Notwithstanding anything to the contrary set forth in this
 Section 8(x), the Corporation shall have no obligation to the Agents under the terms
 of this Agreement to sell, transfer or dispose of the Corporation's non-participating,
 non-voting interests in the Investment Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Notice of Other Sales</u>. During the
 pendency of any Placement Notice given hereunder, the Corporation shall provide the Agents
 notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells,
 grants any option to sell or otherwise disposes of any Shares (other than Placement Shares
 offered pursuant to the provisions of this Agreement) or securities convertible or exercisable
 into or exchangeable for Shares; provided, that such notice shall not be required in connection
 with the (i) issuance, grant or sale of Shares, options or other rights to purchase
 or otherwise acquire Shares, or Shares issuable upon the exercise of options or other equity
 awards, in each case granted pursuant to any stock option, stock bonus or other stock or
 compensatory plan or arrangement, whether now in effect or hereafter implemented, (ii) issuance
 of securities in connection with an acquisition, merger or sale or purchase of assets which
 either (a) is disclosed in filings by the Corporation available on SEDAR+ or EDGAR or
 otherwise in writing to the Agents; or (b) involves an immaterial amount of Shares being
 issued, (iii) issuance or sale of Shares upon conversion of securities or the exercise
 of warrants, options or other rights then in effect or outstanding which either (a) is
 disclosed in filings by the Corporation available on SEDAR+ or EDGAR or otherwise in writing
 to the Agents; or (b) involves an immaterial amount of Shares being issued, or (iv) issuance
 or sale of Shares pursuant to any dividend reinvestment and stock purchase plan that the
 Corporation has in effect or may adopt from time to time, provided that the implementation
 of such new plan is disclosed to the Agents in advance. If the Corporation notifies the Agents
 under this Section 8(y) of a proposed sale of Shares or Share equivalents, the
 Agents may suspend any offers and sales of Shares under this Agreement for a period of time
 deemed appropriate by the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Insurance</u>. During the term of this
 Agreement, each of the Corporation and its Subsidiaries shall maintain, or cause to be maintained,
 insurance in such amounts and covering such risks as such entity reasonably considers adequate
 for the conduct of its business and the value of its properties and as is customary for companies
 engaged in similar businesses in similar industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Compliance with Laws</u>. During the
 term of this Agreement, the Corporation and each of the Subsidiaries shall maintain, or cause
 to be maintained, all material permits, licences and other authorizations required by federal,
 provincial, territorial, state and local law in order to conduct their businesses as described
 in the Registration Statement and the Prospectuses, and the Corporation and each of the Subsidiaries
 shall conduct their businesses, or cause their businesses to be conducted, in compliance
 with such permits, licences and authorizations and with applicable laws, except where the
 failure to maintain or be in compliance with such permits, licences and authorizations could
 not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Securities Act and Exchange Act</u>.
 During the term of this Agreement, the Corporation will use its commercially reasonable efforts
 to comply with all requirements imposed upon it by Canadian Securities Laws, the Securities
 Act, the Exchange Act, the Rules and Regulations, the TSX and Nasdaq as from time to
 time in force, so far as necessary to permit the continuance of sales of, or dealings in,
 the Placement Shares as contemplated by the provisions hereof and the Prospectuses.

**9.**  **<u>Additional Representations and Covenants of the Corporation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Issuer Free Writing Prospectuses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation represents that it has not
 made, and covenants that, unless it obtains the prior written consent of the Agents, it will
 not make any offer relating to the Placement Shares that would constitute an Issuer Free
 Writing Prospectus required to be filed by it with the SEC or retained by the Corporation
 under Rule 433; except as set forth in a Placement Notice, no use of any Issuer Free
 Writing Prospectus has been consented to by the Agents. The Corporation agrees that it will
 comply with the requirements of Rules 164 and 433 under the Securities Act applicable
 to any Issuer Free Writing Prospectus, including not making use of any Issuer Free Writing
 Prospectuses unless eligible to do so, and including the timely filing with the SEC or retention
 where required and legending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation agrees that no Issuer Free
 Writing Prospectus, if any, will include any information that conflicts with the information
 contained in the Registration Statement, including any document incorporated by reference
 therein that has not been superseded or modified, or the Prospectuses. In addition, no Issuer
 Free Writing Prospectus, if any, together with the Prospectuses, will include an untrue statement
 of a material fact or omit to state a material fact necessary to make the statements therein,
 in the light of the circumstances under which they were made, not misleading; provided, however,
 the foregoing shall not apply to any statements or omissions in any Issuer Free Writing Prospectus
 made in reliance on information furnished in writing to the Corporation by the Agents expressly
 stating that such information is intended for use therein, it being understood and agreed
 that the only information furnished by any Agent consists of the information described as
 such in Section 11(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation agrees that if at any
 time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs
 as a result of which such Issuer Free Writing Prospectus would conflict with the information
 in the Registration Statement, including any document incorporated by reference therein that
 has not been superseded or modified, or the Prospectuses or would include an untrue statement
 of a material fact or omit to state a material fact necessary to make the statements therein,
 in the light of the circumstances under which they were made, not misleading, the Corporation
 will give prompt notice thereof to the Agents and, if requested by the Agents, will prepare
 and furnish without charge to the Agents an Issuer Free Writing Prospectus or other document
 which will correct such conflict, statement or omission; provided, however, the foregoing
 shall not apply to any statements or omissions in any Issuer Free Writing Prospectus made
 in reliance on information furnished in writing to the Corporation by the Agents expressly
 stating that such information is intended for use therein, it being understood and agreed
 that the only information furnished by any Agent consists of the information described as
 such in Section 11(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Issuer Free Writing Prospectus</u>.
 The Corporation consents to the use by the Agents, at any time that the Corporation is eligible
 to do so, of a free writing prospectus that (a) is not an Issuer Free Writing Prospectus,
 and (b) contains only information describing the terms of the Shares or the Offerings,
 or information permitted under Rule 134 under the Securities Act; provided that the
 Agents covenant with the Corporation not to take any action that would result in the Corporation
 being required to file with the SEC under Rule 433(d) a free writing prospectus
 prepared by or on behalf of the Agents that otherwise would not be required to be filed by
 the Corporation thereunder, but for the action of the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Distribution of Offering Materials</u>.
 The Corporation and the Agents have not distributed and will not distribute, during the term
 of this Agreement, any "marketing materials" (as defined in National Instrument
 41-101 – *General Prospectus Requirements*) in connection with the offering and
 sale of the Placement Shares other than the Registration Statement, the Prospectuses, the
 Disclosure Package or any Issuer Free Writing Prospectus reviewed and consented to by the
 Agents and included in a Placement Notice (as described in clause (a)(i) above),
 provided that the Agents covenant with the Corporation not to take any action that would
 result in the Corporation being required to file with the Canadian Qualifying Authorities
 any "marketing materials" that otherwise would not be required to be filed by
 the Corporation, but for the action of the Agents.

**10.**  **<u>Conditions to the Agents' Obligations</u>** 

The obligations of the Agents hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Corporation herein, to the due performance by the Corporation of its obligations hereunder, to the completion by the Agents of a due diligence review satisfactory to the Agents in their reasonable judgment, and to the continuing satisfaction (or waiver by the Agents in their sole discretion) of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Canadian Prospectus Supplement</u>.
 The Canadian Prospectus Supplement shall have been filed with the Canadian Qualifying Authorities
 under the Canadian Shelf Procedures and in accordance with this Agreement, all requests for
 additional information on the part of the Canadian Qualifying Authorities shall have been
 complied with to the reasonable satisfaction of the Agents and the Agents' counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>U.S. Prospectus; Registration Statement Effective</u>. The U.S. Prospectus, and any supplement thereto, required by Rule 424
 to be filed with the SEC shall have been filed in the manner and within the time period required
 by Rule 424(b) with respect to any sale of Placement Shares; any material required
 to be filed by the Corporation pursuant to Rule 433(d) under the Securities Act
 shall have been filed with the SEC within the applicable time periods prescribed for such
 filings by Rule 433. The Registration Statement shall remain effective and shall be
 available for the sale of (i) all Placement Shares issued pursuant to all prior Placements
 and not yet sold by the Agents and (ii) all Placement Shares contemplated to be issued
 by the Placement Notice relating to such Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Material Notices; Other Events</u>.
 None of the following events shall have occurred and be continuing: (i) receipt by the
 Corporation of any request for additional information from the SEC, the Canadian Qualifying
 Authorities or any other federal or state or foreign or other governmental, administrative
 or self-regulatory authority during the period of effectiveness of the Registration Statement
 and the Prospectuses, the response to which would require any amendments or supplements to
 the Registration Statement or the Prospectuses; (ii) the issuance by the SEC, the Canadian
 Qualifying Authorities or any other federal or state or foreign or other Governmental Authority
 of any stop order suspending the effectiveness of the Registration Statement or the Prospectuses
 or the initiation of any proceedings for that purpose; (iii) receipt by the Corporation
 of any notification with respect to the suspension of the qualification or exemption from
 qualification of any of the Placement Shares for sale in any jurisdiction or the initiation
 or threatening of any proceeding for such purpose; (iv) the occurrence of any event
 that makes any statement made in the Registration Statement or the Prospectuses or any document
 incorporated or deemed to be incorporated therein by reference untrue in any material respect
 or that requires the making of any changes in the Registration Statement, Prospectuses or
 documents so that, in the case of the Registration Statement, it will not contain any untrue
 statement of a material fact or omit to state any material fact required to be stated therein
 or necessary to make the statements therein not misleading, and in the case of each Prospectus,
 it will not contain any untrue statement of a material fact or omit to state any material
 fact required to be stated therein or necessary to make the statements therein, in the light
 of the circumstances under which they were made, not misleading; (v) the Corporation's
 reasonable determination that a post-effective amendment to the Registration Statement or
 the filing of a new or amended Prospectus would be appropriate; (vi) any outbreak or
 escalation of hostilities or other national or international calamity or crisis, including
 acts of terrorism, or material adverse change or disruption in economic conditions in, or
 in the financial markets of, the United States or Canada (it being understood that any such
 change or disruption shall be relative to such conditions and markets as in effect on the
 date hereof), if the effect of such outbreak, escalation, calamity, crisis, act or material
 adverse change in the economic conditions in, or in the financial markets of, the United
 States or Canada could be reasonably expected to make it, in the sole judgement of the Agents,
 impracticable or inadvisable to proceed with the offering of the Placement Shares on the
 terms and in the manner contemplated in the Prospectuses or to enforce contracts for the
 sale of securities; or (vii) the declaration of a banking moratorium by any Governmental
 Authority or the taking of any action by any Governmental Authority after the date hereof
 in respect of its monetary or fiscal affairs that could be reasonably expected to make it,
 in the sole judgement of the Agents, impracticable or inadvisable to proceed with the offering
 of the Placement Shares on the terms and in the manner contemplated in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Material Changes</u>. Except as contemplated
 and appropriately disclosed in the Prospectuses, or disclosed in the Corporation's
 reports filed with the SEC and Canadian Qualifying Authorities, in each case at the time
 the applicable Placement Notice is delivered, there shall not have been any material change,
 on a consolidated basis, in the authorized share capital of the Corporation, or any development
 that causes or could reasonably be expected to cause a Material Adverse Effect (financial
 or otherwise), the effect of which, in the sole judgment of the Agents (without relieving
 the Corporation of any obligation or liability it may otherwise have), acting reasonably,
 is so material as to make it impracticable or inadvisable to proceed with the offering of
 the Placement Shares on the terms and in the manner contemplated in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certificate</u>. The Agents shall have
 received the certificate required to be delivered pursuant to Section 8(n) on or
 before the date on which delivery of such certificate is required pursuant to Section 8(n).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Opinions</u>. The Agents shall
 have received the opinions of counsel to be delivered pursuant to Section 8(o) on
 or before the date on which such delivery of such opinions are required pursuant to Section 8(o).
 In addition, on such dates that the opinions required by Section 8(o) are delivered,
 the Agents shall have also received (i) the opinion and negative assurance letter of
 Torys LLP, U.S. counsel to the Agents, with respect to the issuance and sale of the Placement
 Shares in the United States, the Registration Statement, the Disclosure Package, the U.S.
 Prospectus and other related matters as the Agents may reasonably require, and (ii) the
 opinion of Torys LLP, Canadian counsel for the Agents, with respect to the issuance and sale
 of the Placement Shares in Ontario, the Canadian Prospectus and other related matters as
 the Agents may reasonably require, it being understood that counsel for the Agents may rely
 on the opinions of counsel for the Corporation and that counsel for the Agents and counsel
 for the Corporation may rely upon the opinions of local counsel as to all matters not governed
 by the laws of the respective jurisdictions in which they are qualified to practice, and
 may rely, to the extent appropriate in the circumstances, as to matters of fact on certificates
 of the Corporation, auditors and public officials, and that the opinions of counsel may be
 subject to usual qualifications as to equitable remedies, creditors' rights laws and
 public policy considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Comfort Letters</u>. The Agents shall
 have received the Auditor Comfort Letter(s) required to be delivered pursuant to Section 8(p) on
 or before the date on which the delivery of such letter is required pursuant to Section 8(p).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Approval for Listing; No Suspension</u>.
 The Placement Shares shall have either been (i) approved for listing, subject to notice
 of issuance, on Nasdaq and the TSX, or (ii) (1) the Corporation shall have filed
 an application for listing of the Placement Shares on the TSX at or prior to the issuance
 of the Placement Notice and (2) the Corporation shall have notified Nasdaq of the offering
 of the Placement Shares up to the Maximum Amount and Nasdaq shall have raised no objections
 at or prior to the issuance of the Placement Notice. Trading in the Shares shall not have
 been suspended or delisted from either the TSX or Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>CFO Certificate</u>. The Agents shall
 have received the CFO Certificate required to be delivered pursuant to Section 8(q) on
 or before the date on which such delivery of such certificate is required pursuant to Section 8(q).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other Materials</u>. On each date on
 which the Corporation is required to deliver a certificate pursuant to Section 8(n),
 the Corporation shall have furnished to the Agents such appropriate further information,
 certificates and documents as the Agents may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>FINRA</u>. If a filing with FINRA is
 required, FINRA shall not have objected to the fairness or reasonableness of the terms or
 arrangements for the Agents' compensation under this Agreement.

**11.**  **<u>Indemnification and Contribution</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation agrees to indemnify and
 hold harmless each Agent, and each of their respective officers, employees, and agents, and
 each person, if any, who controls any Agent within the meaning of either Section 15
 of the Securities Act or Section 20 of the Exchange Act (the "**Agent Indemnified Parties** "), and each affiliate of any Agent within the meaning of Rule 405
 under the Securities Act from and against any and all losses (other than loss of profits),
 claims, damages and liabilities (including, without limitation, any documented legal or other
 expenses reasonably incurred in connection with defending, settling and/or satisfying a judgement
 in any such action or claim) caused by or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any untrue statement or alleged untrue statement
 of a material fact contained in the Registration Statement or any amendment thereto, any
 Issuer Free Writing Prospectus, the U.S. Prospectus or any amendment thereto, the Canadian
 Prospectus or any amendment thereto, or caused by any omission or alleged omission to state
 therein a material fact required to be stated therein or necessary to make the statements
 therein not misleading in the light of the circumstances under which they were made, or any
 misrepresentation within the meaning of Canadian Securities Laws contained therein, except
 insofar as such losses, claims, damages or liabilities are caused by any such untrue statement
 or omission or alleged untrue statement or omission made in reliance upon and in conformity
 with written information relating to any Agent furnished to the Corporation in writing by
 such Agent expressly for use therein (it being understood and agreed that information in
 the tenth and eleventh paragraphs under the heading "Plan of Distribution" in
 the U.S. Prospectus Supplement and the corresponding paragraphs in the Canadian Prospectus
 Supplement and the names of the Agents set forth on the cover constitutes the only information
 furnished in writing by or on behalf of the Agents for inclusion in the Prospectuses or any
 Issuer Free Writing Prospectus); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 order made or any inquiry, investigation (whether formal or informal) or proceeding commenced
 or threatened by any securities, regulatory or other competent authority based upon the circumstances
 described in subsection (i) above (for greater certainty, excluding any order,
 inquiry, investigation or proceeding based solely on the activities of the Agent), which
 operates to prevent or restrict the trading in or the distribution of the Placement Shares
 or any of them in any of the provinces and territories of Canada or in the United States,

except that if and to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable determines that the loss, claim, damage or liability resulted from the gross negligence, fraud or wilful misconduct of the Agent Indemnified Party claiming indemnity, such Agent Indemnified Party will promptly reimburse the Corporation any funds advanced to the Agent Indemnified Party in respect of such loss, claim, damage or liability and the indemnity provided for in this Section 11(a) shall cease to apply to such Agent Indemnified Party in respect of such loss, claim, damage or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Agent agrees to indemnify and hold
 harmless the Corporation, its directors, its officers who sign the Registration Statement
 and each person, if any, who controls the Corporation within the meaning of either Section 15
 of the Securities Act or Section 20 of the Exchange Act (the "**Corporation Indemnified Parties**") from and against any and all losses (other than loss of profits), claims,
 damages and liabilities (including, without limitation, any legal or other expenses reasonably
 incurred in connection with defending, settling and/or satisfying a judgment in any such
 action or claim) caused by or based upon any untrue statement or alleged untrue statement
 of a material fact contained or incorporated by reference in the Registration Statement or
 any amendment thereto, any Issuer Free Writing Prospectus, the U.S. Prospectus or any amendment
 thereto, the Canadian Prospectus or any amendment thereto, or caused by any omission or alleged
 omission to state therein a material fact required to be stated therein or necessary to make
 the statements therein not misleading in the light of the circumstances under which they
 were made, or any misrepresentation within the meaning of Canadian Securities Laws contained
 therein, but only with reference to the information relating to any Agent furnished to the
 Corporation in writing by such Agent expressly for use therein (it being understood and agreed
 that the only information furnished by any Agent consists of the information described as
 such in Section 11(a) hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any
 governmental investigation) shall be instituted involving an Agent Indemnified Party in respect
 of which indemnity may be sought pursuant to Section 11(a) or a Corporation Indemnified
 Party in respect of which indemnity may be sought pursuant to Section 11(b), such person
 (the "**Indemnified Party**") shall promptly notify the person against whom
 such indemnity may be sought (the "**Indemnifying Party**") in writing and
 the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably
 satisfactory to the Indemnified Party to represent the Indemnified Party and any others the
 Indemnifying Party may designate in such proceeding and shall pay the reasonable and documented
 fees and disbursements of such counsel related to such proceeding. In any such proceeding,
 any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses
 of such counsel shall be at the expense of such Indemnified Party unless (1) the Indemnifying
 Party and the Indemnified Party shall have mutually agreed to the retention of such counsel
 or (2) the named parties to any such proceeding (including any impleaded parties) include
 both the Indemnifying Party and the Indemnified Party and representation of both parties
 by the same counsel would be inappropriate due to actual or potential differing interests
 between them. It is understood that the Indemnifying Party shall not, in respect of the legal
 expenses of any Indemnified Party in connection with any proceeding or related proceedings
 in the same jurisdiction, be liable for (i) the fees and expenses of more than one separate
 firm (in addition to any local counsel) for any Agent Indemnified Party and (ii) the
 fees and expenses of more than one separate firm (in addition to any local counsel) for the
 Corporation Indemnified Parties. In the case of any such separate firm for the Canadian Agent
 and such officers, employees and agents, and such control persons and affiliates of any Agent,
 such firm shall be designated in writing by the Canadian Agent. In the case of any such separate
 firm for the U.S. Agent and such officers, employees and agents, and such control persons
 and affiliates of any Agent, such firm shall be designated in writing by the U.S. Agent.
 In the case of any such separate firm for the Corporation Indemnified Parties, such firm
 shall be designated in writing by the Corporation. The Indemnifying Party shall not be liable
 for any settlement of any proceeding effected without its written consent, but if settled
 with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party
 agrees to indemnify the Indemnified Party from and against any loss or liability by reason
 of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
 Indemnified Party shall have requested the Indemnifying Party to reimburse the Indemnified
 Party for reasonable and documented fees and expenses of counsel as contemplated by the second
 and third sentences of this paragraph, the Indemnifying Party agrees that it shall be liable
 for any settlement of any proceeding effected without its written consent if (i) such
 settlement is entered into more than 60 days after receipt by the Indemnifying Party of the
 aforesaid request and (ii) the Indemnifying Party shall not have reimbursed the Indemnified
 Party in accordance with such request prior to the date of such settlement. The Indemnifying
 Party shall not, without the prior written consent of the Indemnified Party, effect any settlement
 of any pending or threatened proceeding in respect of which any Indemnified Party is or could
 have been a party and indemnity could have been sought hereunder by such Indemnified Party,
 unless such settlement includes an unconditional release of such Indemnified Party from all
 liability on claims that are the subject matter of such proceeding and does not include a
 statement as to or an admission of fault, culpability or a failure to act by or on behalf
 of any Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided
 for in Section 11(a) or Section 11(b) is unavailable to an Indemnified
 Party or insufficient in respect of any losses, claims, damages or liabilities referred to
 therein, then the Corporation or the Agents, as applicable, in lieu of indemnifying such
 Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified
 Party as a result of such losses, claims, damages or liabilities (1) in such proportion
 as is appropriate to reflect the relative benefits received by the Corporation or the Agents,
 as applicable on the one hand and the Indemnified Party or parties on the other hand from
 the distribution of the Placement Shares or (2) if the allocation provided in Section 11(d)(1) is
 not permitted by applicable law, in such proportion as is appropriate to reflect not only
 the relative benefits referred to in Section 11(d)(1) but also the relative fault
 of the Corporation or the Agents, as applicable, on the one hand and of the Indemnified Party
 or parties on the other hand in connection with the statements or omissions that resulted
 in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
 The relative benefits received by the Corporation on the one hand and the Agents on the other
 hand in connection with the distribution of the Placement Shares shall be deemed to be in
 the same respective proportions as the Net Proceeds from the distribution of the Placement
 Shares received by the Corporation and the total Placement Fees received by the Agents. The
 relative fault of the Corporation on the one hand and the Agents on the other hand shall
 be determined by reference to, among other things, whether the untrue or alleged untrue statement
 of a material fact or the omission or alleged omission to state a material fact relates to
 information supplied by the Corporation or by the Agents and the parties' relative
 intent, knowledge, access to information and opportunity to correct or prevent such statement
 or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation and the Agents agree that
 it would not be just or equitable if contribution pursuant to this Section 11 were determined
 by pro rata allocation (even if the Agents were treated as one entity for such purpose) or
 by any other method of allocation that does not take account of the equitable considerations
 referred to in Section 11(d). The amount paid or payable by an Indemnified Party as
 a result of the losses, claims, damages and liabilities referred to in Section 11(d) shall
 be deemed to include, subject to the limitations set forth above, any legal or other expenses
 reasonably incurred by such Indemnified Party in connection with defending, settling and/or
 satisfying any such action or claim. Notwithstanding the provisions of this Section 11,
 no Agent shall be required to contribute any amount in excess of the Placement Fees or any
 portion thereof actually received by such Agent. No person guilty of fraudulent misrepresentation
 (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
 contribution from any person who was not guilty of such fraudulent misrepresentation. The
 remedies provided for in this Section 11 are not exclusive and shall not limit any rights
 or remedies which may otherwise be available to any Indemnified Party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions
 contained in this Section 11 shall remain operative and in full force and effect regardless
 of (1) any termination of this Agreement, (2) any investigation made by or on behalf
 of any Agent, and any of their respective officers, employees or agents, any person controlling
 any Agent, or any affiliate of any Agent, or by or on behalf of the Corporation, its officers
 or directors or any person controlling the Corporation and (3) acceptance of and payment
 for any of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indemnifying Party hereby acknowledges
 and agrees that, with respect to this Section 11, the Agents are contracting on their
 own behalf and as agents for their affiliates, directors, officers, employees and agents
 and their respective affiliates, directors, officers, employees and agents (collectively,
 the "**Beneficiaries** "). In this regard, each of the Agents will act as trustee
 for the Beneficiaries of the covenants of the Indemnifying Party under this Section 11
 with respect to the Beneficiaries and accepts these trusts and will hold and enforce those
 covenants on behalf of the Beneficiaries.

**12.**  **<u>Representations and Agreements to Survive Delivery</u>** 

All representations and warranties of the Corporation herein or in certificates delivered pursuant hereto shall remain operative and in full force and effect, as of their respective dates, regardless of any investigation made by or on behalf of the Agents, or the Corporation (or any of their respective officers, directors or controlling persons), and shall survive following termination of this Agreement pursuant to Section 13.

**13.**  **<u>Termination</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall have the right to
 terminate this Agreement in its sole discretion at any time by giving written notice to the
 Agents as hereinafter specified. Any such termination shall be without liability of any party
 to any other party, except that the provisions of Section 8(h), Section 11, Section 12,
 Section 13(f), Section 15, Section 18, Section 19 and Section 20
 hereof shall remain in full force and effect notwithstanding such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agents shall have the right to terminate
 its obligations under this Agreement in their sole discretion at any time after the date
 of this Agreement by giving written notice to the Corporation as hereinafter specified. Any
 such termination shall be without liability of any party to any other party except that the
 provisions of Section 8(h), Section 11, Section 12, Section 13(f), Section 15,
 Section 18, Section 19 and Section 20 hereof shall remain in full force and
 effect notwithstanding such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless previously terminated pursuant
 to this Section 13, this Agreement shall automatically terminate upon the earliest of
 (i) June 5, 2027, (ii) the date on which the issuance and sale of the Maximum
 Amount of Placement Shares through the Agents on the terms and subject to the conditions
 set forth herein has been completed, (iii) the date on which the Registration Statement
 ceases to be useable for sales of Shelf Securities pursuant to General Instruction I.B.1
 of Form S-3, and (iv) the date on which notice from the SEC that the Registration
 Statement has ceased to be effective in accordance with the Securities Act has been received
 by the Corporation; provided that any such termination shall in all cases be deemed to provide
 that Section 8(h), Section 11, Section 12, Section 13(f), Section 15,
 Section 18, Section 19 and Section 20 shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Canadian
 Offering contemplated by this Agreement shall automatically terminate and no issuance or
 sales of Placement Shares may occur thereunder on the earliest to occur of (i) July 5,
 2026, (ii) the date on which the issuance and sale of Placement Shares through the Canadian
 Agent in the Canadian Offering equals US$50,000,000 (or the equivalent in Canadian currency),
 (iii) the date which notice from the Ontario Securities Commission that the Canadian
 Base Prospectus has ceased to be effective in accordance with applicable Canadian securities
 laws has been received by the Corporation or (iv) as contemplated by Sections 13(a),
 13(b) or 13(c) hereof; provided, however, that such termination of the Canadian
 Offering as contemplated by subsection (i), (ii) and (iii) of this Section 13(d) shall
 in no case affect the U.S. Offering and this Agreement shall continue to remain in full force
 and effect with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement shall remain in full force
 and effect unless terminated pursuant to Sections 13(a), 13(b), 13(c) or otherwise
 by mutual agreement of the parties; provided that any such termination shall in all cases
 be deemed to provide that Section 8(h), Section 11, Section 12, Section 13(f),
 Section 15, Section 18, Section 19 and Section 20 shall remain in full
 force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any termination of this Agreement shall
 be effective on the date specified in such notice of termination; provided that such termination
 shall not be effective until the close of business on the date of receipt of such notice
 by the Agents or the Corporation, as the case may be. If such termination shall occur prior
 to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle
 in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that the Corporation terminates
 this Agreement, as permitted under Section 13(a), the Corporation shall be under no
 continuing obligation, either pursuant to this Agreement or otherwise to utilize the services
 of the Agents in connection with any sale of securities of the Corporation or to pay any
 compensation to the Agents other than compensation with respect to sales of Placement Shares
 subscribed on or before the termination date and the Corporation shall be free to engage
 other placement agents and underwriters from and after the termination date with no continuing
 obligation to the Agents.

**14.**  **<u>Notices</u>** 

Except as expressly set out herein, all notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing (including by electronic means) and if sent to the Agents, shall be delivered to:

BMO Capital Markets Corp.<br> 151 W42nd Street

New York, NY 10036

Attention: Equity Syndicate Department <br> With a copy to the Legal Department

-and-

BMO Nesbitt Burns Inc.<br> First Canadian Place, 4<sup>th</sup> Floor<br> 100 King Street West<br> Toronto, ON M5X 1H3

Attention: Andrew Warkentin <br> Email: [\*\*\*]

With a copy (which shall not constitute notice) to:

Torys LLP<br> 79 Wellington Street West, Suite 3000<br> Toronto, ON M5K 1N2

Attention: Robbie Leibel / Christopher Bornhorst <br> Email: <u>rleibel@torys.com</u> / <u>cbornhorst@torys.com</u>

or if sent to the Corporation, shall be delivered to:

Canopy Growth Corporation<br> 1 Hershey Drive<br> Smiths Falls, ON K7A 0A8

Attention: Tom Stewart <br> Email: [\*\*\*]

With a copy (which shall not constitute notice) to:

Cassels Brock & Blackwell LLP<br> Bay Adelaide Centre – North Tower<br> 40 Temperance St., Suite 3200<br> Toronto, ON M5H 0B4

Attention: Jonathan Sherman <br> Email: <u>jsherman@cassels.com</u>

-and-

Paul Hastings LLP<br> 200 Park Avenue<br> New York, NY 10166

Attention: Yariv Katz <br> Email: <u>yarivkatz@paulhastings.com</u>

Each party to this Agreement may change such address for notices by sending to the other parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally on or before 5:00 p.m., Eastern time, on a Business Day or, if such day is not a Business Day (or if delivered after 5:00 p.m. Eastern Time on a Business Day), on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier, (iii) on the Business Day actually received if deposited in the mail (certified or registered mail, return receipt requested, postage prepaid), and (iv) if sent by email, on the Business Day on which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply.

**15.**  **<u>Consent to Jurisdiction</u>** 

The Corporation irrevocably (i) agrees that any legal suit, action or proceeding against the Corporation brought by any Agent or by any person who controls any Agent arising out of or based upon this Agreement or the transactions contemplated thereby may be instituted in any court in the Province of Ontario, (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding and (iii) submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. To the extent that the Corporation has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of its obligations under the above-referenced documents, to the extent permitted by law. The provisions of this Section 15 shall survive any termination of this Agreement, in whole or in part.

**16.**  **<u>Successors and Assigns</u>** 

This Agreement shall inure to the benefit of and be binding upon the Corporation and the Agents and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 11 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. No party may assign its rights or obligations under this Agreement without the prior written consent of the other parties.

**17.**  **<u>Adjustments for Share Splits or Consolidations</u>** 

The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any share split, share dividend, share consolidation or similar event effected with respect to the Shares.

**18.**  **<u>Entire Agreement; Termination of Prior Agreement; Amendment; Severability</u>** 

This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. The execution and delivery of this Agreement shall terminate the Equity Distribution Agreement, dated February 28, 2025 (as amended on May 30, 2025), by and among the Company and the Agents (the "**Old EDA**") by mutual agreement of the parties pursuant to Section 13(d) of the Old EDA. For the avoidance of doubt, the parties acknowledge and agree that the Equity Distribution Agreement, dated June 6, 2024, by and among the Company and the Agents and the Old EDA relate to separate offerings from the Offerings contemplated hereby, and such separate offerings have terminated.

Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Corporation and the Agents. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

**19.**  **<u>Applicable Law</u>** 

This Agreement and any claim, controversy or dispute relative to or arising out of this Agreement shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario. Each of the parties hereto irrevocably attorns to the jurisdiction of the courts of the Province of Ontario.

**20.**  **<u>Waiver of Jury Trial</u>** 

The Corporation and the Agents hereby irrevocably waive any right either may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.

**21.**  **<u>Absence of Fiduciary Duties</u>** 

The parties acknowledge that they are sophisticated in business and financial matters and that each of them is solely responsible for making its own independent investigation and analysis of the transactions contemplated by this Agreement. They further acknowledge that the Agents have not been engaged by the Corporation to provide, and have not provided, financial advisory services in connection with the terms of the Offerings nor have the Agents assumed at any time a fiduciary relationship to the Corporation in connection with such Offerings. The Corporation hereby waives, to the fullest extent permitted by law, any claims it may have against the Agents for breach of fiduciary duty or alleged breach of fiduciary duty and agrees the Agents shall have no liability (whether direct or indirect) to the Corporation in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Corporation, including shareholders, employees or creditors of the Corporation.

**22.**  **<u>Judgment Currency</u>** 

The Corporation agrees to indemnify the U.S. Agent, its directors, officers, affiliates and each person, if any, who controls such Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any loss incurred by the U.S. Agent as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the "**judgment currency**") other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person. If the United States dollars so purchased are greater than the sum originally due to the indemnified person hereunder, the U.S. Agent agrees to promptly pay to the Corporation an amount equal to the excess of the United States dollars purchased over the sum originally due to such indemnified person hereunder. The foregoing indemnity shall constitute a separate and independent obligation of the Corporation and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

**23.**  **<u>Compliance with USA Patriot Act</u>** 

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Agents are required to obtain, verify and record information that identifies their respective clients, including the Corporation, which information may include the name and address of their respective clients, as well as other information that will allow the Agents to properly identify their respective clients.

**24.**  **<u>Definitions</u>** 

As used in this Agreement, the following terms have the respective meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agents**" has the meaning
 given thereto on Page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Agent Indemnified Parties** "
 has the meaning given thereto in Section 11(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Agreement**" has the
 meaning given thereto on Page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Amendment Date**" has
 the meaning given thereto in Section 8(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Amended Registration Statement** "
 has the meaning given thereto in Section 6(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Applicable Time**" means,
 with respect to any Placement Shares, the time of sale of such Placement Shares pursuant
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Auditor Comfort Letters** "
 has the meaning given thereto in Section 8(p) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Authorizations**" has
 the meaning given thereto in Section 7(zz)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Authorized Representative** "
 has the meaning given thereto in Section 2(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Base Prospectuses** "
 means, collectively, the Canadian Base Prospectus and the U.S. Base Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Beneficiaries**" has
 the meaning given thereto in Section 11(g) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Business Day**" means
 any day on which Nasdaq and TSX are open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Canadian Agent**" has
 the meaning given thereto on Page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Canadian Base Prospectus** "
 has the meaning given thereto in Section 6(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Canadian Marketplace** "
 has the meaning given thereto in Section 3(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Canadian Offering** "
 has the meaning given thereto in Section 1(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Canadian Preliminary Base Prospectus** "
 means the preliminary short form base shelf prospectus of the Corporation dated May 14,
 2024 and filed with the Canadian Qualifying Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Canadian Prospectus** "
 means the Canadian Prospectus Supplement (and any additional Canadian prospectus supplement
 prepared in accordance with the provisions of this Agreement and filed with the Canadian
 Qualifying Authorities in accordance with Canadian Securities Laws) together with the Canadian
 Base Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Canadian Prospectus Supplement** "
 has the meaning given thereto in Section 6(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Canadian Qualifying Authorities** "
 means the securities regulatory authorities in the Canadian Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Canadian Qualifying Jurisdictions** "
 means each of the provinces and territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Canadian Securities Laws** "
 means securities laws and the applicable rules and regulations under such laws, together
 with applicable published national, multilateral and local policy statements, instruments,
 notices and blanket orders of the Canadian Qualifying Authorities in each of the Canadian
 Qualifying Jurisdictions as modified by the French Translation Exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Canadian Shelf Procedures** "
 means NI 44-101 and NI 44-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Cannabis Act**" means
 the *Cannabis Act* S.C. 2018, c. 16;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Canopy USA**" means
 Canopy USA, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Canopy USA Structure** "
 has the meaning given thereto in Section 7(bb)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**CFO Certificate** "
 has the meaning given thereto in Section 8(q) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**CFPOA**" has the meaning
 given thereto in Section 7(w) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Code**" has the meaning
 given thereto in Section 7(ccc) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Consents**" has the
 meaning given thereto in Section 7(e) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Corporation**" has
 the meaning given thereto on Page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Corporation Financial Information** "
 has the meaning given thereto in Section 7(l) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Corporation Indemnified Parties** "
 has the meaning given thereto in Section 11(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Current Report**" has
 the meaning given thereto in Section 8(g) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Designated News Release** "
 has the meaning given thereto in Section 6(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Disclosure Package** "
 has the meaning given thereto in Section 7(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Earnings Announcement** "
 has the meaning given thereto in Section 8(g)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**EDGAR**" means the
 SEC's Electronic Data Gathering Analysis and Retrieval System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Effective Date**" shall
 mean each date and time that the Registration Statement and any post-effective amendment
 or amendments thereto became or becomes effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Environmental Law** "
 has the meaning given thereto in Section 7(hhh) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Exchange Act**" means
 the United States Securities Exchange Act of 1934, as amended and the rules and regulations
 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Exchangeable Shares** "
 means the non-voting and non-participating exchangeable shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Execution Time**" means
 the date and time that this Agreement is executed and delivered by the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**FCPA**" has the meaning
 given thereto in Section 7(w) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Federal Cannabis Laws** "
 means any U.S. federal laws, civil, criminal or otherwise, as such relate, either directly
 or indirectly, to the cultivation, harvesting, production, distribution, sale and possession
 of cannabis, marijuana or related substances or products containing or relating to the same,
 including, without limitation, the Controlled Substances Act, 21 U.S.C. Ch. 13 (including,
 but not limited to, the prohibition on drug trafficking under 21 U.S.C. § 841(a), et
 seq.), the conspiracy statute under 18 U.S.C. § 846, the bar against aiding and abetting
 the conduct of an offense under 18 U.S.C. § 2, the bar against misprision of a felony
 (concealing another's felonious conduct) under 18 U.S.C. § 4, the bar against
 being an accessory after the fact to criminal conduct under 18 U.S.C. § 3, and federal
 money laundering statutes under 18 U.S.C. §§ 1956, 1957, and 1960 and the regulations
 and rules promulgated under any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**FINRA**" means the
 Financial Industry Regulatory Authority, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**French Translation Exemption** "
 means the exemption relief decision dated May 6, 2024 obtained by the Corporation from
 the Autorité des marchés financiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Governmental Authorities** "
 has the meaning given thereto in Section 7(e) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Hazardous Substances** "
 has the meaning given thereto in Section 7(hhh) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Health Canada**" has
 the meaning given thereto in Section 7(e) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Immaterial Subsidiary** "
 has the meaning given thereto in Section 7(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Indemnified Party** "
 and "**Indemnifying Party**" each has the meaning given thereto in Section 11(c) 
 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Initial Registration Statement** "
 has the meaning given thereto in Section 6(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Initial Auditor Comfort Letters** "
 has the meaning given thereto in Section 8(p) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Intellectual Property** "
 has the meaning given thereto in Section 7(eee)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Investment Entities** "
 means Canopy USA, Canopy USA I Limited Partnership, Canopy USA II Limited Partnership and
 Canopy USA III Limited Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Issuer Free Writing Prospectus** "
 means an issuer free writing prospectus, as defined in Rule 433;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**IT Systems**" has
 the meaning given thereto in Section 7(eee) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**judgement currency** "
 has the meaning given thereto in Section 22hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Lien**" has the meaning
 given thereto in Section 7(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Material Adverse Effect** "
 has the meaning given thereto in Section 7(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**material change** "
 has the meaning given thereto under Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**material fact**" has
 the meaning given thereto under Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Material Subsidiary** "
 has the meaning given thereto in Section 7(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Maximum Amount** "
 has the meaning given thereto in Section 1(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Money Laundering Laws** "
 has the meaning given thereto in Section 7(x) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Nasdaq**" means The
 Nasdaq Stock Market LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Net Proceeds**" has
 the meaning given thereto in Section 5(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**NI 21-101**" means
 National Instrument 21-101 — *Marketplace Operation*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**NI 33-105**" means National Instrument 33-105 — *Underwriting Conflicts;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**NI 44-101**" means
 National Instrument 44-101 — *Short Form Prospectus Distributions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**NI 44-102**" means
 National Instrument 44-102 — *Shelf Distributions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**NI 51-102**" means
 National Instrument 51-102 — *Continuous Disclosure Obligations*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Offerings**" has the
 meaning given thereto in Section 1(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Personal Data**" has
 the meaning given thereto in Section 7(eee) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**PFIC**" has the meaning
 given thereto in Section 7(ccc);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Placement**" has the
 meaning given thereto in Section 2(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**Placement Fee**" has
 the meaning given thereto in Section 2(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**Placement Notice** "
 has the meaning given thereto in Section 2(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**Placement Shares** "
 has the meaning given thereto in Section 2(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**POS AM**" has the
 meaning given thereto in Section 6(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**Privacy Requirements** "
 has the meaning given thereto in Section 7(eee) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**Prospectus Delivery Period** "
 has the meaning given thereto in Section 7(a)(ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**Prospectus Supplements** "
 means, collectively, the Canadian Prospectus Supplement and the U.S. Prospectus Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**Prospectuses**" means,
 collectively, the Canadian Prospectus and the U.S. Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**Public Record** "
 means all documents incorporated by reference in the Canadian Prospectus and all information
 filed by or on behalf of the Corporation with the Canadian Qualifying Authorities after December 31,
 2024, in compliance, or intended compliance, with Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "**Receipt**" has the
 meaning given thereto in Section 6(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj) "**Registration Statement** "
 means the POS AM, including exhibits and financial statements and any prospectus supplement
 relating to the Shelf Securities that is included therein or filed with the SEC pursuant
 to Rule 424(b) and deemed part of such registration statement pursuant to Rule 430B,
 as amended on each Effective Date and, in the event any post-effective amendment to the POS
 AM becomes effective, shall also mean such registration statement as so amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk) "**Relevant Security** "
 has the meaning given thereto in Section 7(gg) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll) "**Representation Date** "
 has the meaning given thereto in Section 8(n) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm) "**Reviewing Authority** "
 has the meaning given thereto in Section 6(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn) "**Rule 134** ",
 "**Rule 158**,", "**Rule 164**," "**Rule 172**,"
 "**Rule 173**," "**Rule 401** ", "**Rule 405**,"
 "**Rule 415**," "**Rule 424**," "**Rule 430B** "
 and "**Rule 433**" refer to such rules under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo) "**Rule 3-09 Financial Statements**" means the financial statements for equity investee(s) of the Corporation,
 if any, that are required by Rule 3-09 of Regulation S-X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp) "**Rules and Regulations** "
 has the meaning given thereto in Section 6(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq) "**Sanctioned Territory** "
 has the meaning given thereto in Section 7(y)(i) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr) "**Sanctions**" has
 the meaning given thereto in Section 7(y)(i) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss) "**Sarbanes-Oxley** "
 means the Sarbanes-Oxley Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt) "**SEC**" means the
 United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu) "**Securities Act** "
 means the United Stated Securities Act of 1933, as amended, and the rules and regulations
 of the SEC promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv) "**SEDAR** +" means the
 System for Electronic Data Analysis and Retrieval +;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww) "**Settlement Date** "
 has the meaning given thereto in Section 5(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx) "**Shares**" has the
 meaning given thereto in Section 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy) "**Shelf Securities** "
 has the meaning given thereto in Section 6(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz) "**Specified Person** "
 has the meaning given thereto in Section 7(y)(i) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa) "**Staff Notice** "
 has the meaning given thereto in Section 7(bb) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb) "**Stock Plan**" has
 the meaning given thereto in Section 7(nnn)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc) "**Subsidiaries** "
 means the Material Subsidiaries and the Immaterial Subsidiaries but excludes, for greater
 certainty, the Investment Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd) "**Trading Day**" means
 any day on which either Nasdaq or the TSX are open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee) "**TSX**" means the
 Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff) "**United States Marketplace** "
 has the meaning given thereto in Section 3(a)hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg) "**U.S. Agent**" has
 the meaning given thereto on Page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh) "**U.S. Base Prospectus** "
 has the meaning given thereto in Section 6(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii) "**U.S. GAAP**" has
 the meaning given thereto in Section 7(l) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj) "**U.S. Offering** "
 has the meaning given thereto in Section 1(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk) "**U.S. Prospectus** "
 means the U.S. Base Prospectus, as supplemented by the U.S. Prospectus Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll) "**U.S. Prospectus Supplement** "
 means the most recent U.S. prospectus supplement to the U.S. Base Prospectus relating to
 the Placement Shares that was filed pursuant to Rule 424(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm) "**U.S. Securities Laws** "
 means collectively, Sarbanes-Oxley, the Securities Act, the Exchange Act, the Rules and
 Regulations, the auditing principles, rules, standards and practices applicable to auditors
 of "issuers" (as defined in Sarbanes-Oxley) promulgated or approved by the Public
 Company Accounting Oversight Board and, as applicable, the rules of Nasdaq; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn) "**WKSI**" means a
 "well-known seasoned issuer" (as such term is defined in Rule 405 under
 the Securities Act).

**25.**  **<u>Counterparts</u>** 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, email (including pdf or any electronic signature complying with applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Remainder of Page Intentionally Left Blank]*

If the foregoing accurately reflects your understanding and agreement with respect to the matters described herein please indicate your agreement by countersigning this Agreement in the space provided below.

Yours very truly,

---

| | | |
|:---|:---|:---|
| **CANOPY GROWTH CORPORATION** | **CANOPY GROWTH CORPORATION** | **CANOPY GROWTH CORPORATION** |
| By: | /s/ Tom Stewart | /s/ Tom Stewart |
|  | Name: | Tom Stewart |
|  | Title: | Interim Chief Financial Officer |

---

ACCEPTED as of the date first-above written:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BMO CAPITAL MARKETS CORP.** | **BMO CAPITAL MARKETS CORP.** | **BMO CAPITAL MARKETS CORP.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | /s/ Eric Benedict | /s/ Eric Benedict | By: | /s/ Andrew Warkentin | /s/ Andrew Warkentin |
|  | Name: | Eric Benedict |  | Name: | Andrew Warkentin |
|  | Title: | Co-Head of Global Equity Capital Markets |  | Title: | Managing Director, Diversified Industries |

---

**Schedule 1**

The Authorized Representatives of the Corporation are as follows:

---

| | | |
|:---|:---|:---|
| <u>Name and Office/Title</u> | <u>E-mail Address</u> | <u>Telephone Number</u> |
| Luc Mongeau/Chief Executive Officer | [\*\*\*] | [\*\*\*] |
| Tom Stewart/Interim Chief Financial Officer | [\*\*\*] | [\*\*\*] |
| Christelle Gedeon/Chief Legal Officer | [\*\*\*] | [\*\*\*] |

---

The Authorized Representatives of BMO Capital Markets Corp. are as follows:

<u>Name and Office/Title</u> <u>E-mail Address</u> <u>Telephone Number</u> <br> Eric Benedict/Co-Head of Global Equity and Capital Markets [\*\*\*] [\*\*\*]

The Authorized Representatives of BMO Nesbitt Burns Inc. are as follows:

<u>Name and Office/Title</u> <u>E-mail Address</u> <u>Telephone Number</u> <br> Andrew Warkentin/Managing Director, Diversified Industries [\*\*\*] [\*\*\*]

**Exhibit A<br> OFFICER'S CERTIFICATE**

---

| | |
|:---|:---|
| To: | BMO Capital Markets Corp. and BMO Nesbitt Burns Inc. (together, the "**Agents**") |
| Re: | Equity Distribution Agreement dated August 29, 2025 (the "**Distribution Agreement**") between Canopy Growth Corporation (the "**Corporation**") and the Agents |
| Date: | [■], 202[■] |

---

I, **[name of executive officer]**, the **[title of executive officer]** of the Corporation, do hereby certify in such capacity and not in my personal capacity, on behalf of the Corporation pursuant to Section 8(n) of the Distribution Agreement, and without personal liability, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as set forth in the Registration
 Statement, the Prospectuses and the Disclosure Package, the representations and warranties
 of the Corporation in Section 7 of the Distribution Agreement are true and correct on
 and as of the date hereof with the same force and effect as if expressly made on and as of
 the date hereof, except for those representations and warranties that speak solely as of
 a specific date and which were true and correct as of such date[  **<u>Include for Officer's Certificates delivered after the Corporation has filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2026:</u>** ; provided that all references to "Material
 Subsidiary" or "Material Subsidiaries" shall be updated to refer to the
 material subsidiaries of the Corporation as of the date of the Corporation's most recent
 annual audited balance sheet, which material subsidiaries are set out in Annex 1 to this
 Officer's Certificate]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation has complied with all
 agreements and satisfied all conditions on its part to be performed or satisfied pursuant
 to the Distribution Agreement at or prior to the date hereof.

Unless otherwise defined, all capitalized terms used herein shall have the meanings ascribed thereto in the Distribution Agreement.

Date   By:   <br> Name <br> Title:

**Annex 1 to Officer's Certificate**

**Updated List of Material Subsidiaries**

---

| | | |
|:---|:---|:---|
| **Entity Name** | **Canopy Ownership %** | **Jurisdiction of <br> Incorporation or <br> Organization** |

---

**Exhibit B<br> MATTERS TO BE COVERED BY<br> INITIAL OPINION OF CORPORATION'S CANADIAN COUNSEL**

**Exhibit C**

**CFO CERTIFICATE**

**Canopy Growth Corporation**

**Chief Financial Officer's Certificate**

**Exhibit D**

**MATERIAL SUBSIDIARIES**

**Exhibit E**

**IMMATERIAL SUBSIDIARIES**

## Exhibit 5.1

**Exhibit 5.1**

![](tm2524672d1_ex5-1img001.jpg)

August 29, 2025

Canopy Growth Corporation 1 Hershey Drive Smiths Falls, Ontario K7A 0A8 Canada

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Canopy Growth Corporation (the "Company") – Public Offering of Common Shares of the Company (the "Common Shares")** |

---

We have acted as counsel to the Company, a corporation incorporated under the federal laws of Canada (the "**Company**"), in connection with the issue and sale, from time to time, by the Company of such number of Common Shares (the "**Placement Shares**") having an aggregate offering price of up to US$200,000,000 (or the equivalent in Canadian dollars determined using the daily exchange rate posted by the Bank of Canada on the date the Placement Shares are sold) in each of the provinces and territories of Canada (the "**Canadian Offering**") and in the United States, *provided however*, that in no event will the Company sell Placement Shares in the in the Canadian Offering for aggregate gross sales proceeds exceeding US$50,000,000.

The Company has prepared and filed with the Securities and Exchange Commission (the "**SEC**") a registration statement (File No. 333-279949) on Form S-3 on June 5, 2024, and amended on May 29, 2025 and May 30, 2025 (as amended, the "**Registration Statement**") under the *United States Securities Act of 1933*, as amended (the "**Act**"), and that the Registration Statement includes the United States Base Prospectus dated June 5, 2024 (which document is referred to as the "**U.S. Base Prospectus**"). The U.S. Base Prospectus as supplemented by a prospectus supplement thereto dated the date hereof, filed with the SEC is referred to as the "**U.S. Final Prospectus**". We understand that, in addition to a concurrent distribution in Canada, the Placement Shares will be distributed in the United States pursuant to the U.S. Final Prospectus.

This opinion letter is being furnished in accordance with the requirements of Item 601 of Regulation S-K under the Act.

**1.** **EXAMINATIONS AND INVESTIGATIONS** 

*Documents.* We have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of compliance (the "**Certificate of Compliance**") dated August 28,
2025 issued for the Company under the *Canada Business Corporations Act* (the "**CBCA** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the articles of the Company, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the by-laws of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certain resolutions of the Company's board of directors relating to the Registration Statement,
U.S. Final Prospectus and the Placement Shares;

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![](tm2524672d1_ex5-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate, dated the date of this opinion, of an officer of the Company (the "**Officer's Certificate** "), including copies of each of the items in paragraphs (b), (c), and (d) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the equity distribution agreement dated August 29, 2025 among the Company and BMO Capital Markets
Corp. and BMO Nesbitt Burns Inc. (the "**Distribution Agreement** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Registration Statement and the U.S. Final Prospectus.

*Minute Books*. Except for the corporate records forming part of the Officer's Certificate and such other corporate records as we deemed necessary, we have not reviewed the minute books of the Company.

**2.** **ASSUMPTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Authenticity*. We have assumed: (i) the legal capacity of all individuals signing documents;
(ii) the genuineness of all signatures; (iii) the authenticity and completeness of all documents submitted to us as originals;
(iv) the conformity to authentic original documents of all documents submitted to us as copies; and (v) the continuing accuracy
of the Certificate of Compliance as of the date of this opinion as if issued on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Enforceability, etc*. We have assumed that: (i) each party to the Distribution Agreement,
other than the Company: (A) is existing under the laws of its jurisdiction of formation, as applicable; (B) has the requisite
power and capacity to carry on business, own properties and assets, and execute, deliver, and perform its obligations under the Distribution
Agreement and to carry out the transactions contemplated under the Distribution Agreement; (C) has taken all necessary action to
authorize the execution and delivery of, and the performance of its obligations under, the Distribution Agreement; and (D) has duly
executed and delivered the Distribution Agreement; (ii) the exercise, by each party other than the Company, of its rights and the
performance of its obligations under the Distribution Agreement is not contrary to its constating documents or governing legislation;
(iii) the Distribution Agreement constitutes a legal, valid, and binding obligation of each party to it other than the Company, enforceable
against that party in accordance with its terms; (iv) the representations and warranties of each party to the Distribution Agreement
other than the Company are true and correct and accurate in all respects; and (v) to the extent that the Distribution Agreement is
to be performed in any jurisdiction other than the Provinces (as defined below), such performance will not be illegal under the laws of
that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Public records*. We have assumed the completeness, accuracy, and currency of: (i) the indices
and filing systems maintained at the public offices where we searched or made inquiries; (ii) all documents supplied or otherwise
conveyed to us by public officials; and all facts set out in those documents and in official public records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Trading restrictions*. We have assumed that, at the time of any distribution of or trade in securities
of the Company referred to in this opinion, no order, ruling, or decision granted by a securities commission, court of competent jurisdiction,
or regulatory or administrative body having jurisdiction is in effect that would: (i) restrict any distribution of or trade in those
securities; or (ii) affect any person or company who engaged in any such distribution or trade (including, without limitation, any
cease trade orders).

**3.** **RELIANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Matters of fact in the Officer's Certificate*. We have relied solely upon the Officer's
Certificate as to the matters of fact set out in such certificate, without independently verifying those facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Company Status*. In expressing the opinion in section 5(a), we have relied and our opinion is based
solely upon the Certificate of Compliance and the Officer's Certificate.

**4.** **LAWS ADDRESSED** 

The opinions we express are limited to the laws of the Provinces of Ontario, British Columbia and Alberta (together, the "**Provinces**") and the federal laws of Canada applicable in the Provinces. For the purposes of this opinion, the term "**Securities Laws**" means the *Securities Act* (Ontario), together with the regulations and rules made under that act, the *Securities Act* (British Columbia), together with the regulations, rules and forms made under that act and the blanket rulings and orders issued by the British Columbia Securities Commission and the *Securities Act* (Alberta), together with the regulations and rules under that act and the blanket rulings and orders issued by the Alberta Securities Commission.

We are solicitors qualified to carry on the practice of law in the Provinces only, and we express no opinion as to any laws, or matters governed by any laws, other than the laws of the Provinces and the federal laws of Canada applicable therein. The opinions herein are limited to the laws of the Provinces and the federal laws of Canada applicable therein in effect as of the date hereof and we assume no obligation to update these opinions to take into account any changes in such laws after the date hereof.

**5.** **OPINIONS** 

Based upon and subject to the foregoing and subject to the qualifications expressed below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation existing under the CBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Placement Shares have been duly authorized by the Company, and all necessary corporate action has
been taken for the issuance and delivery of the Placement Shares against payment therefor as contemplated in the Distribution Agreement.
When delivered against payment of the purchase price therefor in accordance with the Distribution Agreement, such Placement Shares will
be validly issued, fully paid and non-assessable.

**6.** **USE OF OPINION** 

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Company's Current Report on Form 8-K to be filed with the Commission on or about the date hereof, which will be incorporated by reference in the Registration Statement, and to the reference to our firm under the heading "Legal Matters" in the U.S. Final Prospectus, which is a part of the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Yours truly,

*/s/ CASSELS BROCK & BLACKWELL LLP*

*CASSELS BROCK & BLACKWELL LLP*

## Exhibit 99.1

**Exhibit 99.1**

**Canopy Growth Establishes New US$200 Million At-The-Market Program to Strengthen the Company's Financial Position**

**SMITHS FALLS, ON. August 29, 2025** -- Canopy Growth Corporation ("**Canopy Growth**" or the "**Company**") (TSX: WEED) (Nasdaq: CGC), a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives, announced today that the Company has established a new at-the-market equity program (the "**ATM Program**") that allows Canopy Growth to issue and sell up to US$200 million of common shares of the Company ("**Common Shares**") from treasury from time to time in concurrent public offerings in the United States (the "**U.S. Offering**") and Canada; *provided, however,* that (i) sales of Common Shares in the ATM Program in Canada is limited to aggregate gross sales proceeds to the Company of up to US$50 million (or its Canadian dollar equivalent) (the "**Canadian Offering**"); and (ii) in no event will the combined gross sales proceeds of the ATM Program in the United States and Canada exceed US$200 million. Any Common Shares sold in the ATM Program will be sold in transactions made directly on the Nasdaq or the TSX or on any other available U.S. or Canadian trading market for the Common Shares. The volume and timing of sales under the ATM Program, if any, will be determined in the Company's sole discretion and are subject to customary conditions precedent. The Common Shares will be distributed at market prices prevailing at the time of each sale or at certain other prices and, as a result, prices may vary as between purchasers and during the period of distribution under the ATM Program.

Canopy Growth intends to use the net proceeds from the ATM Program, if any, for investments in businesses and/or to fund any potential future acquisitions and for working capital and general corporate purposes, including the potential repayment of indebtedness.

Sales of Common Shares under the ATM Program will be made pursuant to the terms of an equity distribution agreement dated August 29, 2025 (the "**Distribution Agreement**") entered into among the Company, BMO Nesbitt Burns Inc., as Canadian agent, and BMO Capital Markets Corp., as U.S. agent (collectively, the "**Agents**"). The ATM Program will be effective until the earliest of (A) June 5, 2027; (B) the issuance and sale of Common Shares having an aggregate offering price of US$200,000,000 on the terms and subject to the conditions set forth in the Distribution Agreement; (C) the date on which the Registration Statement (as defined below) ceases to be useable for sales of Shelf Securities (as defined in the Distribution Agreement) pursuant to General Instruction I.B.1 of Form S-3; (D) the date on which the Company receives notice from the U.S. Securities and Exchange Commission (the "**SEC**") that the Registration Statement has ceased to be effective in accordance with applicable U.S. securities laws; and (E) the date on which the Distribution Agreement is terminated by the parties, in each case, subject to the terms of the Distribution Agreement. Notwithstanding the foregoing, the Canadian Offering will automatically terminate on the earliest to occur of (1) July 5, 2026, (2) the date on which the issuance and sale of Common Shares in the Canadian Offering equals US$50,000,000 (or the equivalent in Canadian currency), (3) the date on which the Company receives notice from the Ontario Securities Commission that the Canadian Shelf Prospectus (as defined below) has ceased to be effective in accordance with applicable Canadian securities laws, or (4) the date on which the Distribution Agreement is terminated pursuant to clauses (A) through (E) above; *provided, however*, that a termination of the Canadian Offering as contemplated by clauses (1), (2) and (3) above will in no case affect the U.S. Offering, and the Distribution Agreement will continue to remain in full force and effect with respect to the U.S. Offering. The Distribution Agreement replaces the equity distribution agreement, dated February 28, 2025, as amended, among the Company and the Agents, which terminated upon the Company's entry into the Distribution Agreement.

The offering of Common Shares under the ATM Program is qualified by a prospectus supplement dated August 29, 2025 (the "**Canadian Prospectus Supplement**") to the Company's Canadian short form base shelf prospectus dated June 5, 2024 (the "**Canadian Shelf Prospectus**"), each filed with the securities commissions in each of the provinces and territories of Canada, and pursuant to a prospectus supplement dated August 29, 2025 (the "**U.S. Prospectus Supplement**") to the Company's U.S. base prospectus (the "**U.S. Base Prospectus**") included in its registration statement on Form S-3 initially filed with the SEC on June 5, 2024, and amended on May 29, 2025 and May 30, 2025 (as amended, the "**Registration Statement**"). The Distribution Agreement, Canadian Prospectus Supplement and Canadian Shelf Prospectus are available on the SEDAR+ website at <u>www.sedarplus.com</u>, and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR on the SEC's website at <u>www.sec.gov</u>. Alternatively, these documents may be requested from the Agents by contacting, (i) in Canada: BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre, 9195 Torbram Road, Brampton, Ontario, L6S 6H2, attn: The Data Group of Companies, by email at <u>torbramwarehouse@datagroup.ca</u> or by telephone at 905-791-3151 ext. 4312; and (ii) in the United States: BMO Capital Markets Corp. by mail at 151 W 42nd Street, 32nd Floor, New York, NY 10036, attn: Equity Syndicate Department, by email at <u>bmoprospectus@bmo.com</u>, or by telephone at 800-414-3627.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of the Common Shares in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

**More Information**

Alex Thomas

Director, Communications

<u>media@canopygrowth.com</u>

**Investor Contact:**

Tyler Burns

Director, Investor Relations

<u>tyler.burns@canopygrowth.com</u>

**About Canopy Growth**

Canopy Growth is a world leading cannabis company dedicated to unleashing the power of cannabis to improve lives.

Through an unwavering commitment to consumers, Canopy Growth delivers innovative products from owned and licensed brands including Tweed, 7ACRES, DOJA, Deep Space and Claybourne, as well as category defining vaporization devices by Storz & Bickel. In addition, Canopy Growth serves medical cannabis patients globally with principal operations in Canada, Europe and Australia.

Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through an unconsolidated, non-controlling interest in Canopy USA, LLC ("**Canopy USA**"). Canopy USA's portfolio includes ownership of Acreage Holdings, Inc., a vertically integrated multi-state cannabis operator with operations throughout the U.S. Northeast and Midwest, as well as ownership of Wana Wellness, LLC, The Cima Group, LLC, and Mountain High Products, LLC, a leading North American edibles brand, and majority ownership of Lemurian Inc., a California-based producer of high-quality cannabis extracts and clean vape technology.

At Canopy Growth, we're shaping a future where cannabis is embraced for its potential to enhance well-being and improve lives. With high-quality products, a commitment to responsible use, and a focus on enhancing the communities where we live and work, we're paving the way for a better understanding of all that cannabis can offer.

For more information visit www.canopygrowth.com.

**Forward-Looking Statements**

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements and uncertainties include statements with respect to the offer and sale of Common Shares under the ATM Program, including the timing and amounts thereof, and the use of any proceeds from the ATM Program.

Risks, uncertainties and other factors involved with forward-looking information or statements could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including negative operating cash flow; uncertainty of additional financing; use of proceeds; volatility in the price of the Common Shares; risks relating to the overall macroeconomic environment, which may impact customer spending, costs and margins, including tariffs (and related retaliatory measures), the levels of inflation, and interest rates; expectations regarding future investment, growth and expansion of operations; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis; additional dilution; political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Company's profile on SEDAR+ at <u>www.sedarplus.com</u> and with the SEC through EDGAR at <u>www.sec.gov/edgar</u>, including under the heading "Risk Factors" in the Company's annual report on Form 10-K for the year ended March 31, 2025, its subsequently filed quarterly reports on Form 10-Q and the Canadian Prospectus Supplement, Canadian Shelf Prospectus, U.S. Prospectus Supplement and U.S. Base Prospectus.

In respect of the forward-looking statements and information, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information or statements and no assurance can be given that such events will occur in the disclosed time frames or at all. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.