Document:

EX-4.23

 Exhibit 4.23 

FORM 51-102F3 

Material Change Report 
  

	Item 1	 Name and Address of Company 

Canopy Growth Corporation (the “Issuer”) 

1 Hershey Drive, Smiths Falls 

Ontario, K7A 0A8 
  

	Item 2	 Date of Material Change 

November 1, 2018 (the “Closing Date”) 
  

	Item 3	 News Release 

News release attached as Schedule “A” was disseminated on newswire on November 1, 2018. 

 

	Item 4	 Summary of Material Change 

The Issuer closed its previously announced private placement transaction with CBG Holdings LLC, a Delaware limited liability
company (“CBG”) and indirect wholly-owned subsidiary of Constellation Brands, Inc. (“Constellation” and, together with its subsidiaries, the “CBG Group”) by issuing to CBG: (i) 104,500,000 common
shares in the capital of the Issuer (the “Shares”) at a price of $48.60 per Share, (ii) 88,472,861 warrants exercisable at $50.40 per share for a period of three years following the Closing Date; and (iii) 51,272,592 warrants
exercisable at the five-day volume weighted average trading price of the common shares on the Toronto Stock Exchange at the time of exercise for a period of three years following the Closing Date, for
aggregate gross proceeds of $5,078,700,000 (the “Offering”). 
 As of the Closing Date, the CBG Group
increased its ownership interest in the Issuer to approximately 37% of the outstanding common shares of the Issuer and became entitled to designate four nominees for election to the Board of Directors of the Issuer (the “Board”).
Those directors are William Newlands, David Klein, Judy Schmeling and Robert L. Hanson, each of whom joined the Board on November 1, 2018. At such time, Murray Goldman and Chris Schnarr stepped down from the Board. 

 

	Item 5	 Full Description of Material Change 

See news release attached as Schedule “A”. 
  

	Item 6	 Reliance on subsection 7.1(2) of National Instrument 51-102

 N/A 
  

	Item 7	 Omitted Information 

N/A 

	Item 8	 Executive Officer 

Bruce Linton Chief Executive Officer of the Issuer, is knowledgeable about the material change and this report. His business telephone number
is 1-855-558-9333. 
  

	Item 9	 Date of Report 

November 9, 2018 

 SCHEDULE “A” 

PRESS RELEASE 
 Please see attached. 

			
	

	  	

 Constellation Brands’ $5 Billion CAD ($4 Billion USD) Investment in Canopy 

Growth Closes Following Shareholder and Canadian Government Approval 

Victor, N.Y. and Smiths Falls, Ontario, Nov. 1, 2018 - Constellation Brands, Inc. (Constellation) (NYSE: STZ and STZ.B) and Canopy
Growth Corporation (Canopy Growth or the Company) (TSX: WEED, NYSE: CGC) today announced the closing of Constellation’s $5 billion CAD ($4 billion USD) investment in Canopy Growth, which was previously announced on
August 15, 2018. The transaction was approved by an overwhelming majority of Canopy Growth shareholders and has been granted all required regulatory approvals, including by the Canadian government under the Investment Canada Act. 

This investment provides Canopy Growth with significant funding needed to build scale in the more than 30 countries currently pursuing
federally permissible medical cannabis programs, while establishing the foundation needed to supply new recreational adult-use markets as cannabis becomes legal in markets around the world. 

“We’re excited to expand our strategic partnership with Canopy Growth and to begin helping them build the global scale needed to win
long-term,” said Rob Sands, chief executive officer, Constellation Brands. “The global cannabis market presents a significant growth opportunity and Canopy Growth is well-positioned to establish a strong leadership position in this
fast-evolving category.” 
 With this investment, Constellation Brands increases its ownership interest in Canopy Growth to
approximately 37 percent of outstanding common shares of Canopy Growth and has appointed two members of its executive team, as well as two independent directors, to the Board of Directors of Canopy Growth. Constellation estimates the interest
expense associated with this transaction to approximate $55 million before tax with an approximate $0.25 impact on fiscal 2019 comparable basis EPS results. Constellation also continues to evaluate the potential equity in earnings impact from
the Canopy Growth investment and related items. 

 “Our cash position opens up a world of opportunity for us,” said Bruce Linton,
chairman and co-chief executive officer, Canopy Growth. “Relative to our valuation, we have never been in a better position to create shareholder value. This investment was a landmark moment for the
entire sector when it was announced. Now that the capital is Canopy’s to deploy, we’re going to quickly get to work increasing our lead by adding strategic assets around the world.” 

As previously announced, the transaction includes a restructuring of Canopy Growth’s Board of Directors. Canopy Growth management wishes
to thank Chris Schnarr and Murray Goldman for their contributions to the company. Mr. Schnarr and Mr. Goldman sat on the Board as it oversaw a transformative period for Canopy Growth from a small
start-up to a global, diversified industry leader. Mr. Schnarr will continue with Canopy Growth and transition into a senior leadership role overseeing medical and therapeutic research commercialization.
Subsequently, Canopy Growth management welcomes Constellation’s President and Chief Operating Officer Bill Newlands and Executive Vice President and Chief Financial Officer David Klein, as well as current Constellation Board Members
Judy Schmeling, former HSNi LLC chief operating officer, and Robert Hanson, chief executive officer of John Hardy Global Limited, to the Canopy Growth Board. Their leadership and experience will be invaluable as Canopy Growth continues to
grow around the world. 
 About Constellation Brands 

Constellation Brands (NYSE: STZ and STZ.B), a Fortune 500® company, is a leading
international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. Constellation is the No. 3 beer company in the U.S. with high-end, iconic
imported brands such as Corona Extra, Corona Light, Modelo Especial, Modelo Negra and Pacifico. The company’s beer portfolio also includes Ballast Point, one of the most awarded craft brewers in the U.S., and Funky Buddha Brewery. In addition,
Constellation is the world leader in premium wine, selling great brands that people love, including Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, Mark West, Black Box, Ruffino and The Prisoner. The company’s premium spirits brands include
SVEDKA Vodka, Casa Noble Tequila and High West Whiskey. 
 Based in Victor, N.Y., the company believes that industry leadership involves a
commitment to brand building, our trade partners, the environment, our investors and to consumers around the world who choose our products when celebrating big moments or enjoying quiet ones. Founded in 1945, Constellation has grown to become a
significant player in the beverage alcohol industry with more than 100 brands in its portfolio; about 40 wineries, breweries and distilleries; and approximately 10,000 talented employees. We express our company vision: to elevate life with every
glass raised. To learn more, follow us on Twitter @cbrands and visit www.cbrands.com. 
 About Canopy Growth Corporation 

Canopy Growth (TSX: WEED) (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis
varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a 

 
commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in 12 countries across five continents. The Company is proudly dedicated
to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and through its wholly owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward
cutting edge, commercializable research and IP development. Through partly owned subsidiary Canopy Rivers Corporation, the Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the
sector. From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy
Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten
licensed cannabis production sites with over 4.3 million square feet of production capacity, including over 500,000 square feet of GMP certified production space. For more information visit www.canopygrowth.com. 

Forward-Looking Statements 
 This
news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “expect,”
“intend” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying
words. These statements may relate to business strategy, future operations and growth, prospects, plans and objectives of management, as well as information concerning expected actions of third parties. All
forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such
forward-looking statements. The forward-looking statements are based on management’s current expectations and should not be construed in any manner as a guarantee
that such results will in fact occur. Examples of such statements include but are not limited to those related to the anticipated use of proceeds, future expansion and growth, future success, the realization of Canopy Growth’s long-term strategic vision, the creation of shareholder value, and estimated interest expense and its impact on EPS results. All forward-looking statements speak only as of
the date of this news release and neither Constellation Brands nor Canopy Growth undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to risks and other factors
and uncertainties, including that the expected impact and benefits of the transaction may not materialize in the manner expected, or at all; circumstances may warrant that Canopy Growth use the proceeds from the transaction for different purposes
than stated above; and other factors and uncertainties disclosed from time-to-time in Constellation’s filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the fiscal year ended February 28, 2018 and its Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2018,
or in Canopy Growth’s filings with the Canadian Securities Administration or with the United States Securities and Exchange Commission, including its annual information form dated June 28, 2018, which could cause actual future performance
to differ from current expectations. 
 CONTACTS: 

Michael McGrew, Constellation Brands, Media (773) 251-4934 

Patty Yahn-Urlaub, Constellation Brands, Investor Relations (585) 678-7483 

Jordan Sinclair, Canopy Growth, Media (613) 769-4196 

 Tyler Burns, Canopy Growth, Investor Relations (855) 558-9333
ext. 122EX-4.24

 Exhibit 4.24 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
 Item 1 Name
and Address of Company 
 Canopy Growth Corporation (“Canopy Growth” or the “Company”) 

1 Hershey Drive 
 Smiths Falls,
ON, K7A 0A8 
 Item 2 Date of Material Change 

February 20, 2019 
 Item 3 News
Release 
 The news release attached hereto as Schedule “A” was disseminated on February 20, 2019 by Canada Newswire. 

Item 4 Summary of Material Change 

On February 20, 2019, Canopy Growth announced that it had filed its Amended and Restated Management’s Discussion and Analysis for the
three and nine months ended December 31, 2018 on SEDAR. 
 Item 5 Full Description of Material Change 

On February 20, 2019 Canopy Growth announced the filing of its Amended and Restated Management Discussion and Analysis for the three and
nine months ended December 31, 2018 (“Amended MD&A”) to correct the Adjusted EBITDA in the original MD&A for the nine months ended December 31, 2018 (filed on February 14, 2019) (the “Original MD&A”),
as follows. 
 The Adjusted EBITDA loss for the nine months ended December 31, 2018 changed from $69,006,000 to $155,154,000. The
correction was made due to a formula error in the spreadsheet supporting the year to date Adjusted EBITDA loss calculation. The Adjusted EBITDA loss for the three months ended as December 31, 2018 was correct as reported, as were all prior
quarters as released. 
 There are no changes required to Canopy Growth’s unaudited condensed interim consolidated financial statements
for the three and nine months ended December 31, 2018 (filed on February 14, 2019). Other than as expressly set forth in the Amended MD&A, the Amended MD&A does not purport to update or restate the information in the Original
MD&A or reflect any events that occurred after the date of the filing of the Original MD&A other than changes to the sections entitled Results of Operations, Third Quarter Review, and Adjusted EBITDA
(Non-GAAP Measure). 

 Item 6 Reliance on subsection 7.1(2) of National Instrument
51-102 
 N/A 

Item 7 Omitted Information 
 N/A 

Item 8 Executive Officer 
 Bruce
Linton, Co-Chief Executive Officer of Canopy Growth is knowledgeable about the material change described above. His business telephone number is
1-855-558-9333 
 Item 9 Date of Report 

February 20, 2019 

 SCHEDULE “A” 

Please see attached. 

			
	

	  	  
 Canopy Growth Corporation Files Amended and Restated Third
Quarter MD&A
  
 February 20, 2019

 
 SMITHS FALLS, ON – Canopy Growth Corporation (TSX:WEED) (NYSE: CGC)
(“Canopy Growth” or “the Company) filed its Amended and Restated Management Discussion and Analysis for the three and nine months ended December 31, 2018 (“Amended MD&A”) to correct the Adjusted EBITDA1 in the original MD&A for the nine months ended December 31, 2018 filed on February 14, 2019 (the “Original MD&A”), as follows.

 
 The correction of the Adjusted EBITDA loss for the nine months ended
December 31, 2018 from $69,006,000 to $155,154,000. The correction was made due to a formula error in the spreadsheet supporting the year to date Adjusted EBITDA loss calculation. The Adjusted EBITDA loss for the three months ended as
December 31, 2018 was correct as reported, as were all prior quarters as released.
  

There are no changes required to Canopy’s unaudited condensed interim consolidated financial statements for the three and nine months ended
December 31, 2018 (filed on February 14, 2019). Other than as expressly set forth in the Amended MD&A, the Amended MD&A does not purport to update or restate the information in the Original MD&A or reflect any events that
occurred after the date of the filing of the Original MD&A other than changes to the sections entitled Results of Operations, Third Quarter Review, and Adjusted EBITDA (Non-GAAP Measure).

 
 Note 1: The Adjusted EBITDA is a
non-GAAP financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Adjusted EBITDA is reconciled and
explained in the Amended and Restated MD&A under “Adjusted EBITDA (Non-GAAP Measure)
  

About Canopy Growth Corporation
  

Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel
capsule forms. Canopy Growth offers medically approved vaporizers through the Company’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion
for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents.

 
 The Company is proudly dedicated to educating healthcare practitioners, conducting
robust clinical research, and furthering the public’s understanding of cannabis, and through its wholly owned subsidiary, Canopy Health Innovations (“Canopy Health”), has devoted millions of dollars toward cutting edge,
commercializable research and IP development. Canopy Growth works with the Beckley Foundation and has launched Beckley Canopy Therapeutics to research and develop clinically validated cannabis-based medicines, with a strong focus on intellectual
property protection. Canopy Growth acquired assets of leading hemp research company, ebbu, Inc. (“ebbu”). Intellectual Property (“IP”) and R&D advancements achieved by ebbu’s team apply directly to Canopy Growth’s
hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities. Through partly owned subsidiary Canopy Rivers Corporation, the

			
		  	 Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector.

 
 From our historic public listing on the Toronto Stock Exchange and New York Stock
Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop
Dogg, breeding legends DNA Genetics and Green House seeds, Battelle, the world’s largest nonprofit research and development organization, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten
licensed cannabis production sites with over 4.3 million square feet of production capacity, including over 500,000 square feet of GMP certified production space. The Company operates Tweed retail stores in Newfoundland and Manitoba and has
entered into supply agreements with every Canadian province and territory. For more information visit www.canopygrowth.com
  

Notice Regarding Forward Looking Statements
  

This news release contains forward-looking information. Often, but not always, forward-looking 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 information involves known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the
forward-looking information contained in this news release. Examples of such statements include statements with respect to the future market share achieved in recreational markets, product development, clinical trial work, and planned acquisition
activities related to BC Tweed, and Canopy Health Innovations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information, including risks associated with entering a new market dynamic in Canada or internationally, and such risks contained in the Company’s annual information form dated June 27,
2018 and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information
in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news
release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable
securities legislation.

  
 

 

			
		  	 Contact:
  

Tyler Burns
 Investor Relations

Canopy Growth Corporation
 Tyler.burns@canopygrowth.com

1-855-558-9333 ex 122

 
 Caitlin O’Hara

Communications Specialist

Caitlin.ohara@canopygrowth.com

613-291-3239

 
 Director:

Bruce Linton
 tmx@tweed.com

tmx@canopygrowth.com

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