An anonymous director reports

CANOPY GROWTH PROVIDES UPDATE ON FINANCIAL REPORTING AND ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2026 FINANCIAL RESULTS TO BE PRESENTED ON JUNE 15, 2026

Canopy Growth Corp. expects to release its financial results for the quarter and fiscal year ended March 31, 2026, before financial markets open on June 15, 2026. The company also announced it plans to file restated financial results for the fiscal years ended March 31, 2025, and March 31, 2024, and to certain of the interim periods therein, in conjunction with its filing of financial results for the year ended March 31, 2026, on June 15, 2026, as further described below and in the company's material change report and the company's current report on Form 8-K each dated May 15, 2026.

During the company's year-end financial reporting process for the fiscal year ended March 31, 2026, the company identified a technical non-cash accounting error. The company determined that certain share-settled warrants with exercise prices denominated in U.S. dollars, first issued during the fiscal year ended March 31, 2024, should have been classified as liabilities rather than equity instruments under applicable accounting standards, given the company's Canadian-dollar functional currency. Accordingly, the company should have recorded these instruments as liabilities on its consolidated balance sheets and measured them at fair value at each reporting date, with changes in fair value recorded in the consolidated statements of operations and comprehensive loss.

The corrections associated with the refiling are the result of a technical application of accounting standards. The impact is expected to be limited to a reclassification between equity and liabilities and the related fair value adjustments, all of which are expected to be non-cash entries.

No impact on core operating performance

The refiling is not expected to affect any of the following aspects of the company's previously reported financial results:

• Revenue, gross margin, operating income/loss and cash flows from operations;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) or other key non-GAAP (generally accepted accounting principles) performance metrics used by management and investors;
• Total assets, cash balances, liquidity, or ability to meet obligations or finance operations;
• Compliance with any debt covenants, contractual ratios or borrowing capacity;
• The trajectory or narrative of financial performance.

Accordingly, these adjustments are non-cash and non-operational, and do not impact the company's underlying business performance.

Further details, including the full quantitative impact of the refiling, are expected to be included in the company's filings in connection with the release of its financial results for the quarter and fiscal year ended March 31, 2026, which filings will be made with the United States Securities and Exchange Commission on EDGAR, and with Canadian securities regulators and available on SEDAR+ under the company's profile.

The company has also voluntarily applied to the applicable securities regulatory authorities for a management cease trade order related to the company's securities to be imposed against certain directors and officers of the company (the MCTO).

Once granted, the MCTO will be in effect until the refiling is complete. The issuance of the MCTO does not generally affect the ability of persons who have not been directors or officers of the company to trade in their securities in accordance with applicable securities laws.

The company intends to provide information with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of biweekly status update reports until the refiling is complete and the MCTO has been revoked. The company has made the foregoing representations in accordance with the requirements of applicable securities laws, and other than as disclosed herein, there is no material information concerning the affairs of the company that has not been generally disclosed.

Release of financial results and investor webcast

Canopy Growth expects to release its financial results for the quarter and fiscal year ended March 31, 2026, as well as the restated financial results for the fiscal years ended March 31, 2025, and March 31, 2024, prior to the opening of financial markets on June 15, 2026.

Following the release of its financial results, Canopy Growth will host an audio webcast with Luc Mongeau, chief executive officer, and Tom Stewart, chief financial officer, on June 15, 2026, at 10 a.m. Eastern Time (ET).

A replay will be accessible by webcast until 11:59 p.m. ET on Sept. 13, 2026.

About Canopy Growth Corp.

Canopy Growth is a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives. Its portfolio of owned and licensed brands including Tweed, 7Acres, Doja, Deep Space, Deelish, Claybourne, MTL Cannabis, Low Key by MTL and R'belle, as well as category-defining Storz & Bickel, delivers innovative products to consumers across Canada and beyond.

Canopy Growth is Canada's leading provider of medical cannabis services through Canada House Clinics and serves patients online via Abba Medix. The company also holds unconsolidated, non-controlling interest in Canopy USA LLC, which provides exposure to the United States THC market.

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