Acreage Obtains Final Order for Plan of Arrangement with Canopy Growth and Confirms Record Date for Acreage Shareholders Entitled to Receive the Option Premium SMITHS FALLS, ON and

Acreage Obtains Final Order for Plan of

Arrangement with Canopy Growth and Confirms Record Date for Acreage Shareholders Entitled to Receive the Option Premium

SMITHS FALLS, ON and NEW YORK, June 21, 2019

/CNW/ - Acreage Holdings, Inc. ("Acreage") (CSE:ACGR.U) (OTC: ACRGF) (FSE: 0ZV) and Canopy Growth Corporation

("Canopy Growth") (TSX: WEED) (NYSE: CGC) (together, the "Companies") are pleased to announce

that Acreage has obtained a final order from the Supreme Court of British Columbia approving the previously announced arrangement

under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth (the "Arrangement").

Pursuant to the Arrangement, the Articles of

Acreage will be amended to provide Canopy Growth with the option (the "Canopy Growth Call Option") to acquire

all of the issued and outstanding shares in the capital of Acreage (each, an "Acreage Share"), with a requirement

to do so upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana

(as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States

(the "Triggering Event"), subject to the satisfaction of the conditions set out in the arrangement agreement entered

into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 (the "Arrangement Agreement").

Canopy Growth is permitted to waive the Triggering Event and intends to do so as soon as the policies of the New York Stock Exchange

("NYSE") and/or the Toronto Stock Exchange ("TSX") permit completion of the acquisition, provided

that completion would not violate any third-party agreements, including those entered into by Canopy Growth with Constellation

Acreage and Canopy Growth anticipate implementing

the Arrangement on or about June 27, 2019 (the "Initial Effective Date"). Holders of Acreage Shares and

certain securities convertible or exchangeable into Class A subordinate voting shares of Acreage (the "Subordinate Voting

Shares") as of the close of business on June 26, 2019, the business day immediately preceding the Initial Effective Date

(the "Record Date"), will be entitled to receive their pro rata portion (on an as converted to Subordinate Voting

Share basis) of US$300,000,000 (the "Option Premium") being paid by Canopy Growth to such persons as consideration

for granting the Canopy Growth Call Option. It is expected that the Option Premium will be distributed to such holders of record

on or before the third business day following the Initial Effective Date. Pursuant to the payment of the Option Premium, each holder

of Acreage Shares and certain other eligible holders of securities exchangeable for Acreage Shares will receive approximately US$2.63

per Subordinate Voting Share (on an as converted to Subordinate Voting Share basis), with the final amount to be received by each

holder determined based on the number of Subordinate Voting Shares into which all of the eligible securities would be converted

at the close of business on the Record Date.

As previously announced, each of Acreage and

Canopy Growth received all necessary shareholder approvals in connection with the Arrangement at their respective special shareholder

meetings held on June 19, 2019.

Following completion of the Arrangement and

upon the occurrence or waiver of the Triggering Event, Canopy Growth will exercise the Canopy Growth Call Option and, subject to

the satisfaction or waiver of the conditions to closing set out in the Arrangement Agreement, acquire (the "Acquisition")

each of the Subordinate Voting Shares (following the automatic conversion of the Class B proportionate voting shares and Class

C multiple voting shares of Acreage into Subordinate Voting Shares) in exchange for the payment of 0.5818 of a common share of

Canopy Growth (each whole common share, a "Canopy Growth Share") per Subordinate Voting Share (subject to adjustment

in accordance with the terms of the Arrangement).

The Companies believe that the Acquisition

will deliver significant benefits that will help accelerate the growth of Acreage across the United States powered by the expertise

of the world's leading cannabis company. In turn, Canopy Growth shareholders will benefit from a national turnkey platform in the

For more information about the Arrangement

and the Acquisition please see the respective information circulars of each of Canopy Growth and Acreage dated May 17, 2019, which

are available on Canopy Growth and Acreage's respective issuer profiles on SEDAR at www.sedar.com.

Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading

diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and

Softgel capsule forms, as well as medical devices through Canopy Growth'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. Canopy Growth has operations in over a dozen countries

across five continents.

Canopy Growth's medical division, Spectrum

Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the

public's understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development.

Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as

single cannabinoid Dronabinol under the brand Bionorica Ethics.

Canopy Growth operates retail stores across

Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large

and loyal following by focusing on quality products and meaningful customer relationships.

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 icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation

Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 4.7 million square feet of

production capacity, including over one million square feet of GMP certified production space. For more information visit www.canopygrowth.com.

Headquartered in New York City, Acreage is

the largest vertically integrated, multi-state owner of cannabis licenses and assets in the U.S. with respect to the number of

states with cannabis related licenses, according to publicly available information. Acreage owns licenses to operate or has management

services or consulting agreements in place with license holders to assist in operations in 20 states (including pending acquisitions)

with a population of approximately 180 million Americans, and an estimated 2022 total addressable market of more than $17 billion

in legal cannabis sales, according to Arcview Market Research. Acreage is dedicated to building and scaling operations to create

a seamless, consumer-focused branded cannabis experience. Acreage's national retail store brand, The Botanist, debuted in 2018.

Forward-Looking Statement

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 Companies or their respective 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. These forward-looking

statements include, but are not limited to, statements with respect to the implementation of the Arrangement and the timing for

its completion; the satisfaction of closing conditions to the Arrangement, including compliance by the Companies with various covenants

contained in the Arrangement Agreement; the timing and outcome of the Acquisition; the intention of Canopy Growth to waive the

Triggering Event as soon as the policies of the NYSE and/or the TSX permit completion of the Acquisition; the anticipated benefits

of the Acquisition to the Companies and their respective securityholders; and the impact of the Acquisition and anticipated growth

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 assumptions as to the ability of the parties to

receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the ability of the parties to satisfy,

in a timely manner, the other conditions to the implementation of the Arrangement; the expected timing for payment of the Option

Premium; the occurrence or waiver of the Triggering Event; the ability of the Companies to satisfy, in a timely manner, the conditions

to closing following the occurrence or waiver of the Triggering Event; other expectations and assumptions concerning the Acquisition;

and such risks contained in the management information circulars of Canopy Growth and Acreage dated May 17, 2019, in Canopy Growth's

annual information form dated June 27, 2018 and in Acreage's annual information form dated April 24, 2019 and filed with Canadian

securities regulators available on Canopy Growth and Acreage's respective issuer profiles on SEDAR at www.sedar.com. Readers are

cautioned that the foregoing list of factors is not exhaustive.

In respect of the forward-looking statements