Canopy Growth Announces Private Placement of up to US$50 Million

Canopy Growth Announces Private Placement of

SMITHS FALLS, ON. September 18, 2023 -- Canopy

Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (Nasdaq: CGC), today announced

that it has entered into subscription agreements (the "Subscription Agreements"), dated September 18, 2023, with certain

institutional investors (the "Investors") in a private placement offering (the "Offering") of 22,929,468

units ("Units") at a price per Unit of US$1.09 for aggregate gross proceeds of approximately US$25,000,000. The Investors

also hold an over-allotment option to acquire up to an additional 22,929,468 Units at a price per Unit of US$1.09 for aggregate gross

proceeds of US$25,000,000 at the discretion of the Investors at any time on or before November 2, 2023 (the "Over-Allotment Option").

The purpose of the offering is to provide the

Company with additional liquidity of up to US$50MM to further strengthen Canopy Growth's financial position and is expected to be

used for working capital and other general corporate purposes.

Each Unit will be comprised of one common share

of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant

will entitle the holder to acquire one Common Share from the Company at a price equal to US$1.35 for a period of five years from the date

of issuance. The Company has also agreed to provide the Investors with customary registration rights.

The closing of the private placement pursuant

to the Subscription Agreements (not including the Over-Allotment Option) is expected to occur on or about September 19, 2023, subject

to customary closing conditions.

This news release is issued pursuant to Rule 135c

under the Securities Act of 1933 and shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor

shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful

prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Any offering of the securities

under the resale registration statement will only be by means of a prospectus.

Canopy Growth is a leading

North American cannabis and consumer packaged goods ("CPG") company dedicated to unleashing the power of cannabis to improve

lives. Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream

cannabis brands including Doja, 7ACRES, Tweed, and Deep Space. Canopy Growth's CPG portfolio features targeted 24-hour skincare

and wellness solutions from This Works, gourmet wellness products by Martha Stewart CBD, and category defining vaporizer technology made

in Germany by Storz & Bickel.

Canopy Growth has also established

a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through its rights to Acreage Holdings, Inc.,

a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Northeast, as well

as Wana Brands, a leading cannabis edible brand in North America, and Jetty Extracts, a California-based producer of high-quality cannabis

extracts and pioneer of clean vape technology.

Beyond our world-class products,

Canopy Growth is leading the industry forward through a commitment to social equity, responsible use, and community reinvestment-pioneering

a future where cannabis is understood and welcomed for its potential to help achieve greater wellbeing and life enhancement.

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 Over-Allotment Option in connection with the Offering; the expected closing date of the Offering; expectations

regarding the strengthening of the Company's financial position; and expectations regarding the use of the proceeds from the

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 negative operating cash flow; uncertainty of additional financing;

use of proceeds; volatility in the price of the Common Shares; 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 and the impacts of increased rates of inflation; 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 www.sedar.com and

with the SEC through EDGAR at www.sec.gov/edgar, including under the heading "Risk Factors" in the Company's annual

report on Form 10-K for the year ended March 31, 2023 and its subsequently filed quarterly reports on Form 10-Q

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 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 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

information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Manager, Communications

Director, Investor Relations