Canopy Growth Corporation reports fourth quarter and fiscal 2019 results with annual sales of $226.3M Achieved annual net revenue growth of 191% to $226.3 million. Generated $140.5 million of gross revenue from new Canad

Canopy Growth Corporation reports fourth

quarter and fiscal 2019 results with annual sales of $226.3M

Achieved annual net revenue growth of 191% to $226.3 million.

Generated $140.5 million of gross revenue from new Canadian recreational channel and $78.9 million in global medical sales.

Fourth quarter revenue growth of 13% versus third quarter

with additional revenue being generated through value-added products, extraction services, and clinic partners.

Shipped 24,300 kilograms and kilogram equivalents during

the fiscal year, including 16,300 kilograms of dry flower and 8,000 kilogram equivalents of oil and softgels.

Canadian cannabis harvested expected to increase to approximately

34,000 kilograms in Q1 fiscal 2020, with further licensed capacity still to come; additional capacity is expected to increase finished

inventory available for sale beginning in Q2 fiscal 2020.

Expansion in Smiths Falls bringing headquarters campus

footprint to over 950,000 square feet of value-add production and logistics space.

$5 billion investment secured from Constellation Brands

being deployed to accelerate global expansion, including the acquisition of medical cannabis device manufacturer, Storz & Bickel.

Subsequent to year end, the Company acquired Germany-based C³ Cannabinoid Compound Company, Europe's largest cannabinoid-based

pharmaceutical company and UK-based beauty and wellness brand, This Works Products Limited.

Rapid expansion into United States CBD market following

passage of new Farm Bill; investments and partnerships related to extraction, advanced manufacturing, and warehousing/logistics

are underway. Seeking to bring CBD products to market by the end of fiscal 2020.

Further solidified United States strategy with shareholder

approval of plan to acquire leading multi-state operator Acreage Holdings, Inc. ("Acreage") a deal which gives the Company

a path to serve recreational and medical markets upon federal permissibility, and licensing structure to provide Acreage with brand

and product IP to accelerate their United States market expansion.

International licences covering over 35 million square

feet of production now in place across Africa, Europe, and Latin America, with new certifications, sales and global partnerships

established to accelerate sales of medical and CBD products internationally (See Linked Monday Press Release).

At March 31, 2019, the Company's cash, cash equivalents

available, and marketable securities totaled $4.5 billion.

SMITHS FALLS, ON, June 20, 2019 /CNW/ - Canopy

Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE: CGC) today announced its financial

results for the fourth quarter and fiscal year ended March 31, 2019. The audited Consolidated Financial Statements and Management's

Discussion and Analysis for the twelve months ended March 31, 2019 will be filed on SEDAR after financial markets close on Friday,

June 21, 2019 and will be available at www.sedar.com. All financial information in this press release is reported in Canadian dollars,

unless otherwise indicated. This press release is intended to be read in conjunction with the Company's Financial Statements and

Management Discussion & Analysis, which will be available at www.canopygrowth.com and filed on SEDAR.

Fiscal year 2019 was a year of continued expansion

across key markets, including major steps towards completion of the Company's build-out in Canada. Management believes that the

strategy of investing early in large-scale, high quality Canadian production assets and significant value-add infrastructure has

been validated during the second half of fiscal 2019 as the majority of the Company's production platform became licensed and operational,

with further improvements in output expected as full ramp-up of facilities is completed. In the current quarter, Canopy Growth

expects to harvest approximately 34,000 kilograms, with further licensed capacity, ramp-up and efficiencies anticipated. The Company's

strategy has resulted in, to its knowledge, the largest market share in the Canadian cannabis market.

"The fourth quarter wraps up a historic

year with major steps taken in Canada to build-out our national platform while scaling all of our processes to bring cannabis to

market. The third quarter of the year benefitted from months of advanced production while the fourth quarter relied more on efficient

throughput and a more automated platform," said Bruce Linton, Chairman and Co-CEO of Canopy Growth. "With more product

formats coming to the Canadian market later in the year, we are working hard to ensure that we are ready to hit the ground running

with products, formats and brands that Canadians trust."

Recreational Sales Overview

Gross recreational revenue in fiscal 2019 was

$140.5 million, and accounted for 16,250 kilogram and kilogram equivalents, or 67% of total cannabis sold in fiscal 2019. Q4 to

Q3, gross recreational sales were largely similar with $68.9 million in gross recreational sales in Q4, down from $71.6 million

in gross recreational sales in Q3. As increased brick and mortar stores come online in key provinces of Ontario, Alberta, and British

Columbia, the Company will use its increased capacity to meet demand. Through the Company's investments in capacity and automation

across many of our processes, we approximately doubled our harvest size from Q3 fiscal 2019 to Q4 fiscal 2019, and expect to do

so again from Q4 fiscal 2019 to Q1 fiscal 2020, positioning us to ensure Canadian adult consumers have access to our trusted brand

Fiscal 2019 also welcomed our retail strategy,

which included securing licenses, rights to license, or permits to operate cannabis retail stores in four provinces - including

multi-year licensing agreements in Ontario to enable our partners to open additional retail stores. To date, we have launched (directly

or indirectly through licensing agreements) 23 cannabis retail stores in Newfoundland & Labrador, Manitoba, Saskatchewan, and

Ontario under the Tweed and Tokyo Smoke banners.

Medical Sales Overview

Total revenue generated from medical cannabis

in fiscal 2019 was $78.9 million, representing an increase of 6% over fiscal 2018. Medical cannabis shipments were 8,070 kilogram

and kilogram equivalents in fiscal 2019, representing a decrease of 7%.

Canadian medical sales generated revenue of

$68.8 million in fiscal 2019 as compared to $70.6 million in fiscal 2018.

The Company's Canadian online medical store

saw a period of major transformation during the fiscal year, with established brands Tweed, DNA Genetics, LBS and certain CraftGrow

partners largely transitioning to the recreational channel. This product transition, along with product supply challenges which

have since been remedied, led to a decline in the medical channel in the second half of fiscal 2019, with Canadian medical revenue

decreasing from $19.5 million in Q4 fiscal 2018 to $11.6 million in Q4 fiscal 2019. Following the re-brand of Spectrum Cannabis,

Canopy Health Innovations and C3 into a singular medically-focused division Spectrum Therapeutics, along with increasing

finished goods inventory levels, and corresponding price adjustments of select products, the Company believes that Canadian medical

sales under the Spectrum Therapeutics brand will be able to return to previous levels of market-leading customer registrations

International medical sales generated revenue

of $10.1 million in fiscal 2019, 173% growth over the previous fiscal year, driven by German market growth, as well as entry into

the Polish and Czech markets. The Company believes that European sales have been negatively impacted by supply challenges from

Canada, caused by a focus on serving Canadian patients first, as well as the lengthy export process in Canada. The Company believes

there is significant upside potential in Europe, and with its Canadian medical channel fully supplied and Danish production coming

online within the calendar year, believes it will see significant increases in Canadian and Danish product availability in this

market. The Company has also begun sales in new markets, including Australia.

The Company remains committed to investing

in significant clinical research, as well as leading programs to educate healthcare practitioners on the potential benefits of

medicinal cannabis in Canada and abroad. This outreach will continue increasing Spectrum Therapeutics brand visibility and is estimated

to result in increased patients, both within Canada and internationally as new markets come online.

Other Strategic Revenue

To begin diversifying the Company's business

into higher margin cannabis products and to complement intellectual property ("IP") being developed internally for the

expected high growth vape category, Canopy Growth acquired medical devices company Storz & Bickel in Q3. Sales of Storz &

Bickel vaporizer devices, along with revenue from other strategic sources including extraction services, and clinic partners, resulted

in $34 million in other revenue generated in fiscal 2019.

As Storz & Bickel continues to become further

and fully integrated within the Canopy Growth ecosystem, the Company anticipates that sales and revenue generated will continue

to increase as we expand product availability within our internal and partnered sales channels. Additionally, through this acquisition,

the Company gained invaluable access to Storz & Bickel's IP portfolio which has greatly benefited our innovation teams as we