Canopy Growth Revises Beverage Launch Timeline

Canopy Growth Revises Beverage Launch

SMITHS FALLS, ON, Jan. 17, 2020 /CNW/ - Canopy

Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED), (NYSE: CGC) submitted its final documentation

for its beverage facility to Health Canada in late June 2019 and subsequently received the licence in late November 2019. In the

seven weeks since receiving the licence, the Company has made meaningful progress towards scaling the production process for

its cannabis beverages from lab scale to commercial scale.

Management remains very confident in the underlying

beverage science and in its ability to scale production and deliver high quality, differentiated cannabis beverages to the market.

However, the scaling process is not complete, and the Company is extending its to-market date while the internal teams complete

"Canopy has had seven weeks to work with

THC in the brand new beverage facility to scale processes and IP it has developed in the R&D environment," said David

Klein, CEO, Canopy Growth. "In order to deliver products that meet our customer's high standards we are electing to revise

the launch date while we work through the final details."

Cannabis beverages have disruptive power and

in time, may introduce new consumers to the cannabis category. Canopy does not believe this delay will have a material impact on

The Company intends to provide an update with

the release of its Q3 FY20 financial results.

Here's to Future (Cannabis Category) Growth.

About Canopy Growth Corporation

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 10.5 million square feet

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

Notice Regarding 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 Canopy Growth 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 include statements with respect to future product format offerings. 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 the Company's ability to satisfy

provincial sales contracts or provinces purchasing all cannabis allocated to them, and such risks contained in the Company's annual

information form dated June 25, 2019 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

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. 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 an 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.

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SOURCE Canopy Growth Corporation

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For further information: Kyna Boyce, Media Relations, Kyna.boyce@canopygrowth.com,

613-485-2480; Tyler Burns, Vice President, Investor Relations, Tyler.Burns@canopygrowth.com, 855-558-9333 ext. 122

CO: Canopy Growth Corporation

CNW 07:11e 17-JAN-20