Leading global cannabis company continues to expand beverage portfolio with exciting new products

Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, today announced the continued expansion of its cannabis beverage portfolio and a brand campaign that drives awareness of its wide range of cannabis beverages just in time for the summer season. Boasting the category's fastest growing brands,¹ Canopy Growth continues to show its leadership in beverages and ongoing commitment to meeting customer demand.

The Company showcases its diverse portfolio of cannabis beverages in its new Just Hits Different brand campaign which offers adult consumers a new way to enjoy familiar experiences, and a different type of drink to consume during special summer occasions like long weekends. The campaign comes to life across digital and social channels and aims to drive traffic, create awareness, and convert sales in store.

The campaign also features an interactive and educational flavour sampling program, the biggest the category has ever seen. Consumers can visit one of more than 1,400 Canadian cannabis retail locations to try a non-active flavour sample of products like Tweed Fizz Mango, Tweed Iced Tea Lemon, Deep Space Limon Splashdown, and Quatreau Passionfruit & Guava. The pop-up sampling events give consumers an opportunity to learn about the products, engage with brand ambassadors, and experience the flavours before adding them to their shopping cart. 

When consumers arrive in store, they will see a bigger-than-ever range of flavour-forward cannabis beverages from brands like Tweed, a 5 mg THC segment leader, and Deep Space, a high potency 10mg THC brand known for its bold, nostalgic flavours with a unique twist. Familiar favourites from Quatreau and Ace Valley, plus new offerings from Vert, round out the summer line-up, giving consumers a wide variety of options.

To make room for its new offerings and increased distribution, 785 fridges have been added in retail locations across the country, quadrupling their fridge footprint and further emphasizing the breadth and depth of their beverage portfolio.

"Our insights tell us that taste and seasonality play a key role in consumer choice, which is why we're excited to offer a range of new and familiar flavours for the summer," said Tara Rozalowsky, Vice President, Brand Marketing at Canopy Growth. "Our sampling events give consumers a chance to try our great-tasting beverage flavours, so when they're ready to add a beverage to their basket and experience cannabis in a whole new way, they know what our brands have to offer."

In addition to the recently announced Deep Space Orange Orbit and The Grape Unknown and range of Tweed Fizz and cannabis iced tea beverages, consumers will be able to enjoy three new beverage offerings debuting this summer: 

• Deep Space Ginger Ale Galaxy: Small, potent and ready-to-go, this infused carbonated beverage inspired by one of the top five carbonated drink flavours,² offers the gingery bite of a classic ginger ale, but with a unique twist of lemongrass. It's fueled by 10 mg of THC and comes in a 222 ml sleek can.
• Vert Solstice (Quebec only): Offered in a 222 ml can, this sparkling citrus and ginseng flavoured drink contains 5 mg of CBD and 2.5 mg of THC. 
• Vert Éclipse (Quebec only): Offered in a 222 ml can, this sparkling blackberry and lavender flavoured drink contains 10 mg of CBD and 2 mg of THC.

Canopy Growth's beverage offerings are available for purchase via legal recreational cannabis retail locations and e-commerce channels, with select products available in certain regions and for a limited time only.

Canopy Growth (TSX: WEED, NASDAQ: CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany. Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada, the United States, and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional federally-permissible CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com.

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This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws (collectively, "forward-looking statements"), which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. A discussion of some of the material factors applicable to Canopy Growth Corporation ("Canopy") can be found under the section entitled "Risk Factors" in Canopy's Annual Report on Form 10-K for the year ended March 31, 2022, filed with the Securities and Exchange Commission and with applicable Canadian securities regulators, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission and with applicable Canadian securities regulators, which can be accessed at www.sec.gov/edgar and www.sedar.com, respectively. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the filings. Any forward-looking statement included in this press release is made as of the date of this press release and, except as required by law, Canopy disclaims any obligation to update or revise any forward- looking statement. Readers are cautioned not to put undue reliance on any forward-looking statement. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.