Ace Valley's strong consumer loyalty and focus on "Ready to Enjoy" products further strengthens Canopy Growth's leading house of brands

Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) is proud to announce that it has completed the acquisition of AV Cannabis Inc. ("Ace Valley") - one of Ontario's leading cannabis brands. With a strong focus on ready-to-enjoy ("RTE") products and a loyal following of millennial and Gen-Z consumers, the acquisition will strengthen Canopy's industry leading house of brands.

Through this acquisition, Canopy Growth will acquire 100 percent of Ace Valley with the intention of leveraging the Company's best-in-class national sales, marketing and distribution capabilities to expand the product portfolio and scale the brand across Canada.

"The team at Ace Valley has built a premium cannabis brand, with an impressive consumer following and we're excited to deploy the full distribution power of Canopy Growth to expand the brand to consumers across Canada," said Rade Kovacevic, President & Chief Product Officer of Canopy Growth. "Ace Valley's complementary consumer positioning fits perfectly into Canopy Growth's strategy of building authentic brands that truly resonate with consumers."

"This is a Canadian success story and proof of the enduring value of authentic, thoughtfully crafted brands and we're proud to have built a strong and loyal consumer following behind Ace Valley," said Mike Wagman and Jesse Dallal, Founders of Ace Valley. "Having collaborated with Canopy Growth through the early success of the brand, we're confident that the integrity of Ace Valley will endure as the talented team at Canopy Growth takes it to the next level."

Ace Valley holds top 5 and top 10 market positions in Ontario across its range of SKUs¹ and complements Canopy Growth's existing portfolio of premium vapes, pre-roll joints, and gummies. Ace Valley has carved out a leading position and a particularly strong following among millennial and Gen-Z consumers. This success to date is a perfect example of the continued value of consumer-focused brands, confirming that many cannabis consumers are looking for premium, RTE products from brands they connect with.

Canopy Growth expects to unlock revenue growth opportunities and cost synergies as the Ace Valley brand is extended, leveraging Canopy Growth's distribution network, and by optimizing the mix of insourced and outsourced production to maximize margin.

About Canopy Growth Corporation

Canopy Growth (TSX:WEED,NASDAQ:CGC) is a world-leadinWebsite - canopygrowth.comg 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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