SPRING FORWARD WITH CANOPY GROWTH'S PORTFOLIO OF CANNABIS BEVERAGES

Canopy Growth introduces 6 new beverage flavours including Deep Space Propulsion Canada's first ever cannabis beverage with naturally occurring caffeine.

SMITHS FALLS, ON , March 29, 2023 /CNW/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, announced today, the introduction of Canada's first-to-market cannabis infused beverage with naturally occurring caffeine under the Deep Space brand. Canopy is also launching four new flavours under the Tweed brand for springtime enjoyment.

"Consumers can enjoy an extra spring in their step with the introduction of Deep Space Propulsion – a first of its kind cannabis beverages with naturally occurring caffeine," said Dave Paterson , President, Canada , Canopy Growth. "And, as consumers gear up to enjoy that extra hour of sunshine, Tweed is ready with new flavours to tantalize tastebuds. We're proud to bring new and novel products to life through the Deep Space and Tweed brands that offer ground-breaking experiences that surpass consumer expectations."

DEEP SPACE PROPULSION

Ready to boldly go, with a little extra pep in your step? Deep Space is launching two new cannabis beverages to its lineup, making it the first in the Canadian market to combine cannabis and caffeine in a beverage. Each with 10 mg THC, 30 mg of naturally occurring caffeine and 10 mg of CBG, Deep Space Propulsion Pulsar Peach and Deep Space Propulsion Cosmic Cherry Lime take cannabis beverages to a higher level. A choice between a peach soda with vibrant notes of honeydew and cantaloupe in the Deep Space Propulsion Pulsar Peach or a punch of zesty lime in a bold cherry soda in the Deep Space Propulsion Cosmic Cherry Lime, the 355ml beverages combine lively natural flavours – perfect for those looking to stay connected and enjoy spring's longer days.

TWEED

Tweed continues to expand its beverage product offerings with the introduction of Tweed Iced Tea Peach with 5mg THC. Pairing perfectly with warmer weather, the non-carbonated, naturally flavoured, sweet peach iced cannabis tea is a crowd pleaser and complements the Lemon and Raspberry iced tea flavours currently available to consumers through Tweed.

Craving a lemonier spring treat? Tweed's new cannabis infused Sparkling Lemonade, also available in strawberry, is a carbonated drink made with naturally flavoured fruit, juice and containing 7.5 mg of THC, making it a refreshing and tangy beverage perfect for cooling off as temperatures rise.

Tweed also welcomes Tweed Fizz Pineapple cannabis infused sparkling water to the brand's growing portfolio. The light and refreshing crowd-pleasing pineapple flavour beverage contains 5 mg THC and is naturally flavoured. The new flavour joins Tweed's current roster of Fizz flavours including cherry, mango, and watermelon.

These new offerings are available for purchase via legal recreational cannabis e-commerce channels and retail locations in select regions. For more information, please visit DeepSpace.com and Tweed.com.

About Canopy Growth Corporation
Canopy Growth Corporation ("Canopy") is a leading North American cannabis and CPG company dedicated to unleashing the power of cannabis to improve lives.

Through an unwavering commitment to our consumers, Canopy delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and Deep Space. Our CPG portfolio features sugar-free sports hydration brand BioSteel, 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 has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through its rights to Acreage Holdings, 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 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 well-being and life enhancement.

For more information visit www.canopygrowth.com .

Notice Regarding Forward-Looking Information
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, 2021 , 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