CANOPY GROWTH CORPORATION Investor Presentation March 2020

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

KEY THEMES !"#"$%&'&$(($)*+%"*, -)$.&"%!/#*./%*&(01#/&*$&1&-$2+#/3&/4/2+*"$%&(01#/& 5+"63"%7&5)1%3#&1%3&()$3+2*#&$-&*$31,&1%3&*$.$))$8 2$.."**/3&*$&3/6"!/)"%7&#01)/0$63/)&!16+/ U

VISION & OPPORTUNITY BUILDING A PROFITABLE WORLD-CLASS CANNABIS COMPANY 7)$##&)/!/%+/&."4&9:;&-,<=&!#>&:;&-,?@A :;&-,?@ ! 7EFEGHIEJ&KLEG&MCN@..& OF&7GKPP&)ELEFQE&KF&H& #*)1*/7"2&&& **.&RHPOP < 12:+"#"*"$%# ?CB ! 6EHJOFS&THGUEI&PVHGE&OF& :;&-,<= 2HFHJOHF&)EWGEHIOKFHX& 21%13"1%&& D<B THGUEI& )/2)/1*"$%16&&& <CB "%*/)%1*"$%16& ! 3OLEGPOYOEJ&GELEFQE&TOZ& 21%13"1%& ./3"216 <@@B JGOLEF&R[&KGSHFOW&SGK\IV& <<B ./3"216 HFJ&PIGHIESOW&HW]QOPOIOKFP 21%13"1%& ./3"216 BI WV%HXBC%*,%WU%HXTYJ V

VISION & OPPORTUNITY DRIVE CONVERSION FROM ILLICIT TO REGULATED MARKET 2KTROFEJ&/PIOTHIEJ&.HGUEI&#O^E_&M5 "66"2"* )/7+61*/3 N>? @>; <>N C CN>; NN>D B U T BI 9Z[9G%%\-,),6#-%Z)$#5"*$G%!"(%]#)*('%,/%^:'%S#$-,)*()*G%_+)%TYB`G%#)%;<SG%@(-'(+*#,)+3%+)1%a(1#-+3%-,68#)(1J D TI a+'#L:+)+%[:$#)($$%H+-*8,,4%b*"%\1#*#,)%c%9+))+8#$%S+*+G%TYBd%#)%;<SG%@(-'(+*#,)+3%+)1%a(1#-+3%-,68#)(1J UI =',"#8#*#,)%=+'*)('$G%\:',&(+)%9+))+8#$%@(&,'*G%<(-,)1%\1#*#,)G%TYBb%e%H#/*"%\1#*#,)G%TYTYG%#)%;<SJ

VISION & OPPORTUNITY CANNABIS GLOBAL MARKET OPPORTUNITY /PIOTHIEJ& +>#> 21%131 C@@ M;Dd M?D@5`&*1. < ;D@ Countries /PIOTHIEJ&2HFFHROP& ;@@ #HXEP&LP>&$IVEG&2(7& With / Exploring 2HIESKGOEP&OF&2HFHJH&'& 8OIVOF&<D&[EHGP& ?D@ Legal Cannabis +>#>&9OF&213&M5A "FWXQJOFSa ?@@ ;;D ? Framework <D@ M<<d +>#>&)EW&HFJ&.EJOWHX& 40+ <@@ b<@@5 McN c <@< ; 2HFHJH&)EW&HFJ&.EJOWHX D@ c@ C b<<5 ?C D N N <= D @ 1XWKVKX *KRHWWK 2HFFHROP BI 9,)$*(33+*#,)%($*#6+*($G%9+),&F%($*#6+*($G%a+'#L:+)+%[:$#)($$%S+#3F%H+-*8,,4%TYBCG%#)%;<SJ TI <*+*#$*+G%A:5:$*%TYBCJ UI 9,0()G%\N:#*F%@($(+'-"G%!,8+--,%!Aa%;&1+*(O%\2-#5$%?($$%S#$':&*#>(G%9"+)5(%#)%;J<J%9#5+'(**(%!Aa%Ef%#)%8)IG%_+):+'F%TYTYJ ` VI TYBd%a+'#L:+)+%[:$#)($$%H+-*8,,4%b*"%\1#*#,)%c%9+))+8#$%S+*+G%TYBdJ DI a+'-"%TYTYG <*+*$%9+)+1+G%S(*+#3(1%",:$(",31%/#)+3%-,)$:6&*#,)%(K&()1#*:'(G%9+)+1+G%N:+'*('3FJ `I 9Z[9G%%\-,),6#-%Z)$#5"*$G%!"(%]#)*('%,/%^:'%S#$-,)*()*G%_+)%TYB`J bI !AaG%#)-3:1#)5%8,*"%Z33#-#*%+)1%@(5:3+*(1%6+'4(*$J

VISION & OPPORTUNITY RECRUIT NEW ADULT CONSUMERS TO THE CANNABIS MARKET \SZ[?\G%gA=\G =@\2@^??%AhS%^!Q\@ H^@a%HA9!^@<%9^a[Zh\SG ;J<J%<A?\<%aZi%j@\] H@^a ;DB&"%&?@<D G !^% D=B&"%&?@<d b

VISION & OPPORTUNITY ADD NEW CONSUMPTION OCCASIONS THROUGH NEW FORM FACTORS .KGE&*VHF& <eOFeC&(EKfXE& "FIEFJ& *K&+PE& 2HFFHROP& 5ELEGHSEP < BI 9,0()P$%9+)+1#+)%9+))+8#$%<:'>(F%Ea+F%TYBCG%)klBbYYI d

KEY THEMES !"#"$%&'&$(($)*+%"*, -)$.&"%!/#*./%*&(01#/&*$&1&-$2+#/3&/4/2+*"$%&(01#/ 5+"63"%7&5)1%3#&1%3&()$3+2*#&$-&*$31,&1%3&*$.$))$8 2$.."**/3&*$&3/6"!/)"%7&#01)/0$63/)&!16+/ C

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASE NEW LEADERSHIP TEAM’S KEY PRIORITIES !"#$%"#&'()*'+,#*)#-".)/"0 ! !" !"#$%&'()!'#*(+! #$%&'()&*(#' ! !"+#$," ,"!%$'-./#-.-+$!+01+#'-. -#+.&'/ ! !" 0(",+*/21' -#+.&'/"*0&*"-&'"%,',$&*," 0"$+*+3'.!/$4.,1"5 ! !" *(%$*'- &'1" !('-+21' .&$*',$"*#"&22"3*&4,0#21,$3 BY

CANOPY GROWTH CORPORATION Investor Presentation March 2020 - PowerPoint PPT Presentation

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