Canopy Growth Announces Voluntary Application for a Management Cease Trade Order

SMITHS FALLS, ON, May 26, 2023 /CNW/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) announced today, that further to the Company's previously announced internal review of the financial reporting matters related to BioSteel Sports Nutrition Inc. (the "BioSteel Review") and the determination from the Company that it will need to restate its (i) audited consolidated financial statements for the fiscal year ended March 31, 2022, included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and (ii) unaudited consolidated financial statements for the quarterly periods ended June 30, 2022, September 30, 2022 and December 31, 2022, included in the Corporation's Quarterly Reports on Form 10-Q for such quarterly periods (collectively, the "Restated Financial Statements"), as further described in the Company's material change report and the Company's Current Report on Form 8-K each dated May 10, 2023, pursuant to National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"), the Company has voluntarily applied to the applicable securities regulatory authorities for a management cease trade order related to the Company's securities to be imposed against certain directors and officers of the Company (the "MCTO"). Once granted, the MCTO will be in effect until the Restated Financial Statements are filed. The issuance of the MCTO does not generally affect the ability of persons who have not been directors or officers of the Company to trade in their securities in accordance with applicable securities laws. Further to the Company's recent filing of Form 12b-25 with the U.S. Securities and Exchange Commission, the Company is working diligently to complete the Biosteel Review and the Restated Financial Statements and expects to file its Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the "2023 10-K") on or before the expiration of the 15 calendar day extension provided by Rule 12b-25(b) ("Rule 12b-25(b)") promulgated under the U.S. Securities Exchange Act of 1934, as amended.  

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