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Canopy Growth Corporation

Canopy Growth Reports Full Year and 4th Quarter Fiscal 2020 Financial Results; Provides Strategic Review Update

Smiths Falls, Ontario (ots/PRNewswire)

Generated Net Revenue of $399 million in FY 2020, up 76% over FY 2019

In connection with previously announced organizational and strategic review, recorded impairment and restructuring charges of $743 million; the majority of which are non-cash charges

Gross Margin of (85)% in Q4 FY2020; excluding restructuring and other charges, achieved Adjusted Gross Margin of 42%

Net Loss of $1.3 billion; Adjusted EBITDA loss of $102 million in Q4 2020

Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE: CGC) today announced its financial results for the fourth quarter and full twelve-month fiscal year ended March 31, 2020. The Company is also sharing details of its new strategic plan aimed at winning in priority markets and categories and executing a path to profitability. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated. The fourth quarter and full twelve-month fiscal year 2020 financial results presented in this press release have been prepared in accordance with U.S. GAAP.

"Through the COVID-19 pandemic we have worked hard to ensure the health and well-being of our teams and customers and the continuity of our business. During this time, our team has rolled out our exciting new cannabis-infused beverages and vape products in Canada and a portfolio of CBD products in the US," shared CEO David Klein. "True to key priorities that I have outlined for Canopy, we have taken steps to align our capacity with the current market demand and focus our resources against the core markets with the largest and most tangible near-term profit opportunity."

Added Klein, "I am excited to implement our strategy reset and organization redesign over the course of fiscal 2021. We have a renewed strategic focus and a clear change agenda that is already underway. We are building what we believe is the best cannabis company in the world by putting the consumer at the heart of everything we do and are re-aligning our organization to be faster and more agile."

Strategic and Organizational Update

Canopy Growth's overall strategy is to unleash the full potential of cannabis, capture sizable market share in focus categories and markets and execute a path to profitability to build sustainable, long-term shareholder value.

The Company no longer strives to be the first to every market, but strives to the best and become a leading consumer insights and product development company in select priority markets, that matches products and consumer preferences in the cannabis space. To achieve this, Canopy Growth will focus on:

- Becoming a relentlessly consumer-centric organization by
  building world-class consumer insights and analytics, coupled
  with focused, leading-edge R&D and innovation to produce a
  differentiated product portfolio that will delight consumers.
  The Company will bring these products to the hands of consumers
  through best-in-class sales execution;
- Markets and product categories with the highest and most
  tangible profit opportunities in the near term. Core markets
  will be Canada, US and Germany with focus on recreational and
  medical. To capture future opportunities in emerging markets
  and categories outside the core, Canopy Growth will deploy an
  asset-light approach;
- Driving quality in all aspects of our operation and be
  positioned to deliver the right product at the right time at
  the right price from the right facility; and
- Continuing to lead the industry and set industry standards.
  This includes spearheading the next phase of the cannabis
  industry evolution and shaping how the industry evolves. The
  Company will continue to give back to neighbors and communities
  through its Grow Good Together initiatives.

Canopy Growth expects Fiscal 2021 to be a transition year as the Company resets its strategic focus, rolls out a new organizational design, and implements a comprehensive operational and supply chain productivity program. Given this, as well as the significant COVID-19 related uncertainties that exist, the Company is withdrawing its previously communicated milestones for achieving positive Adjusted EBITDA and Net Income. Depending on the impacts of COVID-19, Canopy Growth may provide new metrics by which to measure the Company's performance in the second half of fiscal 2021.

 Fourth Quarter Fiscal 2020 Financial Summary                                   
          Net     Gross marginper Adjustedgross  Net loss AdjustedEBITD Free ca 
          revenue centage         marginpercenta          A2            shflow3 
 Reported $107.9  (85%)           42%            $(1,326. $(102.0)      $(304.7 
                                                 4)                     )       
 vs. Q3   (13%)   NM              1,100 bps      (1110%)  (5%)          15%     
 vs. Q4   15%     NM              2,000 bps      (282%)   (8%)          22%     
 Fiscal Year 2020 Financial Summary                                             
         Net     Gross marginpe Adjustedgross m Net loss AdjustedEBITD Free cas 
         revenue rcentage       arginpercentage          A2            hflow3   
 Reporte $398.8  (8%)           26%             $(1,387. $(442.8)      $(1,477. 
 d                                              4)                     6)       
 vs.     76%     (2,000) bps    1,400 bps       (95%)    (53%)         (25%)    
 1 Adjusted gross margin is a non-GAAP measure, and for Q4 2020 excludes (i)    
 restructuring and other charges of $132.1 million related to the impact of     
 restructuring actions; and (ii) $4.7 million related to the flow-through of    
 inventory step-up associated with fiscal 2020 business combinations. See       
 "Non-GAAP Measures".                                                           
 2 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures".              
 3 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures".               
 4 Adjusted gross margin is a non-GAAP measure, and for fiscal 2020 excludes    
 charges of $136.8 million incurred in Q4 2020, as described in footnote 1      
 above. See "Non-GAAP Measures".                                                

Fourth Quarter Fiscal 2020 Corporate Financial Highlights

- Revenues : Net revenue in Q4 2020 decreased 13% versus Q3 2020
  driven primarily by lower Canadian recreational revenue.
- Gross margin : : Reported gross margin, including one-time
  restructuring and other charges, was (85%). Adjusted gross
  margin, excluding one-time restructuring and other charges and
  inventory step-up costs, was 42% in Q4 2020, representing an
  increase of 1,100 bps from Q3 2020. Adjusted gross margin
  performance in Q4 2020 was positively impacted by higher
  facility utilization and growth in high margin international
  medical cannabis sales.
- Operating expenses : SG&A expenses in Q4 2020 increased 17%
  over Q3 2020 driven primarily by a combined $15 million
  increase in General & Administrative and Sales & Marketing
- Net Loss : Net loss of $1.3 billion in Q4 2020, primarily
  driven by impairment and restructuring charges, other
  impairment charges which were primarily identified during our
  annual impairment testing, and other non-cash fair value
- Adjusted EBITDA : Adjusted EBITDA loss of $102 million in Q4
  2020, a $5 million wider loss versus Q3 2020 driven by lower
  sales and higher operating expenses.
- Cash Position : Gross cash balance was $2.0 billion at March
  31, 2020, down from $2.3 billion at the end of Q3 2020
  reflecting the EBITDA loss, capital investments and mergers and
  acquisitions activities.
- Restructuring and Impairment Costs : In line with our previous
  announcement (March 4, 2020), we recorded a pre-tax
  restructuring and impairment charge of $743 million in Q4 2020,
  of which $28 million is estimated to be a cash charge.
  Additionally, we recorded impairment charges of $100 million Q4
  2020, which were primarily identified during our annual
  impairment testing process.

Business & Operational Highlights

- COVID-19 response : Management has been closely monitoring the
  impact of COVID-19, with a focus on the health and safety of
  our employees, business continuity and supporting our
  communities. The majority of non-production related staff
  continue to work from home; we implemented daily screening
  process for production facility access; temporarily closed
  corporate-owned retail stores in mid-March but re-opened 20
  stores with reduced hours as well as click & collect ordering;
  rolled out click & collect to 100% of all Tokyo Smoke and Tweed
  licensed stores and added same day delivery for Tokyo Smoke
  partner stores.
- UL certified Juju Power 510 battery as well as 510 vape
  cartridges under Tweed and Twd. brands, representing a total of
  five SKUs, are available in the Canadian recreational market.
- UL certified Tokyo Smoke Luma pod-based vape devices, Luma "Go"
  pods and Luma "Pause" pods are available in the Canadian
  recreational market.
- Ready to Drink ("RTD") beverages under Tweed and Houseplant
  brands, representing a total of three SKUs, are available in
  the Canadian recreational market.
- Company has expanded offering of Hemp-derived CBD products with
  the launch of a line of First & Free topical creams in select
  states in the US and the launch of This Works' line of
  clinically-proven CBD Booster skin products in the United
  Kingdom, Germany and select states in the US.
- On May 1, 2020, an indirect wholly-owned subsidiary of
  Constellation Brands (NYSE:STZ) exercised warrants for
  approximately C$245 million , representing approximately 5.1%
  of our issued and outstanding common shares.
 Fourth Quarter and Fiscal Year 2020 Financial and Operational Review           
 (in millions of         Q4 2020     vs. Q3    vs. Q4   FY2020       vs. FY2019 
 Canadian dollars,                   2020      2019                             
 Canadian recreational                                                          
 - Business to business  $36.7       (31%)     (36%)    $157.3       34%        
 - Business to consumer  $13.1       (14%)     12%      $52.0        125%       
 Canadian recreational   $49.8       (28%)     (28%)    $209.3       49%        
 Canadian medical        $14.9       1%        29%      $56.8        (17%)      
 International medical   $20.7       11%       1051%    $68.0        574%       
 All other revenue       $29.7       (11%)     23%      $105.5       210%       
 Excise taxes            $(7.2)      (39%)     (42%)    $(40.8)      51%        
 Net revenue             $107.9      (13%)     15%      $398.8       76%        
 (in millions of         Q4 2020     vs. Q3    vs. Q4   FY2020       vs. FY2019 
 Canadian dollars,                   2020      2019                             
 Canadian recreational                                                          
 - Dry bud1              $48.9       (29%)     51%      $238.1       188%       
 - Oils, softgels and    $6.3        34%       (83%)    $22.7        -61%       
 Cannabis 2.0 products2                                                         
 - Other revenue         $(5.4)      2%        NM       $(51.5)      NM         
 Global medical revenue                                                         
 - Dry bud               $9.8        7%        34%      $35.8        -30%       
 - Oils and softgels     $25.8       6%        329%     $89.0        224%       
 All other revenue       $29.7       (11%)     23%      $105.5       210%       
 Excise taxes4           $(7.2)      (39%)     (42%)    $(40.8)      51%        
 Net revenue             $107.9      (13%)     15%      $398.8       76%        
 1 Excludes the impact of other revenue adjustments.                            
 2 Cannabis 2.0 products include cannabis-infused chocolates, cannabis-infused  
 beverages, and cannabis vape products (including power sources such as         
 rechargeable and compact batteries, ready-to-go vape pens, and cartridges/vape 
 3 Other revenue adjustments represent the Company's determination of returns   
 and pricing adjustments, and relate to the Canadian recreational               
 business-to-business channel.                                                  
 4 Excise taxes is presented net of the impact from other revenue adjustments.  

Canadian Cannabis

- Recreational B2B sales in Q4 2020 decreased 31% from Q3 2020 as
  growth in softgels, oil, and Cannabis 2.0 products was more
  than offset by an overall decline in flower and pre-roll
- Recreational B2C sales in Q4 2020 decreased 14% from prior
  quarter due to the expected off peak seasonal demand decline
  and the closure of corporate-owned retail stores late in the
  quarter in response to COVID-19.
- Medical sales in Q4 2020 remained consistent quarter over
  quarter (Q3 2020 vs. Q4 2020).

International Cannabis

- C3 revenue in Q4 2020 increased 10% over Q3 2020.
- Germany cannabis sales increased 14% in Q4 2020 over Q3 2020
  benefiting from improved supply and increased demand.
- International cannabis revenue accounted for 24% of total
  cannabis revenues in Q4 2020.

Strategic Acquisitions

- This Works sales in Q4 2020 were consistent with seasonally
  strong Q3 2020.
- Storz & Bickel ("S&B") vaporizer revenue decreased over Q3 2020
  due to seasonal decline.
- BioSteel Sports Nutrition revenue decreased by 20% over Q3 2020
  due to expected seasonal decline and reduction of thirty-party
  distribution and retail in response to COVID-19.

Webcast and Conference Call Information

The Company will host a conference call and audio webcast with David Klein, CEO and Mike Lee, CFO at 10:00 AM Eastern Time on May 29, 2020.

Webcast Information
A live audio webcast will be available at:;tp_key=850fd370f4
Replay Information
A replay of the call will be accessible by webcast, until 11:59 PM ET on August 
27, 2020, at;tp_key=850fd370f4

U.S. GAAP Financial Reporting

Effective April 1, 2020, Canopy Growth is considered a U.S. domestic issuer and is required to prepare financial statements in compliance with U.S. GAAP. Accordingly, our consolidated audited financial statements for the year ended March 31, 2020, including all comparative figures, have been restated in accordance with these standards.

As part of this transition, Canopy Growth will also be required to provide an auditor attestation report under Section 404(b) of the Sarbanes-Oxley Act in connection with its Annual Report on Form 10-K to be filed with the Securities and Exchange Commission ("SEC").

Non-GAAP Measures

Adjusted EBITDA is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted EBITDA is calculated as the reported net loss, adjusted to exclude income tax recovery (expense), other income (expense), net, and loss on equity method investments, share-based compensation expense, depreciation and amortization expense, asset impairment and restructuring costs, restructuring and other charges recorded in cost of goods sold, and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs. The Adjusted EBITDA reconciliation is presented within this news release and explained in the Company's Annual Report on Form 10-K to be filed with the SEC.

Adjusted Gross Margin is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted Gross Margin is calculated as gross margin excluding restructuring and other charges recorded in cost of goods sold and charges related to the flow-through of inventory step-up associated with business combinations. The Adjusted Gross Margin reconciliation is presented within this news release.

Free Cash Flow is a non- GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. This measure is calculated as net cash provided by (used in) operating activities less purchases of and deposits on property, plant and equipment. The Free Cash Flow reconciliation is presented within this news release and explained in the Company's Annual Report on Form 10-K to be filed with the SEC.

The following schedules are provided in this news release:

- Schedule 1 - Consolidated Balance Sheet at March 31, 2020 and
  March 31, 2019
- Schedule 2 - Consolidated Statements of Operations for FY2020
  and FY2019
- Schedule 3 - Consolidated Statements of Operations for Q4 2020
  and Q4 2019
- Schedule 4 - Consolidated Statements of Cash Flows for FY2020
  and FY2019
- Schedule 5 - Adjusted EBITDA Reconciliations for Q4 2020, Q3
  2020, Q2 2020, Q1 2020, and FY2020
- Schedule 6 - Adjusted EBITDA - IFRS to US GAAP Differences for
  Q3 2020, Q2 2020, and Q1 2020
- Schedule 7 - Gross Margin - IFRS to US GAAP Differences for Q4
  2020, Q3 2020, Q2 2020, Q1 2020, and FY2020
- Schedule 8 - Adjusted Gross Margin Reconciliations for Q4 2020,
  Q3 2020, Q2 2020, Q1 2020, and FY2020
- Schedule 9 - Free Cash Flow Reconciliation for Q4 2020 and

Exemption for Filing of Restated Interim Financial Reports

As of April 1, 2020, the Company is considered an "SEC issuer" as defined under National Instrument 51-102 - Continuous Disclosure Obligations (" NI-51-102 ") and must file restated interim financial reports prepared in accordance with the generally accepted accounting principles in the United States that the SEC has identified as having substantial authoritative support, as supplemented by Regulation S-X and Regulation S-B under the 1934 Act (" U.S. GAAP ") for the interim periods since its most recently completed financial year for which annual financial statements have been filed (the " Restated Interim Financial Reports ") on or before the deadline for the Company to file its audited annual financial statements for the year ended March 31, 2020, being June 1, 2020.

The Company is relying on an exemption granted by the Ontario Securities Commission to provide the Company with an additional 45 days from the deadline otherwise applicable under NI 51-102. As such, the Company will be filing its Restated Interim Financial Reports and related MD&A prepared in accordance with U.S. GAAP on or before July 16, 2020. The Company confirms that its management and other insiders are subject to our Insider Trading Policy which contains an insider trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions .

About Canopy Growth Corporation

Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the Company's subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents.

The Company's medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.

The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.

From our public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 5.2 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit;l=en&o=2816588-1&h=3872147537&

Notice Regarding Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws, 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. Our actual results or outcomes may differ materially from those anticipated. 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 include, but are not limited to, statements with respect to:

- the uncertainties associated with the COVID-19 pandemic,
  including our ability to continue operations, the ability of
  our suppliers and distribution channels to continue to operate,
  and the use of our products by consumers, and disruptions to
  the global and local economies due to related stay-at-home
  orders, quarantine policies and restrictions on travel, trade
  and business operations and a reduction in discretionary
  consumer spending;
- laws and regulations and any amendments thereto applicable to
  our business and the impact thereof, including uncertainty
  regarding the application of U.S. state and federal law to U.S.
  hemp (including CBD) products and the scope of any regulations
  by the U.S. Federal Drug Administration, the U.S. Federal Trade
  Commission, the U.S. Patent and Trademark Office, the U.S.
  Department of Agriculture (the "USDA") and any state equivalent
  regulatory agencies over U.S. hemp (including CBD) products;
- expectations regarding the regulation of the U.S. hemp industry
  in the U.S., including the promulgation of regulations for the
  U.S. hemp industry by the USDA;
- expectations regarding the potential success of, and the costs
  and benefits associated with, our acquisitions, joint ventures,
  strategic alliances and equity investments;
- the plan of arrangement with Acreage Holdings, Inc., including
  the consummation of such acquisition upon the occurrence or
  waiver of changes in U.S. federal law to permit the general
  cultivation, distribution and possession of marijuana or to
  remove the regulation of such activities from the federal laws
  of the United States and our intention to waive such condition
  as soon as the policies of the New York Stock Exchange and/or
  the Toronto Stock Exchange permit completion of the
  acquisition, provided that completion of the acquisition would
  not violate any third-party agreements, including those entered
  into by us with Constellation Brands, Inc. and its affiliates
  (together, the "CBI Group");
- the grant, renewal and impact of any license or supplemental
  license to conduct activities with cannabis or any amendments
- our international activities and joint venture interests,
  including required regulatory approvals and licensing,
  anticipated costs and timing, and expected impact;
- the ability to successfully create and launch brands and
  further create, launch and scale cannabis-based products and
  U.S. hemp-derived consumer products in jurisdictions where such
  products are legal and that we currently operate in;
- the benefits, viability, safety, efficacy, dosing and social
  acceptance of cannabis, including CBD and other cannabinoids;
- the anticipated benefits and impact of the CBI Group
  investments in us (the "CBI Group Investments");
- the potential exercise of the warrants held by the CBI Group,
  pre-emptive rights and/or top-up rights in connection with the
  CBI Group Investments, including proceeds to us that may result
  therefrom or the potential conversion of notes held by the CBI
  Group in connection with the CBI Group Investments;
- expectations regarding the use of proceeds of equity
  financings, including the proceeds from the CBI Group
- the legalization of the use of cannabis for medical or
  recreational in jurisdictions outside of Canada, the related
  timing and impact thereof and our intentions to participate in
  such markets, if and when such use is legalized;
- our ability to execute on our strategy and the anticipated
  benefits of such strategy;
- the ongoing impact of the legalization of additional cannabis
  product types and forms for recreational use in Canada,
  including federal, provincial, territorial and municipal
  regulations pertaining thereto, the related timing and impact
  thereof and our intentions to participate in such markets;
- the ongoing impact of developing provincial, territorial and
  municipal regulations pertaining to the sale and distribution
  of cannabis, the related timing and impact thereof, as well as
  the restrictions on federally regulated cannabis producers
  participating in certain retail markets and our intentions to
  participate in such markets to the extent permissible;
- the future performance of our business and operations;
- our competitive advantages and business strategies;
- the competitive conditions of the industry;
- the expected growth in the number of customers using our
- our ability or plans to identify, develop, commercialize or
  expand our technology and research and development initiatives
  in cannabinoids, or the success thereof;
- expectations regarding revenues, expenses and anticipated cash
- expectations regarding cash flow, liquidity and sources of
- expectations regarding capital expenditures;
- the expansion of our production and manufacturing, the costs
  and timing associated therewith and the receipt of applicable
  production and sale licenses;
- the expected growth in our growing, production and supply chain
- expectations regarding the resolution of litigation and other
  legal proceedings;
- expectations with respect to future production costs;
- expectations with respect to future sales and distribution
- the expected methods to be used to distribute and sell our
- our future product offerings;
- the anticipated future gross margins of our operations;
- accounting standards and estimates;
- expectations regarding our distribution network; and
- expectations regarding the costs and benefits associated with
  our contracts and agreements with third parties, including
  under our third-party supply and manufacturing agreements.

Certain of the forward-looking statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.

The forward-looking statements contained herein are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: (i) management's perceptions of historical trends, current conditions and expected future developments; (ii) our ability to generate cash flow from operations; (iii) general economic, financial market, regulatory and political conditions in which we operate; (iv) the production and manufacturing capabilities and output from our facilities and our joint ventures, strategic alliances and equity investments; (v) consumer interest in our products; (vi) competition; (vii) anticipated and unanticipated costs; (viii) government regulation of our activities and products including but not limited to the areas of taxation and environmental protection; (ix) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; (x) our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (xi) our ability to conduct operations in a safe, efficient and effective manner; (xii) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our recent acquisitions into our existing operations; (xiii) our ability to continue to operate in light of the COVID-19 pandemic and the impact of the pandemic on demand for, and sales of, our products and our distribution channels; and (xiv) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this press release and other reports we file with, or furnish to, the Securities and Exchange Commission (the "SEC") and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, the risk that the COVID-19 pandemic may disrupt our operations and those of our suppliers and distribution channels and negatively impact the use of our products; consumer demand for cannabis and U.S. hemp products; that cost savings and any other synergies from the CBI Group Investments may not be fully realized or may take longer to realize than expected; future levels of revenues; our ability to manage disruptions in credit markets or changes to our credit rating; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; business strategies, growth opportunities and expected investment; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); the potential effects of judicial or other proceedings on our business, financial condition, results of operations and cash flows; volatility in and/or degradation of general economic, market, industry or business conditions; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis and U.S. hemp products in vaping devices; the anticipated effects of actions of third parties such as competitors, activist investors or federal, state, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; changes in regulatory requirements in relation to our business and products; and the factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2020 to be filed with the SEC. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.

Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.

 Schedule 1                                                                     
 Canadian dollars, except number of shares, unaudited)                          
                                   March 31, 2020            March 31, 2019     
 Current assets:                                                                
 Cash and cash equivalents     $   1,303,176              $  2,480,830          
 Short-term investments            673,323                   2,034,133          
 Restricted short-term             21,539                    21,432             
 Amounts receivable, net           90,155                    106,974            
 Inventory                         391,086                   190,072            
 Prepaid expenses and other        85,094                    85,691             
 Total current assets              2,564,373                 4,919,132          
 Equity method investments         65,843                    112,385            
 Other financial assets            249,253                   363,427            
 Property, plant and equipment     1,524,803                 1,096,340          
 Intangible assets                 476,366                   558,070            
 Goodwill                          1,954,471                 1,489,859          
 Other assets                      22,636                    25,902             
 Total assets                  $   6,857,745              $  8,565,115          
 LIABILITIES AND SHAREHOLDERS' EQUITY                                           
 Current liabilities:                                                           
 Accounts payable              $   123,393                $  188,920            
 Other accrued expenses and        64,994                    37,613             
 Current portion of long-term      16,393                    103,716            
 Other liabilities                 215,809                   81,414             
 Total current liabilities         420,589                   411,663            
 Long-term debt                    449,022                   842,259            
 Deferred income tax               47,113                    105,081            
 Liability arising from            250,000                   -                  
 Acreage Arrangement                                                            
 Warrant derivative liability      322,491                   -                  
 Other liabilities                 190,660                   134,004            
 Total liabilities                 1,679,875                 1,493,007          
 Commitments and contingencies                                                  
 Redeemable noncontrolling         69,750                    6,400              
 Canopy Growth Corporation                                                      
 shareholders' equity:                                                          
 Common shares - $nil par          6,373,544                 6,029,222          
 value; Authorized - unlimited                                                  
 number of shares;Issued -                                                      
 350,112,927 shares and                                                         
 Additional paid-in capital        2,615,155                 1,592,024          
 Accumulated other                 220,899                   (5,905)            
 comprehensive income (loss)                                                    
 Deficit                           (4,323,236)               (835,118)          
 Total Canopy Growth               4,886,362                 6,780,223          
 Corporation shareholders'                                                      
 Noncontrolling interests          221,758                   285,485            
 Total shareholders' equity        5,108,120                 7,065,708          
 Total liabilities and         $   6,857,745              $  8,565,115          
 shareholders' equity                                                           

CONTACT: Laura Nadeau, Media Relations,, 613-485-0386; Judy Hong, Vice President, Investor Relations (USA),; Tyler Burns, Vice President, Investor Relations (Canada),, 855-558-9333 ext. 122

Weitere Storys: Canopy Growth Corporation
Weitere Storys: Canopy Growth Corporation