CGC Investor Presentation March 2020 - Canopy Growth · CGC Investor Presentation March 2020 - Canopy Growth ... ty

CANOPY GROWTH CORPORATIONInvestor Presentation

March 2020

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

H,'0+'12?,,4#)5%<*+*(6()*$%+'(%$:8L(-*%*,%+%):68('%,/%'#$4$%+)1%:)-('*+#)*#($%*"+*%6+F%-+:$(%*"(%+-*:+3%(>()*$%,'%'($:3*$%*,%1#//('%6+*('#+33F%/',6%*",$(%1#$-:$$(1%#)%*"(%H,'0+'12?,,4#)5%<*+*(6()*$G%+)1%(>()%#/%(>()*$%,'%'($:3*$%1#$-:$$(1%#)%*"(%H,'0+'12?,,4#)5%<*+*(6()*$%+'(%'(+3#M(1%,'%$:8$*+)*#+33F%'(+3#M(1G%*"('(%-+)%8(%),%+$$:'+)-(%*"+*%*"(F%0#33%"+>(%*"(%(K&(-*(1%-,)$(N:()-($%*,G%,'%(//(-*$%,)G%*"(%9,6&+)FJ%

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

H#)+)-#+3%+6,:)*$%#)%9+)+1#+)%S,33+'$G%:)3($$%,*"('0#$(%$&(-#/#(1J

FORWARD-LOOKING STATEMENT

T

!"#"$%&'&$(($)*+%"*,

-)$.&"%!/#*./%*&(01#/&*$&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+/

KEY THEMES

U

VISION & OPPORTUNITYBUILDING A PROFITABLE WORLD-CLASS CANNABIS COMPANY

V

7)$##&)/!/%+/&."4&9:;&-,<=&!#>&:;&-,?@A

#*)1*/7"2&&&12:+"#"*"$%#

"%*/)%1*"$%16&./3"216

21%13"1%&./3"216

21%13"1%&&)/2)/1*"$%16&&&

<@@B

:;&-,<= ?CB

<CB

<<B

D<B

:;&-,?@

21%13"1%&./3"216

! 7EFEGHIEJ&KLEG&MCN@..&OF&7GKPP&)ELEFQE&KF&H&**.&RHPOP<

! 6EHJOFS&THGUEI&PVHGE&OF&2HFHJOHF&)EWGEHIOKFHX&THGUEI&

! 3OLEGPOYOEJ&GELEFQE&TOZ&JGOLEF&R[&KGSHFOW&SGK\IV&HFJ&PIGHIESOW&HW]QOPOIOKFP

BI WV%HXBC%*,%WU%HXTYJ

VISION & OPPORTUNITYDRIVE CONVERSION FROM ILLICIT TO REGULATED MARKET

D

2KTROFEJ&/PIOTHIEJ&.HGUEI&#OÊ_&M5

BI 9Z[9G%%\-,),6#-%Z)$#5"*$G%!"(%]#)*('%,/%^:'%S#$-,)*()*G%_+)%TYB`G%#)%;<SG%@(-'(+*#,)+3%+)1%a(1#-+3%-,68#)(1JTI a+'#L:+)+%[:$#)($$%H+-*8,,4%b*"%\1#*#,)%c%9+))+8#$%S+*+G%TYBd%#)%;<SG%@(-'(+*#,)+3%+)1%a(1#-+3%-,68#)(1JUI =',"#8#*#,)%=+'*)('$G%\:',&(+)%9+))+8#$%@(&,'*G%<(-,)1%\1#*#,)G%TYBb%e%H#/*"%\1#*#,)G%TYTYG%#)%;<SJ

C

<>N

CN>;

N>?

NN>D

@>;

B T U

"66"2"* )/7+61*/3

VISION & OPPORTUNITYCANNABIS GLOBAL MARKET OPPORTUNITY

`

Countries With / Exploring Legal Cannabis

Framework

40+

/PIOTHIEJ&M?D@5`&*1.<

8OIVOF&<D&[EHGP&"FWXQJOFSa

+>#>&)EW&HFJ&.EJOWHX&b<@@5

2HFHJH&)EW&HFJ&.EJOWHXb<<5 ?CD <=D NN

;;D?

<@<;

c@C

@

D@

<@@

<D@

?@@

?D@

;@@

;D@

C@@

1XWKVKX *KRHWWK 2HFFHROP

/PIOTHIEJ&2HFFHROP&#HXEP&LP>&$IVEG&2(7&

2HIESKGOEP&OF&2HFHJH&'&+>#>&9OF&213&M5A

BI 9,)$*(33+*#,)%($*#6+*($G%9+),&F%($*#6+*($G%a+'#L:+)+%[:$#)($$%S+#3F%H+-*8,,4%TYBCG%#)%;<SJTI <*+*#$*+G%A:5:$*%TYBCJUI 9,0()G%\N:#*F%@($(+'-"G%!,8+--,%!Aa%;&1+*(O%\2-#5$%?($$%S#$':&*#>(G%9"+)5(%#)%;J<J%9#5+'(**(%!Aa%Ef%#)%8)IG%_+):+'F%TYTYJVI TYBd%a+'#L:+)+%[:$#)($$%H+-*8,,4%b*"%\1#*#,)%c%9+))+8#$%S+*+G%TYBdJDI a+'-"%TYTYG <*+*$%9+)+1+G%S(*+#3(1%",:$(",31%/#)+3%-,)$:6&*#,)%(K&()1#*:'(G%9+)+1+G%N:+'*('3FJÌ 9Z[9G%%\-,),6#-%Z)$#5"*$G%!"(%]#)*('%,/%^:'%S#$-,)*()*G%_+)%TYB`JbI !AaG%#)-3:1#)5%8,*"%Z33#-#*%+)1%@(5:3+*(1%6+'4(*$J

M;Dd

M<<d

McNc

+>#> 21%131

VISION & OPPORTUNITYRECRUIT NEW ADULT CONSUMERS TO THE CANNABIS MARKET

b

\SZ[?\G%gA=\G=@\2@^??%AhS%^!Q\@

H^@a%HA9!^@<%9â[Zh\SG;J<J%<A?\<%aZi%j@\]

H@â;DB&"%&?@<DG

!^%D=B&"%&?@<d

VISION & OPPORTUNITYADD NEW CONSUMPTION OCCASIONS THROUGH NEW FORM FACTORS

d

.KGE&*VHF&<eOFeC&(EKfXE&"FIEFJ&*K&+PE&2HFFHROP&5ELEGHSEP<

BI 9,0()P$%9+)+1#+)%9+))+8#$%<:'>(F%Ea+F%TYBCG%)klBbYYI

!"#"$%&'&$(($)*+%"*,

-)$.&"%!/#*./%*&(01#/&*$&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+/

KEY THEMES

C

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASE NEW LEADERSHIP TEAM’S KEY PRIORITIES

BY

!"#$%"#&'()*'+,#*)#-".)/"0

! !"!"#$%&'()!'#*(+! #$%&'()&*(#'

! !"+#$,","!%$'-./#-.-+$!+01+#'-.-#+.&'/

! !"0(",+*/21' -#+.&'/"*0&*"-&'"%,',$&*,"0"$+*+3'.!/$4.,1"5

! !"*(%$*'- &'1"!('-+21' .&$*',$"*#"&22"3*&4,0#21,$3

BB

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASEFOCUS ON WINNING IN CANADIAN RECREATIONAL MARKET

g<&()"%2/&/381)3&"#61%3

;DB

g<%$!1&#2$*"1

?<B

g<$%*1)"$

?;B

g<165/)*1

;=B

g<%1*"$%16

??B

<,:'-(G%+%-,68#)+*#,)%,/%<*+*$%9+)+1+G%Z)/,'6+*#,)%$:86#**(1%8F%&',>#)-($G%+)1%9j9%#)*(')+3%#)/,'6+*#,)J%a+'4(*%<"+'(%#$%8+$(1%,)%@(*+#3%<"+'(%,/%S,33+'$J

BI [,/A%<(-:'#*#($G%H(8':+'F%TdG%TYTYO%9+)+1+%-+))+8#$%$*,'(%*'+-4('O%mUd%$*,'($%#)%3+$*%T%0((4$%,/%H(8':+'FJTI BBYY%$*,'($%8+$(1%,)%+&&3F#)5%(N:#>+3()*%$*,'(%&('%-+&#*+%/,'%9+)+1+%(K2^h%+)1%W9%EB%&('%TBGYYYI%+$%,/%

H(8':+'F%TYTYJ%TUYY%<*,'($%8+$(1%,)%+&&3F#)5%(N:#>+3()*%$*,'(%&('%-+&#*+%/,'%9,3,'+1,G%;<%EB%&('%BYGYYYIJ

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASEA SIZABLE OPPORTUNITY IN CANADA TO CAPTURE INCREASED NUMBER OF RETAIL STORES

=@=%1*"$%16<

2+))/%*a$%&'&:2&N@B&KY&(Kf>_h&<@B&KY&#IKGEP&9cDA

.1)i/*&3/.1%3a$%&'&:2&PVKQXJVHLE&REI\EEF

<<@@&HFJ&?;@@? PIKGEP

BT

:2$%

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASEREMAIN A TRUSTED PARTNER IN CANADA MEDICAL MARKET

BU

5d`GUYYm%"(+3*"-+'(%&',/($$#,)+3%>#$#*$B

5?(+')#)5%6,1:3($%+--'(1#*(1%8F%9+)+1#+)%="+'6+-F%A$$,-#+*#,)

5=#3,*%&',5'+6%0n%^)*+'#,%?,)5%!('6%9+'(%A$$,-#+*#,)

5\23(+')#)5%6,1:3($%0n%!'((%,/%o),03(15(J%%?+:)-"(1%#)%bV%]+36+'*%$*,'($%+-',$$%9+)+1+

BI 9:6:3+*#>(%$#)-(%#)-(&*#,)G%>#$#*$%+)1%-,)/('()-(%&'($()*+*#,)$J%%_+):+'F%TYTY

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASEBUILD A LEADERSHIP POSITION IN THE U.S.

BV

+>#>&253&.HGUEI&HXGEHJ[&HI&MC5j&YKGEWHPI&IK&GEHWV&M?@5&R[&?@?D<

! BVp%,/%A6('#-+)$%:$#)5%9[S%&',1:-*$G%&('%_:3F%TYBC%j+33:&%=,33

! ^>('2#)1(K($%#)%Bd2UV%F(+'%,31%$(56()*

! <*+*(28F2$*+*(%'(5:3+*#,)%5,>(')$%&('6#$$#8#3#*F%8F%/,'6%/+-*,'$

! A0+#*#)5%-3+'#/#-+*#,)%/',6%*"(%HSA%,)%+%'(5:3+*,'F%/'+6(0,'4%#)%#)5($*#83($

*OFWIQGEP_&C<B

*KfOWHXP_&;<B

2HfPQXEP_&?DB

5ELEGHSEP_&<=B

$IVEGP_&?@B

;J<J%9[S%;<Aj\%[X%H^@a%HA9!^@

BI <,:'-(O%9,0()%e%9,6&+)FG%['#5"*/#(31%j',:&G%!"(%j+33:&G%#)%;<SJ

PIVOTING FROM INVESTMENT PHASE TO A FOCUSED EXECUTION PHASEBUILD A LEADERSHIP POSITION IN THE U.S.

Planned Acquisition of MSO Acreage Holdings on Cannabis Federal Permissibility1

BI A''+)5(6()*%+&&',>(1%8F%9+),&F%j',0*"%+)1%A-'(+5(%$"+'(",31('$G%#6&3(6()*(1%,)%_:)(%TbG%TYBCG%+-N:#$#*#,)%*'#55('(1%,)%;J<J%/(1('+3%&('6#$$#8#3#*F%,/%-+))+8#$J

TI 9+),&F%*,%3#-()$($%Z)*(33(-*:+3%=',&('*F%+)1%8'+)1$%*,%A-'(+5(%,)%+%),2/((%8+$#$J

1WGEHSE&6ELEGHSOFS&2HFKf[&"(?

5 *\EEJeRGHFJEJ&YXK\EG&XHQFWVEJ&OF&"6_&./_&.1_&HFJ&$)_&OFWGEHPOFS&FQTREG&KY&*\EEJ&PIGHOFP&HLHOXHRXE&OF&?@?@

5 (XHFP&IK&EZfHFJ&*\EEJeRGHFJEJ&fGKJQWI&KYYEGOFSP_&OFWXQJOFS&fGEeGKXXP&HFJ&LHfE&WHGIGOJSEP_&OFIK&TKGE&PIHIEP&OF&?0&2,?@?@_&IK&RQOXJ&RGHFJ&WKHPIeIKeWKHPI

BD

!"#"$%&'&$(($)*+%"*,

-)$.&"%!/#*./%*&(01#/&*$&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+/

KEY THEMES

B`

Bb

Bd

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROWFLOWER & PRE-ROLL JOINTS - MARKET SEGMENTATION

$QG&XHGSEPI&RGHFJ&OF&5?5&GEWGEHIOKFHXj&VOSVX[&WQGHIEJj&RGKHJ&HffEHX<

$QG&LHXQE&RGHFJj&SGE\&IK&FEHGX[&?@B&KY&KQG&PHXEP&TOZ&HP&KY&;:&-,?@<

1&fGETOQT&YXK\EGkfGEeGKXX&lKOFI&RGHFJj&65#&#QFPEI&Qf&KLEG&D@B&OF&;:&-,?@<

BI p%,/%9+),&FP$%'(&,'*(1%9+)+1#+)%'(-'(+*#,)+3%[T[%$+3($J

BC

2HFFHROPeOFYQPEJ&WGHYI&WVKWKXHIE&fGKJQWEJ&OF&WKXXHRKGHIOKF&\OIV&H\HGJe\OFFOFS&WVKWKXHIE&THUEG_&0QTTOFSROGJ&2VKWKXHIE

;&JOPIOFWI&m5EHFeIKeRHGn&fGKJQWIP&QFJEG&IVE&*\EEJ_&*KU[K&#TKUE&HFJ&5EHF&'&5QJ&RGHFJP

2KFIHOF&Qf&IK&H&XOTOI&KY&<@&TOXXOSGHTP&KY&*02&fEG&fHWUHSE&KY&WVKWKXHIE

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROWEDIBLES

TY

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROWVAPES

o+o+&o$"%*#p&#OFSXEeQPE_&GEHJ[eIKeSK_&GEW[WXHRXE_&5XQEIKKIVeEFHRXEJ_&+6&=<;d&WEGIOYOEJ> (HOG&\OIV&1FJGKOJ&PTHGIfVKFE&LOH&o+o+&*EWVp&Hff>

o+o+&(K\EGp&D<@&)EWVHGSEHRXE&5HIIEG[&!HfE&(EF&\k&RQIIKFXEPP&HWIOLHIOKF_&+6&=<;d&WEGIOYOEJ 2HGIGOJSEP&OF&*\J>_&*\EEJ_&HFJ&!HF&3EG&(Kf&RGHFJP&OF&YHTOXOHG&D<@&IVGEHJEJ&YKGTHI>

1XX&3ELOWEP&\OXX&KRIHOF&+6&=<;d&PHYEI[&WEGIOYOWHIOKF

*KU[K&#TKUE&6QTH&e +6&=<;d&WEGIOYOEJ&LHfE&P[PIET&\OIV&GEWVHGSEHRXE&RHIIEGOEP&YEHIQGE&fGEWOPE&WEGHTOW&VEHIOFS&IEWVFKXKS[&HFJ&YEHIQGE&"FIEFIeWKXKGEJ&TKQIVfOEWEP>

VAPES 1XX&3ELOWEP&\OXX&KRIHOF&+6&=<;d&PHYEI[&WEGIOYOWHIOKF

*KU[K&#TKUE&6QTH&e +6&=<;d&WEGIOYOEJ&LHfE&P[PIET&\OIV&GEWVHGSEHRXE&

TB

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROWBEVERAGES

5 #KfVOPIOWHIEJ&IHPIE&\OIV&H&GHFSE&KY&YXHLKG&fGKYOXEP&IK&PHIOPY[&H&\OJE&LHGOEI[&KY&WKFPQTEG&IHPIEP>

5 6K\&WHXKGOEP_&FK&mVHFSKLEG>n

5 #EGLOFS&KY&?&TS&KY&*02&OP&OJEHX&YKG&WKFPQTEGP_&HP&OI&HXXK\P&YKG&TKGE&WKFIGKX>&*VOP&OP&QFXOUE&\VHI&\E&PEE&OF&+>#>&THGUEIP_&\VEGE&VOSVEG&PEGLOFSP&KY&<@@&TS&HGE&WKTTKF>

5 <@&)*3P_&(GEeTOZEJ&\OIV&3OPIOXXEJ&2HFFHROP*.>

5 ;&3OPIOXXEJ&2HFFHROP*. RELEGHSE&TOZEGP&IVHI&WHF&RE&WKTROFEJ&\OIV&FKFeHXWKVKXOW&RELEGHSEP>

5 6K\&WHXKGOEP_&FK&mVHFSKLEG>n

5 #EGLOFS&KY&?&TS&KY&*02&OP&OJEHX&YKG&WKFPQTEGP_&HP&OI&HXXK\P&YKG&TKGE&WKFIGKX>&*VOP&OP&QFXOUE&\VHI&\E&PEE&OF&+>#>&THGUEIP_&\VEGE&VOSVEG&PEGLOFSP&KY&<@@&TS&HGE&WKTTKF>

5 <@&)*3P_&(GE

5 ;&3OPIOXXEJ&2HFFHROP

TT

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROW CBD

j3,8+3%3(+1('%#)%)+*:'+3$4#)-+'(%+)1%$3((&%$,3:*#,)$

S(>(3,&#)5%)(0%3#)(%,/%$4#)-+'(%+)1%$3((&%$,3:*#,)%&',1:-*$%#)/:$(1%0#*"%9[SG%

(K&(-*(1%#)%6+'4(*%8(5#))#)5%TQ%9XTY

<*',)5%&3+*/,'6%*,%()*('%*"(%$&,'*$%):*'#*#,)%6+'4(*

=+'*)('$"#&$%0n%;<A%Q,-4(FG%9+)+1+%[+$4(*8+33G%A*"3(*#-$%9+)+1+%+)1%*"(%

=',/($$#,)+3%Q,-4(F%=3+F('$%A$$,-#+*#,)G%+)1%6+'4(*#)5%0n[',,43F)%h(*$

;J<J%?+:)-"%2 BB%<o;P$%,)%$"(3/%#)%!"(%g#*+6#)%<",&&(

Q(6&21('#>(1%9[S%&',1:-*%3#)(%,//('(1%#)%+%>+'#(*F%,/%/,'6+*$G%#)-3:1#)5%$,/*5(3$%G,#3%

1',&$%+)1%-'(+6$

?+:)-"(1%D%<o;P$%,)3#)(%#)%;J<J

=3+)$%*,%(K&+)1%&',1:-*%,//('#)5%+)1%1#$*'#8:*#,)%,>('%*"(%-,:'$(%,/%HXTB

TU

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROW DIVERSIFYING OUR CANNABIS BUSINESS

/QGKfEqP&XHGSEPI&WHFFHROFKOJeRHPEJ&fVHGTHWEQIOWHXP&THFQYHWIQGEG&

?(+1#)5%6+):/+-*:'('%+)1%1#$*'#8:*,'%,/%1',)+8#),3G%+%'(5#$*('(1%&"+'6+-(:*#-+3%1':5%#)%j('6+)FG%A:$*'#+G%<0#*M('3+)1G%+)1%S()6+'4

9U $:&&3#(1%+&&',K#6+*(3F%BCGDYY%&+*#()*$%#)%j('6+)F%0#*"%1',)+8#),3%#)%TYBd

D%+&&',>(1%*"('+&#($%,)%6+'4(*

<&(-*':6%!"('+&(:*#-$%*,%&'($()*%(K&+)1(1G%6(1#-+33F%>+3#1+*(1%$:#*(%,/%-+))+8#),#1%*"('+&#($

\K&,'*$%6(1#-+33F%+&&',>(1%>+&,'#M('$%*,%DY%6+'4(*$%53,8+33FG%0n%"(+*2),*28:')%*(-"),3,5F

[:#31#)52,:*%*"(%-+&+-#*F%,/%<e[%6+):/+-*:'#)5%/+-#3#*#($

j'(()3+)(%"+$%(K-3:$#>(%1#$*'#8:*#,)%'#5"*$%*"',:5",:* *"(%;J<JG%0"#-"%#)-3:1($%,>('%BBo%'(*+#3%3,-+*#,)$

<;@`&(1*/%*#_&;D@`&(1*/%*&1((6"21*"$%#&-"6/3&*$&31*/_&

.1%,&.$)/&+%3/)&3/!/6$(./%*

BUILDING BRANDS AND PRODUCTS OF TODAY AND TOMORROW SUPPORTED BY R&D & IP PROTECTION PROGRAMS

HUMAN HEALTH CLINICAL TRIALS INCLUDING PHASE IIB SLEEP, PAIN, ANXIETY AND PHASE III SPASTICITY/MULTIPLE SCLEROSIS1

60

ANIMAL HEALTH CLINICAL TRIALS INCLUDING COMPANION ANIMAL ANXIETY14PHARMACOKINETICS, DOSAGE & SAFETY TRIALS1

AFFILLIATE AND PARTNER RESEARCH PROGRAMS (OPIOD-SPARING, SMOKING CESSATION, CONCUSSION TREATMENT)

3

<A 2KTfXEIEJ_&KFSKOFS&KG&OF&fXHFFOFS>

CANNABIS-BASED MEDICAL THERAPY R&D BUILDING OUR ECONOMIC MOAT

! 9+))+8#$28+$(1%8(>('+5(%&',1:-*#,)! 9+))+8#$28+$(1%*"('+&(:*#-$! S(>#-(%e%1(3#>('F%*(-"),3,5#($! ?+'5(2$-+3(%-+))+8#$%&',-($$#)5! 9+))+8#$%&3+)*%5()(*#-$! [',+1%5(,5'+&"#-%-,>('+5(

?C

!"#"$%&'&$(($)*+%"*,

-)$.&"%!/#*./%*&(01#/&*$&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+/

KEY THEMES

TD

T`

COMMITTED TO DELIVERING SHAREHOLDER VALUE OUR MEDIUM TERM TARGETS

! 6#3(*(7,"89&$*,$2/"!1:93*,1";<=>?!@ ('"A&'&1&"B/"C8"DEF@

! 6#3(*(7,"89&$*,$2/"!1:93*,1";<=>?!@ G#$"*0,"*#*&2"-#+.&'/"B/"C8"DEFF

! 6#3(*(7,"H,*"='-#+,"I(*0('"DEFJKDEFL"

BI A1L:$*(1%\[Z!SAG%+%),)2ZH@<%6(+$:'(G%#$%+%4(F%,&('+*#,)+3%6(*'#-%*"+*%1,($%),*%"+>(%+)F%$*+)1+'1#M(1%6(+)#)5%&'($-'#8(1%8F%ZH@<%+)1%6+F%),*%8(%-,6&+'+83(%*,%$#6#3+'%6(+$:'($%&'($()*(1%8F%,*"('%-,6&+)#($J%A1L:$*(1%\[Z!SA%#$%-+3-:3+*(1%+$%(+')#)5$%8(/,'(%#)*('($*G%*+KG%1(&'(-#+*#,)%+)1%+6,'*#M+*#,)G%$"+'(28+$(1%-,6&()$+*#,)%(K&()$(G%/+#'%>+3:(%-"+)5($%+)1%,*"('%),)2-+$"%#*(6$G%+)1/:'*"('%+1L:$*(1%*,%'(6,>(%+-N:#$#*#,)2'(3+*(1%-,$*$J

TI 9+)+1#+)%,&('+*#,)$G%(K%+33%#)*(')+*#,)+3%6+'4(*%'(3+*(1%,&('+*#)5%(K&()$($G%*,%1(3#>('%=,$#*#>(%A1L:$*(1%\[Z!SA%,)%+%N:+'*('3F%8+$#$%8F%*"(%N:+'*('%()1(1%a+'-"%UBG%TYTBJ

UI 9,)$,3#1+*(1%-,'&,'+*(%,&('+*#,)$%*,%1(3#>('%=,$#*#>(%A1L:$*(1%\[Z!SA%,)%+%N:+'*('3F%8+$#$%8F%*"(%N:+'*('%()1(1%a+'-"%UBG%TYTTJ%

LEADERSHIP

Rade KovacevicPresident

Mike LeeEVP & CFO

David KleinCEO

Tb

Td

THANK YOU

Documents

CGC Investor Presentation March 2020 - Canopy Growth · CGC Investor Presentation March 2020 - Canopy Growth ... ty