Canopy Growth Corporation

Updates

July 21, 2026: The Ontario Superior Court of Justice certified the action as against KPMG LLP for settlement purposes only. Please see below for more information about the Court’s decision and the proposed settlement.

December 22, 2025: In the decision indexed as Dziedziejko v. Canopy Growth, 2025 ONSC 6766, the Ontario Superior Court of Justice granted the Plaintiff’s motion for:

• leave to proceed with a secondary market claim under the Securities Act; and
• certification of the action as a class proceeding under the Class Proceedings Act.

A copy of the full decision can be found HERE. Formal notice and opt out information will be issued upon further Order of the Court.

Class Action Certification and Proposed Settlement

There is now a proposed partial settlement of this class proceeding with KPMG LLP (“KPMG”), and the action has been certified as against KPMG for purposes of the partial settlement only. The Certification Order is available HERE.

A copy of the Settlement Agreement is available HERE.

The Settlement Agreement is subject to the Court’s approval. A hearing to determine the final approval of the Settlement Agreement will take place on December 10, 2026.

More information about the certification and proposed settlement of this action is available HERE.

To opt out (exclude yourself) from this authorized class action, please fill out the Opt-Out Form and email the completed form to [email protected]. Completed Opt-Out Forms must be received on or before September 21, 2026 at 11:59 p.m. ET to be valid.

If you want to stay in the class action, you do not have to do anything or pay anything.

If you want to object to or comment on the proposed settlement, you must submit the Objection or Comment Form stating your name, when and how many eligible shares of Canopy Growth Corporation you acquired during the Class Period, and your comment or the reason for your objection. Your objection or comment must be sent by email to [email protected] on or before November 25, 2026 at 11:59 p.m. ET to be considered.

If you have any additional questions about the class action and/or the proposed settlement, please email your questions to [email protected].

Summary

This is a proposed securities class action against Canopy Growth Corporation (“Canopy”), certain of its directors and officers, and the independent auditor of its annual financial statements. This action arises out of misrepresentations made in Canopy’s disclosure documents regarding the financial status of its subsidiary, BioSteel Sports Nutrition Inc. (“BioSteel”), and the profitability of Canopy as a whole, as well as regarding Canopy’s internal controls over its financial reporting. Specifically, it is alleged that during the Class Period, Canopy materially overstated BioSteel’s revenues, growth, gross margins, and goodwill, leading investors to believe that BioSteel and Canopy were doing better than they actually were, and thereby inflating Canopy’s stock price. These material misstatements required Canopy to restate its prior financial statements and MD&A and admit it had material weaknesses in its internal controls over financial reporting. This action also asserts that Canopy’s failure to remedy known deficiencies in BioSteel’s financial controls was oppressive and unfairly disregarded the interests of the Class Members.

Class Membership Criteria

This class action is brought on behalf of:

• All persons and entities, other than certain Excluded Persons, who acquired Canopy’s securities in the secondary market between June 1, 2021 and June 22, 2023 (both dates inclusive) and held some or all of those securities until the close of trading on May 10, 2023 or June 22, 2023, and who either:

• (i) are residents of Canada or were residents of Canada at the time of such acquisitions, regardless of the location of the exchange on which they acquired Canopy’s securities; or
• (ii) acquired Canopy’s securities on an exchange in Canada or another exchange located outside of the United States, regardless of where they reside or are domiciled.

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