Canopy Growth

Canaccord Genuity Acts as Exclusive Financial Advisor to Canopy Growth on its C$179 Million Acquisition of MTL Cannabis

Canaccord Genuity is pleased to announce that on December 15, 2025, Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) (the “Company” or “Canopy Growth”) announced that it  entered into a definitive agreement (the “Agreement”) to acquire MTL Cannabis Corp. (CSE: MTLC) (“MTL Cannabis”), a Quebec-headquartered cannabis cultivator and distributor, for a total Transaction Value of approximately C$179 million (the “Transaction”).

Under the terms of the Agreement, MTL Cannabis shareholders will receive a fixed consideration consisting of 0.32 Canopy Growth common shares and C$0.144 in cash, for each MTL common share held. The Transaction implies a value of C$0.91 per MTL common share based on the closing price of Canopy Growth Shares on the TSX as of December 12, 2025 and represents a 45% premium to the average 20-day VWAP of MTL Cannabis shares on December 12, 2025. The transaction is valued at approximately C$125 million on a fully-diluted equity basis and is expected to close before the end of February 2026. Upon completion of the Transaction, key members of MTL Cannabis leadership team will be retained, and the combined entity is expected to realize approximately C$10 million of annualized cost synergies.

Canopy Growth is a world-leading North American cannabis and consumer packaged goods (CPG) company headquartered in Smiths Falls, Ontario. The Company creates curated cannabis varieties and medical products for adult-use and therapeutic markets across Canada, Europe, and the ANZ. Its operational footprint is anchored by robust production and distribution networks in Canada and Germany. Notable owned and operated brands within its portfolio of 12 brands include Storz & Bickel, Wana, Claybourne Co., and more. Canopy Growth through its non-controlling interest in Canopy USA has also established a comprehensive ecosystem in the U.S. market.

MTL Cannabis is a Montreal-based licensed producer and parent company to a vertically integrated portfolio of cannabis assets, including MC, Abba Medix, IsoCanMed, and Canada House Clinics. MTL Cannabis operates over 140,000 square feet of licensed indoor grow and production space across facilities in Pointe-Claire and Louiseville, Québec, employing proprietary hydroponic and handcrafted techniques to deliver "flower-first" products for the mass market. Its commercial operations span the adult-use sector with brands like "MTL Cannabis," "Low Key," and "R’Belle" sold through nine provincial distribution agreements, alongside a robust medical division and a national network of cannabinoid therapy clinics. Additionally, MTL Cannabis leverages its production capacity to service international markets through established export channels for GACP-quality bulk cannabis.