Canopy Growth establishes $200 million at-the-market equity program

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced the establishment of an at-the-market equity program allowing the company to issue and sell up to $200 million of common shares from treasury in concurrent public offerings in the United States and Canada.

The program limits sales in Canada to aggregate gross proceeds of up to $50 million or its Canadian dollar equivalent, while ensuring combined gross sales proceeds from both countries do not exceed $200 million. Common shares will be sold in transactions made directly on NASDAQ, TSX, or other available U.S. or Canadian trading markets at prevailing market prices.

Canopy Growth stated it intends to use net proceeds from the program for investments in businesses, potential future acquisitions, working capital, and general corporate purposes, including potential debt repayment. The volume and timing of sales will be determined at the company's discretion and are subject to customary conditions.

The program operates under an equity distribution agreement dated August 29, 2025, with BMO Nesbitt Burns Inc. serving as Canadian agent and BMO Capital Markets Corp. as U.S. agent. The program remains effective until June 5, 2027, or until $200 million in shares are sold, whichever occurs first.

The Canadian portion automatically terminates on July 5, 2026, or when $50 million in shares are sold, whichever is earlier. The new agreement replaces a previous equity distribution agreement from February 28, 2025.

The offering is qualified by prospectus supplements filed with securities regulators in both countries on August 29, 2025, according to the company's statement.

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