<SEC-DOCUMENT>0001279569-19-002329.txt : 20191114
<SEC-HEADER>0001279569-19-002329.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114095702
ACCESSION NUMBER:		0001279569-19-002329
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191114
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Canopy Growth Corp
		CENTRAL INDEX KEY:			0001737927
		STANDARD INDUSTRIAL CLASSIFICATION:	MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38496
		FILM NUMBER:		191217141

	BUSINESS ADDRESS:	
		STREET 1:		1 HERSHEY DRIVE
		CITY:			SMITH FALLS
		STATE:			A6
		ZIP:			K7A0A8
		BUSINESS PHONE:		855-558-9333

	MAIL ADDRESS:	
		STREET 1:		1 HERSHEY DRIVE
		CITY:			SMITH FALLS
		STATE:			A6
		ZIP:			K7A0A8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>canopy6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD></HEAD>
<TITLE></TITLE>
<body>


<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>



<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT
OF 1934</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">For the month of November 2019.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Commission File Number 001-38496</P>



<P STYLE="font: 20pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 20pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Canopy Growth Corporation</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name
into English)&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1 Hershey Drive</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Smiths Falls, Ontario</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>K7A 0A8</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive office)</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-For Form 40-F:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Form 20-F </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Form 40-F </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission
or other Commission filing on EDGAR.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"></P>




<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 0.75pt"><DIV STYLE="font-size: 1pt; border-top: gray 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 86%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; border-bottom: black 1pt solid; margin-bottom: 0; text-align: center"><B>&nbsp;&nbsp;&nbsp;&nbsp;Description&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">Ex. 99.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">News
    Release dated November 14, 2019 - Canopy Growth Reports Second Quarter Fiscal 2020 Financial Results</A> </FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0.25in 0 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0in 1pt 0.75pt"><DIV STYLE="font-size: 1pt; border-top: gray 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 8pt">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 2.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANOPY GROWTH CORPORATION</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 0.8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 77%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid">/s/ Phil Shaer</P></TD>
    <TD STYLE="padding-bottom: 8pt; width: 11%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">Phil Shaer</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">Chief Legal Officer</P></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0">Dated: November 14, 2019</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 14, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="image_001.jpg" ALT="Logo: Canopy Growth Corporation (CNW Group|Canopy Growth Corporation)" STYLE="height: 89px; width: 135px"></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Canopy Growth Reports Second Quarter Fiscal
2020 Financial Results</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SMITHS FALLS, ON, Nov. 14, 2019 /CNW/ - Canopy
Growth Corporation (&quot;Canopy Growth&quot; or the &quot;Company&quot;) (TSX: WEED) (NYSE: CGC) today announced its financial
results for the second quarter ended September 30, 2019. All financial information in this press release is reported in Canadian
dollars, unless otherwise indicated. This press release is intended to be read in conjunction with the Company's Condensed Interim
Consolidated Financial Statements and Management Discussion &amp; Analysis for the three and six months ended September 30, 2019,
which will be filed on SEDAR (www.sedar.com) and will be available at www.canopygrowth.com.&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Key highlights include:</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The company has established leading market share across
the country including a noteworthy share of over 35% in Alberta, Canada's most developed provincial recreational market.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Consumer demand for cannabis continues to increase versus
Q1 2020 with Company-owned recreational same-store sales growth of 17% and global medical organic growth of 23%.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">More than 30 SKUs submitted to Health Canada for&nbsp;Cannabis
2.0 products across chocolate, vapes, and beverage formats.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As part of a management-initiated portfolio review, the
Company has taken a restructuring charge of $32.7 million for returns, return provisions, and pricing allowances primarily related
to its softgel &amp; oil portfolio. Additionally, management has recorded an inventory charge of $15.9 million to align the portfolio
with the new strategy. This new strategy includes new retail pricing architecture, a rationalized package assortment, and a focused
marketing/educational strategy to further develop this category. The Q2 2020 gross margin impact of the portfolio restructuring
costs is $40.4 million. With this acute restructuring charge, management believes that current inventory levels both internally
and externally are in-line with demand forecasts.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Consolidated Q2 2020 gross revenue, excluding the portfolio
restructuring costs, was up 6% to $118.3 million including increases from full-quarter benefits of the C3 and ThisWorks acquisitions
(flat excluding incremental revenue from acquisitions). Net of the portfolio restructuring costs, revenue was $76.6 million, a
decrease of 15% over Q1 2020.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Cannabis gross revenues for Q2 2020, excluding the portfolio
restructuring costs, was $94.7 million, an increase of 2% over Q1 2020.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Company ended Q2 2020 with $2.7 billion in cash and
cash equivalents and marketable securities available for sale, with its Canadian Infrastructure and global M&amp;A programs substantially
completed.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Management Commentary</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;The last two quarters have been challenging
for the Canadian cannabis sector as provinces have reduced purchases to lower inventory levels, retail store openings have fallen
short of expectations, and&nbsp;Cannabis 2.0 products are yet to come to market,&quot; said Mark Zekulin, CEO, Canopy Growth. &quot;However,
we believe these conditions are a short-term headwind in what is a brand-new industry, and Canopy continues to be best positioned
with cash-on-hand, a world-class infrastructure, and a portfolio of intellectual property to deliver sustained, long-term market
leadership.&quot;&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Added Zekulin: &quot;We took the necessary
steps to address inventory levels on our oils and softgels; looking beyond this, the fundamentals are strong: our retail store
sales are growing on an overall and same-store basis, our Canadian medical revenues are up, and international medical sales are
growing on both an organic and inorganic basis.&nbsp; And, even though revenue is muted during the quarter due to the restructuring
charge, actual cannabis shipments grew quarter-over-quarter, which is a great accomplishment in light of the inventory reset that's
occurring at the provinces.&nbsp;&nbsp; We believe our fundamentals are strong and are confident we're moving in the right direction.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;After five years of investment in market
research, product development, product marketing, production engineering, as well as production facility design, construction and
qualification, we are ready to bring our Cannabis 2.0 product offerings to market,&quot; said Zekulin.&nbsp; &quot;This marks the
end of significant expansion investments in Canada and we are confident that the high quality, differentiated beverage, vape and
edible products that we are bringing to market combined with a retail channel that we expect to grow significantly next fiscal
year, will drive the next leg of growth for our business.&quot;&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Second Quarter Fiscal 2020 Financial and Operational Summary</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;(CDN millions, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q1</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2019</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Restated<SUP>1</SUP>)</I></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Restated<SUP>1</SUP>)</I></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross revenue excluding other revenue adjustments</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$118.3</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$111.4</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">408%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other revenue adjustments<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$32.7</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.0</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">309%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Excise taxes</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$12.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net revenue<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$76.6</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$90.5</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross margin percentage, before fair value impacts in cost of sales<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-13%</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19%</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-32%</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33%</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-46%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating expenses<SUP>5</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$269.4</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$233.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$181.8</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>6</SUP></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(155.7)</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(92.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(61.9)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Attributed as follows:</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Operations and corporate overhead</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(109.0)</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(57.8)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(50.6)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Strategic investments and business&nbsp;development</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(36.2)</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(18.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(4.3)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">742%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Non-operating or under-utilized facilities</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(10.5)</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(16.2)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-35%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(7.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(374.6)</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,281.2)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-71%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(330.6)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss on extinguishment of warrants<SUP>7</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,176.4)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-100%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kilograms harvested (kilograms)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,570</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,960</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,217</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">167%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(CDN millions, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q1</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q4</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2019</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash, cash equivalents and marketable securities</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,736.2</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,140.9</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-13%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,515.0</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-39%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inventory</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$461.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$393.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$262.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM = Not Meaningful</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP>Refer to Note 2(d) of the Interim Financial Statements for further details on the impact of the change in accounting policy with respect to royalty payments in the three months ended September 30, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP>&nbsp;Other revenue adjustments represent the Company's determination of returns and pricing adjustments, and which primarily relate to oils and softgels.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP>&nbsp;Includes other revenue adjustments, and the impact from other revenue adjustments on excise taxes.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP>&nbsp;Gross margin percentage, before fair value impacts in cost of sales, is a non-IFRS measure. See &quot;Non-IFRS Measures&quot; below.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP>&nbsp;Includes share-based compensation expense and depreciation and amortization, both of which are non-cash expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>6</SUP>&nbsp;Adjusted EBITDA is a non-IFRS measure. See &quot;Non-IFRS Measures&quot; below.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7</SUP>&nbsp;Relates to a non-cash loss on the extinguishment of warrants held by Constellation upon the amendment of the Investor Rights Agreement between Canopy Growth and Constellation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Second Quarter Fiscal 2020 Revenue Highlights</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(CDN millions, except where indicated)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q1</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2019</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian recreational cannabis</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Business to business<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$49.4</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$58.4</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian recreational cannabis</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Business to consumer</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.1</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.6</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian medical cannabis</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$19.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-29%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian cannabis</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$76.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$82.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$19.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">285%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">International medical cannabis</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">723%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cannabis gross revenue excluding other revenue adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$94.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$92.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$22.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">329%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1867%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gross revenue excluding other revenue adjustments</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$118.3</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$111.4</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">408%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other revenue adjustments<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$32.7</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.0</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">309%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Excise taxes<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$12.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net revenue</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$76.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$90.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP>Excludes the impact of other revenue adjustments.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP>&nbsp;Other revenue adjustments represent the Company's determination of returns and pricing adjustments, and which primarily relate to oils and softgels.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP>&nbsp;Excise taxes is presented net of the impact from other revenue adjustments.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Second Quarter Fiscal 2020 Product Sales Highlights</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(CDN millions, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q1</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2019</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Recreational - Business to business</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dry cannabis sales (kilograms)</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,497</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,881</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dry cannabis revenue</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$47.4</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$51.5</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cannabis oil and softgels sales (kilogram equivalents)</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">259</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,288</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-80%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cannabis oil and softgels revenue excluding other revenue adjustments</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.0</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.9</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-71%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other revenue adjustments<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(32.7)</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(8.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">309%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Recreational - Business to consumer</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dry cannabis sales (kilograms)</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,064</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">792</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dry cannabis revenue</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.6</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cannabis oil and softgels sales (kilogram equivalents)</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cannabis oil and softgels revenue</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.5</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Medical</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dry cannabis sales (kilograms)</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">998</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">807</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,698</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-41%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dry cannabis revenue</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.6</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7.2</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14.7</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-35%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cannabis oil and softgels sales (kilogram equivalents)</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">997</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">682</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">499</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cannabis oil and softgels revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$22.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$16.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP>&nbsp;Other revenue adjustments represent the Company's determination of returns and pricing adjustments, and which primarily relate to oils and softgels.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">We sold 10,913 kilograms and kilogram equivalents
of cannabis products during Q2 2020, an increase of 3% from the previous quarter. Total gross revenue for Q2 2020, before portfolio
restructuring costs, was &nbsp;$118.3 million.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Gross revenue of $32.2 million was generated
in the medical channel in Q2 2020, as sales increased 34% from the previous quarter to 1,995 kilogram and kilogram equivalents.
Oils and softgels represented 50% of our medical sales during the quarter. Canadian medical cannabis gross revenue increased 8%
from Q1 2020 to $14.1 million in Q2 2020, as our larger harvests in recent months, the broadening of our brand and product offerings
for our medical customers, and an increase in the number of patients registered with Spectrum Therapeutics to 75,600 at September
30, 2019 have resulted in sequential improvements in the number of orders placed by our customers and growth in our revenue during
the quarter.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">International medical cannabis gross revenue
was $18.1 million in Q2 2020, with the 72% growth driven primarily by the acquisition in May 2019 of C<SUP>3</SUP>, which contributed
a full quarter of revenue in the amount of $14.0 million to our results in Q2 2020. Additionally, our German medical business returned
to growth in Q2 2020 as we resolved the supply constraints experienced in previous quarters which led to notable shipments to Germany
in July and early August 2019.&nbsp; Cannabis now on hand today in our German facility and held in inventory by German pharmacy
customers may serve the partial needs of Q3 2020. While management is very confident in the sustained growth of the German market
over the long term, management does not expect this level of growth to repeat in Q3 2020.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Gross revenue from the Canadian recreational
channel in Q2 2020 was $29.8 million and reflects portfolio restructuring costs of $32.7 million. Revenue of $13.1 million was
generated in the business-to-consumer retail channel, representing sequential growth of 24% from the previous quarter as we continue
to build-out our retail store platform across Canada. At the time of this release we have 27 retail stores open across Canada,
operating under the Tweed or Tokyo Smoke banner. Gross revenue from the business-to-business channel was $16.7 million, reflecting
the portfolio restructuring costs as described above. Solid product inventory levels at Canopy in the second half of the quarter,
supplied by our large harvest in the first quarter, helped drive strong shipment velocities of dried flower and pre-rolled joints
across our Canadian recreational channels. This resulted in dried bud shipments up 12% quarter over quarter. Revenue from the sale
of our dry bud products was $59.0 million in Q2 2020 and included revenue of $7.8 million on sales 1.2 million higher-margin pre-rolled
cannabis products.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Other revenue was $23.6 million in Q2 2020,
an increase from $18.8 million in the previous quarter which was attributable to the acquisition of This Works, which contributed
a full quarter of revenue in Q2 2020, and revenue from other strategic sources including extraction services and clinic partners.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Second Quarter Fiscal 2020 Gross Margin
(before the fair value impacts in cost of sales) Overview (See Non-IFRS Measures)</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Our reported gross margin before fair value
impacts in cost of sales was negative 13% of net revenue in Q2 2020.&nbsp; Gross margin before fair value impacts in cost of sales
was 38% for Q2 2020 when adjusted for the following items: (1) operating costs of $10.5 million relating to facilities that were
not yet cultivating cannabis, were under-utilized, or were not yet producing cannabis-related products, (2) the impact of $9.2
million on gross margin of the portfolio restructuring costs, as described above, (3) a charge for excess finished recreational
cannabis inventory of $15.9 million resulting from our assessment of current and forecasted &quot;sell-in&quot; rates of certain
oil and softgel products, as described above, and (4) other adjustments related to the net realizable value of inventory.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">We continue to build high-quality, dried flower
inventory that we believe will be necessary to meet the increased demand that will be generated by growth in the recreational cannabis
retail platform across Canada over the next 12 to 18 months, particularly in the province of Ontario. As the Company nears completion
of its expansion program in Canada, we expect our gross margins to continue to improve in the coming quarters when all of the cultivation
and processing are in use and approaching planned capacity.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Second Quarter Fiscal 2020 Operating Expense Summary</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;(CDN millions, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q1</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2019</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Restated<SUP>1</SUP>)</I></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Restated<SUP>1</SUP>)</I></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales and marketing</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$60.5</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$49.2</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$40.2</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.9</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.5</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.9</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">526%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General and administration</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$87.9</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$62.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$37.1</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisition-related costs</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.6</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.2</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-80%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.2</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-19%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based compensation expense<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$92.9</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$87.3</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6%</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$95.8</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$12.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">278%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$269.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$233.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$181.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP>Refer to Note 2(d) of the Interim Financial Statements for further details on the impact of the change in accounting policy with respect to royalty payments in the three months ended September 30, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP>&nbsp;Share-based compensation expense and depreciation and amortization are non-cash expenses.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The increase in sales and marketing expense
in Q2 2020 over the previous quarter was primarily due to pre-revenue investments in brand awareness, product marketing and consumer
education initiatives focused on preparation for the launch of our Cannabis 2.0 products in Canada, and the rollout of CBD products
in the United States and other international markets in the coming months. Staffing costs also increased as we continue to enhance
our marketing and sales capabilities in the Canadian, United States, and international markets, and as we build-out our network
of Tweed and Tokyo Smoke-branded retail stores in Canada.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The increase in research and development expense
in Q2 2020 over the previous quarter was due our investment in new research and development efforts. Included in this are costs
associated with hiring researchers and engineers, in the areas of vaporizers and vape research and development, new cannabis-based
product form factors, including beverages and edibles, plant genetics, applied technology and cannabis-based medical therapy clinical
research. As a result, we incurred higher compensation costs associated with the teams conducting research and development activities,
costs associated with advanced product and system development and testing, as well as costs associated with conducting external
laboratory testing and clinical trials for CBD-based human and animal health products.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">General and administration expense increased
in Q2 2020 over the previous quarter due to an increase in costs associated with enhancing our finance and information technology
capabilities, higher public company compliance and regulatory requirements, losses incurred related to legal disputes with a third-party
supplier, losses associated with additional reserves on onerous retail lease obligations which were driven by an overall softening
of the retail real estate market in Canada, and other pre-revenue administrative costs associated with expanding our operations.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The increase in share-based compensation expense
is primarily attributable to the continued increase in the number of stock options granted to employees, which is primarily related
to the increase in the number of employees of the Company from approximately 2,000 at September 30, 2018 to approximately 4,550
at September 30, 2019. The number of outstanding stock options increased from 22.2 million&nbsp;at September 30, 2018 to 32.9 million&nbsp;at
September 30, 2019. &nbsp;The Company has re-structured its formula for granting options, as part of a broader total rewards assessment
to ensure overall compensation structures reflect the Company's size and maturity.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Second Quarter Fiscal 2020 Adjusted EBITDA
summary (See Non-IFRS Measures)</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA in Q2 2020 amounted to a loss
of $155.7&nbsp;million, reflecting continuing losses in our core operations in Canada and Europe as we scale as a new business
serving a completely new sector, make investments ahead of revenue in many new markets around the world, and make investments in
research and development that we believe will generate future value as we build a portfolio of intellectual property that&nbsp;can
be used to generate new profit streams in the future. We believe these pre-revenue investments are necessary to position Canopy
Growth to generate a significant and sustained increase in shareholder value over the long-term.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Total other expense, net was $109.3 million&nbsp;in
Q2 2020 as compared to $1,143.7&nbsp;million&nbsp;in Q1 2020. The other expense amount recorded in Q1 2020 is reflective of the
loss on extinguishment of the warrants held by Constellation, as discussed in our Q1 2020 earnings release. &nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Second Quarter Fiscal 2020 Earnings Summary</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(CDN millions, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q1</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2020</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Q2</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2019</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">%</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Change</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(155.7)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(92.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(61.9)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Attributed as follows:</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Operations and corporate overhead</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(109.0)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(57.8)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(50.6)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Strategic investments and business Development</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(36.2)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(18.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(4.3)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">742%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- Non-operating or under-utilized facilities</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(10.5)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(16.2)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-35%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(7.0)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(374.6)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,281.2)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-71%</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(330.6)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss per share (basic and diluted)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1.08)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(3.70)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-71%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1.52)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-29%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP>&nbsp;Adjusted EBITDA is a non-IFRS measure. See &quot;Non-IFRS Measures&quot; below.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Second Quarter Fiscal 2020 Balance Sheet
and Cash Flow Summary</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">At September 30, 2019, the Company's cash and
cash equivalents available and marketable securities totaled $2.7&nbsp;billion, representing a decrease of $404.7&nbsp;million&nbsp;from
June 30, 2019.&nbsp; The primary uses of cash during the quarter were for our operations, as reflected in the Adjusted EBITDA loss
for the quarter, and capital spending of $228.3 million as we near completion of the build-out of our infrastructure in Canada,
most notably the construction of purpose-built, highly-scalable advanced manufacturing and beverage production facilities.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Inventory at September 30, 2019 amounted to
$461.8 million (March 31, 2018 - $262.1 million), including $131.5 million in finished goods and $280.1 million of work-in-process.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The unaudited Consolidated Financial Statements
and Management's Discussion and Analysis for the three and six months ended September 30, 2019 will be filed on SEDAR, and will
be available at www.sedar.com. The basis of financial reporting in the Unaudited Condensed Consolidated Financial Statements and
Management's Discussion and Analysis is in thousands of Canadian dollars, unless otherwise indicated.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>Non-IFRS Measures</U></B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Gross margin percentage, before fair value
impacts in cost of sales, a non-IFRS measure,&nbsp;is a key operational metric that does not have any standardized meaning prescribed
by IFRS and may not be comparable to similar measures presented by other companies.&nbsp; This measure is calculated as net revenue
less inventory production costs expensed to cost of sales, divided by net revenue, and may be computed from the consolidated statements
of operations presented within this news release.&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA, a non-IFRS measure, is a key
operational metric that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures
presented by other companies. Adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization, share-based
compensation expense, fair value changes and other non-cash items, and further adjusted to remove acquisition-related costs. The
Company attributes Adjusted EBITDA to its operations and corporate overhead, strategic investments and business developments, and
non-operating or under-utilized facilities. The Adjusted EBITDA reconciliation is presented within this news release and explained
in Management's Discussion &amp; Analysis under &quot;Adjusted EBITDA (Non-IFRS Measure)&quot;, a copy of which will be filed on
SEDAR.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>Transition to U.S. GAAP Reporting</U></B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">As part of our U.S. financial reporting requirements,
Canopy Growth confirmed that, as of September 30, 2019, it no longer met the criteria for qualification as a foreign private issuer
because (1) more than 50% of the outstanding voting securities are held by residents of the United States, and (2) the majority
of Canopy Growth's directors are United States citizens.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Therefore, as of April 1, 2020 Canopy Growth
will be considered a United States domestic issuer and a large accelerated filer. As a result of this change, Canopy Growth will
be required to issue its consolidated financial statements in conformity with accounting principles generally accepted in the United
States, and provide an auditor attestation report under Section 404(b) of the Sarbanes-Oxley Act.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><U>Webcast and Conference Call Information<BR>
</U></B>The Company will host a conference call and audio webcast with Mark Zekulin, CEO and Mike Lee, CFO at 8:30 AM Eastern Time
on November 14, 2019.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Webcast Information<BR>
</U>A live audio webcast will be available at:<BR>
https://event.on24.com/wcc/r/2118418/9F112F44A037BCC4D081CBECAF10EA1E</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Calling Information<BR>
</U>Toll Free Dial-In Number: 1-888-231-8191<BR>
International Dial-In Number: (647) 427-7450<BR>
Conference ID: 3878046</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Replay Information<BR>
</U>A replay of the call will be accessible by telephone until 11:59 PM ET on February 14, 2020.<BR>
Toll Free Dial-in Number: 1-855-859-2056<BR>
Replay Password: 3878046</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About Canopy Growth Corporation<BR>
</B>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 &amp; Bickel GMbH &amp; 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.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">From our historic 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 www.canopygrowth.com</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Notice Regarding Forward Looking Statements<BR>
</B>This news release contains &quot;forward-looking statements&quot; within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and &quot;forward-looking information&quot; within the meaning of applicable Canadian securities
legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as &quot;plans&quot;,
&quot;expects&quot; or &quot;does not expect&quot;, &quot;is expected&quot;, &quot;estimates&quot;, &quot;intends&quot;, &quot;anticipates&quot;
or &quot;does not anticipate&quot;, or &quot;believes&quot;, or variations of such words and phrases or state that certain actions,
events or results &quot;may&quot;, &quot;could&quot;, &quot;would&quot;, &quot;might&quot; or &quot;will&quot; be taken, occur
or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from
any future results, performance or achievements expressed or implied by the forward-looking statements or information contained
in this news release. Examples of such statements include statements with respect to the Company's expectations with respect to
future harvests, the Company's expectation for additional finished inventory available for sale in future quarters, bringing CBD
products to market by the end of fiscal 2020, the accelerated market expansion for Acreage, the anticipated benefits of the rebranding
of Spectrum Therapeutics on the Company's market share, the potential opportunity for cannabis products in Europe and the anticipated
Increase in Canadian and Danish product availability, the anticipated increased sales from Storz &amp; Bickel, the expectation
that facilities will be fully operational in the months ahead, the launch of new CBD consumer products and brands in fiscal 2020,
the timing for implementation of the transaction with Acreage. Risks, uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information, including changes in laws, regulations and guidelines; compliance with laws; international
laws; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; reliance
on licences; risks inherent in an agricultural business; contracts with provincial and territorial governments; constraints on
marketing products; risks inherent in acquisitions and investments; expansion into foreign jurisdictions; governmental regulations;
cannabis is a controlled substance in the United States; Farm Bill risks; assumptions as to the ability of the parties to receive,
in a timely manner and on satisfactory terms, the necessary regulatory and court approvals for the transaction with Acreage; and
such risks contained in the Company's management information circular of the Company dated May 17, 2019 and in the annual information
form dated June 24, 2019 and filed with Canadian securities regulators and available on the Company's issuer profile on SEDAR at
www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are
reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in
the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release
are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable
securities laws.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CANOPY GROWTH CORPORATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UNAUDITED</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Expressed in CDN $000's)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,102,464</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,480,830</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marketable securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,633,692</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,034,133</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amounts receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>107,487</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,974</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Biological assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>110,347</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,975</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>461,757</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262,105</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prepaid expenses and other current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>152,761</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107,123</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,568,508</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,070,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments in equity method investees</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>113,046</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">112,385</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>449,028</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">363,427</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,633,303</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,096,340</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>514,033</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">519,556</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,912,484</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,544,055</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other long-term assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34,781</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,902</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,225,183</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,731,805</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>286,862</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">226,533</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current portion of long-term debt</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,115</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,716</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>124,853</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>425,830</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">411,663</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long-term debt</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>590,373</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">842,259</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax liability</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>91,026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,031</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share repurchase credit liability</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,288,079</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other long-term liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>207,183</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140,404</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,602,491</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,490,357</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,331,325</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,026,618</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,756,749</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,673,472</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(29,064)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,630</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deficit</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,707,022)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(777,087)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity attributable to Canopy Growth Corporation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,351,988</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,951,633</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>270,704</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">289,815</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total equity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,622,692</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,241,448</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,225,183</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,731,805</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CANOPY GROWTH CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2019 AND 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UNAUDITED</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Six months ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September 30,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Expressed&nbsp;in&nbsp;CDN&nbsp;$000's&nbsp;except&nbsp;share&nbsp;amounts)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Restated - see </I></FONT><I><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">note 2(d))</FONT></FONT></I></TD>
    <TD COLSPAN="4" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Restated - see note 2(d))</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>85,621</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,327</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>189,012</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Excise taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,008</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21,917</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>76,613</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,327</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>167,095</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inventory production costs expensed to cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>86,321</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,624</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>159,503</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,029</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross margin before the undernoted</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,708)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,703</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,592</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,214</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fair value changes in biological assets included in inventory sold and other charges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>69,089</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,496</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115,219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,884</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized gain on changes in fair value of biological assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(82,320)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,944)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(221,339)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,233)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gross margin</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,523</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,849)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>113,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,563</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales and marketing</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>60,483</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,182</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>109,710</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,875</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,922</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,944</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,396</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General and administration</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>87,861</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,101</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>150,132</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,689</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisition-related costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,562</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,202</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,744</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,086</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based compensation expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,767</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>160,848</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68,097</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based compensation expense related to acquisition milestones</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,114</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,730</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,395</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,825</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,644</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,595</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26,423</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,625</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>269,353</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">181,779</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>502,648</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">255,897</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Loss from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(265,830)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(214,628)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(388,936)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(245,334)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss on extinguishment of warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,176,350)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(109,283)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(115,702)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(76,662)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(178,697)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total other income (expense), net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(109,283)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(115,702)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,253,012)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(178,697)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Loss before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(375,113)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(330,330)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,641,948)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(424,031)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax recovery (expense)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>493</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(284)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13,840)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,439</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net loss</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(374,620)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(330,614)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,655,788)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(421,592)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net (loss) income attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canopy Growth Corporation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(374,184)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(337,136)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,657,239)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(417,413)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(436)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,522</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,451</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,179)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(374,620)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(330,614)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,655,788)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(421,592)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net loss per share, basic and diluted</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss per share:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.08)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.52)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4.79)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.98)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted average number of outstanding common shares:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>347,226,921</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">221,725,511</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>346,028,903</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,972,889</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CANOPY GROWTH CORPORATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 AND 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UNAUDITED</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Expressed in CDN $000's)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net inflow (outflow) of cash related to the following activities:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,655,788)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(421,592)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments for:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35,309</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,446</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,955</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,236</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share of loss on equity investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,004</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,932</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fair value changes in biological assets included in inventory sold and other charges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115,219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,884</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized gain on changes in fair value of biological assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(221,339)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,233)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>180,243</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,596</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(23)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,810)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss on extinguishment of warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,176,350</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other income and expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>104,909</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">171,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax (recovery) expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,840</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,439)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-cash foreign currency</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,463)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(410)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Changes in non-cash operating working capital items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(126,551)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(88,855)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(359,335)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(198,136)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Investing</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases and deposits of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(440,150)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(293,179)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases of intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,614)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,340)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Redemption (purchase) of marketable securities, net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>388,027</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,829)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments in equity method investees</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,719)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(42,439)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments in other financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(36,423)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,695)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Premium paid for Acreage Call Option</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(395,190)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash outflow on acquisition of non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,999)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash outflow on acquisition of subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(421,952)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">427</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Change in acquisition related liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(21,447)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(935,468)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(376,054)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financing</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment of share issue costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(129)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,819)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from issuance of shares by Canopy Rivers</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>156</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,218</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from exercise of stock options</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36,023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,626</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from exercise of warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>446</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Issuance of long-term debt</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,278</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">600,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment of long-term debt issue costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,380)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment of interest on long-term debt</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12,750)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repayment of long-term debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(104,282)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(747)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash (used) provided by financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(75,258)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">681,031</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8,305)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash (outflow) inflow</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,378,366)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,841</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents, beginning of period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,480,830</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">322,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash and cash equivalents, end of period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,102,464</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">429,401</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA<SUP>1</SUP> Non-IFRS Measure</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three months ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(In CDN$000's)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>September 30,</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019</B></P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">September 30,</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2018</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Adjusted EBITDA<SUP>1</SUP> Reconciliation</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Loss from operations - as reported</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(265,830)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(214,628)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IFRS fair value accounting related to biological assets and inventory</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fair value changes in biological assets included in inventory sold and other charges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>69,089</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,496</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized gain on changes in fair value of biological assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(82,320)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,944)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13,231)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,552</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based compensation expense (per statements of cash flows)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,556</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisition-related costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,562</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,202</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization (per statements of cash flows)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,873</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,389</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>123,316</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">112,147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(155,745)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(61,929)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six months ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(In CDN$000's)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>September 30,</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019</B></P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">September 30,</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2018</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Adjusted EBITDA<SUP>1</SUP> Reconciliation</U></B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Loss from operations - as reported</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(388,936)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(245,334)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IFRS fair value accounting related to biological assets and inventory</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fair value changes in biological assets included in inventory sold and other charges</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115,219</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,884</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized gain on changes in fair value of biological assets</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(221,339)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,233)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(106,120)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,651</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share-based compensation expense (per statements of cash flows)</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>180,243</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,507</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisition-related costs</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,744</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,086</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization (per statements of cash flows)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>51,264</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,682</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>247,251</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151,275</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(247,805)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(84,408)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP>&nbsp;Adjusted EBITDA is earnings before interest, tax, depreciation and amortization, share-based compensation expense, fair value changes and other non-cash items, and further adjusted to remove acquisition-related costs.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:http://www.prnewswire.com/news-releases/canopy-growth-reports-second-quarter-fiscal-2020-financial-results-300958036.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Canopy Growth Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2019/14/c4695.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001737927</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Caitlin O'Hara, Media Relations,
Caitlin.Ohara@canopygrowth.com, 613-291-3239; Tyler Burns, Vice President, Investor Relations, Tyler.Burns@canopygrowth.com, 855-558-9333
ext. 122</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Canopy Growth Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 06:30e 14-NOV-19</P>



<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></p>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !9 (<# 2(  A$! Q$!_\0
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@HT5?GY&5_B /0^]7?X33N] !2T44 %%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
