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Share-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Options Outstanding

The following is a summary of the changes in the Options outstanding during the three months ended June 30, 2026:

		Options issued				Weighted average exercise price
Balance outstanding at March 31, 20261			2,743,855			$	4.19
Options granted			2,839,962				1.41
Options expired/forfeited			(173,381	)			3.64
Balance outstanding at June 30, 20261			5,410,436			$	2.77
(1) Included is 70,515 replacement compensation options (“Replacement Compensation Options”) that were issued by the Company in connection with its acquisition of MTL Cannabis Corp. on March 16, 2026, with an exercise price of $1.59 per compensation option. Each compensation option is exercisable for one Canopy Share and one half of one Canopy Growth warrant. Each whole Canopy Growth warrant is exercisable to acquire one Canopy Share until September 19, 2028 at an exercise price of $2.61 per Canopy Share.

Summary of Options Outstanding

The following is a summary of the Options outstanding as at June 30, 2026:

		Options Outstanding								Options Exercisable
						Weighted Average								Weighted Average
						Remaining								Remaining
		Outstanding at				Contractual Life				Exercisable at				Contractual Life
Range of Exercise Prices		June 30, 2026				(years)				June 30, 2026				(years)
$1.41 - $2.50			4,778,597				5.42				715,716				3.97
$2.51 - $10.00			479,617				3.50				327,929				2.98
$10.01 - $308.70			152,222				2.95				123,111				2.71
			5,410,436				5.18				1,166,756				3.56

Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model

The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended June 30, 2026 and 2025, on their measurement date by applying the following assumptions:

		June 30,		June 30,
		2026		2025
Risk-free interest rate		2.98%		2.73%
Expected life of options (years)		3 - 5		3 - 5
Expected volatility		123%		121%
Expected forfeiture rate		31%		18%
Expected dividend yield		nil		nil
Black-Scholes value of each Option		$1.12		$1.57

Summary of Changes in RSUs and PSUs

The following is a summary of the changes in the Company’s RSUs and PSUs during the three months ended June 30, 2026:

		Number of RSUs and PSUs
Balance outstanding at March 31, 2026			2,922,618
RSUs and PSUs granted			7,077,095
RSUs released			(953,717	)
RSUs cancelled and forfeited			(212,669	)
Balance outstanding at June 30, 2026			8,833,327

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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