#1CANOPY GROWTE DRIVING THE GLOBAL CANNABIS INDUSTRY Bruce Linton Chairman, Founder & Co-CEO February 2019 Tweed Spectrum Cannabis#2FORWARD-LOOKING STATEMENT This presentation contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "Forward-Looking Statements"). All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will, may, could or might occur in the future are Forward-Looking Statements. The words "expect," "anticipate," "estimate," "may," "could," "might," "will," "would," "should," "intend," "believe," "target," "budget," "plan," "strategy," "goals," "objectives," "projection" or the negative of any of these words and similar expressions are intended to identify Forward-Looking Statements, although these words may not be present in all Forward-Looking Statements. Forward-Looking Statements are subject to a number of risks and uncertainties that may cause the actual events or results to differ materially from those discussed in the Forward-Looking Statements, and even if events or results discussed in the Forward-Looking Statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks related to the Company's ability to maintain its licences issued by Health Canada in good standing; uncertainty with respect to the Company's ability to grow, store and sell medical cannabis in Canada; risks related to the costs required to meet the Company's obligations related to regulatory compliance; risks related to the extensive control and regulations inherent in the industry in which the Company operates; risks related to governmental regulations, including those relating to taxes and other levies; risks related to the nature of the Company as an early stage business and a business involving an agricultural product and a regulated consumer product; risks related to building brand awareness in a new industry and market; risks related to the retention of senior management and key employees of the Company; risks relating to restrictions on sales and marketing activities imposed by Health Canada, various medical associations and other governmental or quasi-governmental bodies; risks relating to incurring operating losses and maintaining profitability; risks relating to competition in the industry within which the Company operates; risks inherent in the agricultural business; risks relating to energy costs; risks relating to the Company's exposure to product liability claims, regulatory action and litigation; risks relating to recall or return of the Company's products; and risks relating to insurance coverage. This list is not exhaustive of the factors that may affect the Company's Forward-Looking Statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Forward-Looking Statements. The Company's Forward-Looking Statements are based on beliefs, expectations and opinions of management on the date the statements are made and the Company does not assume any obligation to update Forward-Looking Statements whether as a result of new information, future events or otherwise, or if circumstances or management's beliefs, expectations or opinions change, except as required by law. A number of important facts could cause actual results to differ materially from those indicated by the Forward-Looking Statements, including, but not limited to, the risks described herein. For the reasons set forth above, investors should not place undue reliance on Forward-Looking Statements. The Company undertakes no obligation to update its Forward-Looking Statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events other than as required by law. Accordingly, readers should not place undue reliance on Forward-Looking Statements. Financial amounts in Canadian Dollars, unless otherwise specified. CANOPY GROWTH Tweed Spectrum Cannabis 2#3COMPANY SNAPSHOT Canopy Growth (TSX:WEED) (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. $80 Share Price Performance (TSX: WEED) $70 $60 $50 $40 $30 $20 $10 50 February 16, 2018 $21.5B1 Market Cap. June 16, 2018 October 16, 2018 15M² Avg. Daily Volume (30 Day) $5B NYSE:STZ Investment Closed² CANOPY GROWTH Tweed Spectrum Cannabis Spectrum Cannabis Operations in over a dozen countries on 5 continents 10 world-class production facilities in Canada • Commercial scale operations incl. oil extraction & soft gel production 4.3 M sq. ft. licensed / 1.3M sq. ft. expansion underway Global medical cannabis leadership Product innovation and education Cannabis medicine research program incl. clinical trials • Deep channels into Canadian rec. market 10 supply agreements, 70,000+ kg/yr³ Physical & online stores in multiple provinces 30+% of available SKUs nationwide4 Active IP protection program Think: Cannabis as a disruptive ingredient Combined 30 day average trading volume of TSX:WEED & NYSE:CGC 리리리리 1) February 15, 2019 2) 2) 3) 4) Closed November 1, 2018, $430 Cash and Cash Equivalents @ September 30, 2018 Includes Hiku supply commitments, excludes Ontario supply (125 SKUs secured). Ontario represents 40% of national population Estimate, January 15, 2019, based on available SKU data#4LEADING THE CANADIAN CANNABIS MARKET Tweed 7, Spectrum Cannabis#5CANADIAN MEDICAL MARKET LEADER • 83,000+ Patients Spectrum Cannabis • 56,000+ Healthcare Professional Visits¹ Certified Medical Education Program SpectrumCannabis • Exclusive Pharmacy Learning Modules Accredited by Canadian Pharmacy Association and CCCEP² Peer Catalyst Mentor Program SpectrumCannabis SpectrumCannabis 7152 Who-Emas 20/12/2017 gy/Pads i 20g Pilot Program w/ Ontario Long Term Care Association THE 12.1% Pay/01/03/2018 ST INDICA of SOFTGELS AGES LOVER Blue Bleu (Hybrid) HYBRID w A 3.7 w marihuana / Marihuana séchée Purple No 1 THE 11.9% CBD D PTS in THC 613 art 54 2.5 mg THC 11gded mantuans seche Facts Equivalency face) Facteur d'equivalence 8ML 1g dried marihuana seda Lat 81 Ngasret 50 10/10/2017 STOPNE LOT E Tweed Spectrum Cannabis Yellow HYBRID bis HUNT DE CANNAD • Jaune Now Dea Deta 1 mg/mL THC Fancy factor/acte f 19 dried marihuana seche 1 Cumulative since inception, visits and conference presentations 2 CCCEP - Canadian Council on Continuing Education in Pharmacy 5#6CANADIAN REC. MARKET LEADERSHIP DRIVES RECORD REVENUES 30%+ Share of SKUs Available Nationwide¹ Q3 FY19 Net Revenue ($M) $90 $83.0 $75 $59.0³ $60 $45 $30 $16.5 $15 $0 Medical Rec Total 12,000 Q3 FY19 Shipments (Kg & Kg Equiv.) 3 8,267 10,102 70,000+ kg/yr Minimum Supply Commitments² 8,000 4,000 1,815 0 Medical Rec. Total CANOPY GROWTH Tweed Spectrum Cannabis 1. Estimate, February 15, 2019, based on available SKU data 2. Minimum supply commitment from 10 agreements signed to date, excluding Ontario 3. Leading recreational revenue and shipments in three month period ended December 31, 2018, Company reports#7ENGAGING RETAIL - BUILD BRAND, BUILD DEMAND Tweed Brick & Mortar¹ YT NT NU BC AB SK MB Tweed In Process Tweed 1 Tweed LO 5 15 Tweed Tweed Tweed NL 8 Tweed ON PEI In Process QC NB NS Technology-enabled, Nationwide sales force CANOPY GROWTH Tweed Spectrum Cannabis Tweed Online Government Private Hybrid 1 Store count includes Tweed and Tokyo Smoke locations 7#8RECREATIONAL MARKET LEADER - PHYSICAL RETAIL BUILDS BRANDS Tweed Greed Tweed Feweld#9RECREATIONAL MARKET LEADER - PHYSICAL RETAIL BUILDS BRANDS T S OM KO Y K O E#10CANNABIS: A POTENTIALLY DISRUPTIVE INGREDIENT Potential Global Market Disruption - $500B+ Target Markets Include: Athletic Drinks¹ $40B Pain Relief5 $90B Animal Health2 $50B Sleep $100B Anxiety³ $18B Health & Wellness' $1T+ PTSD4 $10B Beverage Alcohol8 $1T+ CANOPY GROWTH Tweed T тхози Spectrum Cannabis -234 1. USD $30B in 2017, Source - Industry Article 5. USD$ 77B by 2023, Source Allied Market Research Group 2. 4. USD $42B in 2017, Source - Grand View Research USD $18B by 2025, Source - Analyst View Market Insights USD $10.7B by 2026, Source - Credence Research 6. 7. 8. USD$ 80B by 2020, Source - Allied Market Research Group USD $1T in 2017, Source - Euromonitor International Source - ISRW 10#11CANNABIS: A POTENTIALLY DISTRUPTIVE INGREDIENT NO ALCOHOL Hi. I'm New. NO CALORIES NO HANGOVER HAPPY LIVER CANOPY GROWTH Tweed mxox Spectrum Cannabis 11#12DIGGING OUR ECONOMIC MOAT Tweed 7, Spectrum Cannabis#13DEVELOPING CANNABIS-BASED BEVERAGES - 2+ YEAR R&D PROGRAM GOALS . Calorie free . Transparent . Fast onset . Long shelf life . Compatible with a variety of beverage formulations Scalable production CANOPY GROWTH Tweed T Spectrum Cannabis Hi. I'm New. OUTCOME Formulation developed using all natural ingredients with a unique process order that creates a stable, cannabinoid containing, optically transparent micro-emulsion 13#14CANOPY GROWTH CANOPY HEALTH INNOVATIONS RESEARCH PROGRAM¹ PATENT APPLICATIONS 43 FILED WITH USPTO² Hexy Tweed 15 4 HUMAN HEALTH CLINICAL TRIALS INCLUDING PHASE IIB SLEEP TRIALS³ ANIMAL HEALTH CLINICAL TRIALS INCLUDING COMPANION ANIMAL ANXIETY Spectrum Cannabis 1 Includes trials underway or planned 2 Across CHI, Canopy Animal Health and Canopy Beckley 3.Including both industry-sponsored and investigator-initiated, in Canada and other regions, and including PhIIB/POC studies, and including two planned by Beckley-Canopy Therapeutics (UK part-owned affiliate) 14#15CANOPY HEALTH INNOVATIONS Conduct research that validates the efficacy and safety of consumer products SMITHS FALLS ONTARIO HI. FROM YOUR FRIENDS AT Tweed ONE HERSHEY DRIVE Pharmacokinetics Dose Response CANOPY GROWTH 1 Tweed тходи Spectrum Cannabis Safety Tweed Tweed Tweed HOUNDSTOOTH (Sativa) BAKERSTREET (Indies) PENELOPE (Hybrid) SOMG THO SOMO THE SOMS CRO Tweed 1111 HIGHLANDS Tweed 1111 15#16GROWING IP PORTFOLIO 32 PATENTS, 140+ PATENT APPLICATIONS FILED TO DATE, MANY MORE UNDER DEVELOPMENT Cannabis-based beverage production Cannabis-based medical treatments • Device & delivery technologies Large-scale cannabis processing Cannabis plant genetics Broad geographic coverage 16#17CANOPY INNOVATION DRIVING THE WORLD Tweed 7. Spectrum Cannabis#18THE LEGALIZATION OF CANNABIS IS SPREADING GLOBALLY Medical & Adult-Use Legalized Medical Use Legalized In the Process of Legalizing Medical Use/Exploring Legalization Industrial Hemp legalized - Path for Canopy Growth to enter US market CANOPY GROWTH Tweed Spectrum Cannabis 18#19DRIVING GLOBAL GROWTH Spectrum Tweed Cannabis CANADA GMP ebbu U.S.A Spektrum Cannabis Spectrum GERMANY Cannabis DENMARK Spectrum Cannabis Spectrum Cannabis UNITED KINGDOM ALCALIBER POLAND Cultivation/License Application/ Facility Under Development Imports Distribution Research Tweed JAMAICA Spectrum Cannabis PERU Spectrum Cannabis CHILE Spectrum Cannabis COLOMBIA GMP GMP Certified Facility CANOPY GROWTH Tweed Spectrum Cannabis SPAIN CANOPY LATAM BRAZIL Spectrum Cannabis CZECH REPUBLIC AusCann AUSTRALIA Spectrum Cannabis LESOTHO Spectrum Cannabis AUSTRALIA AGRICULTURE VICTORIA AUSTRALIA 19#20INVESTMENT TO ACCELERATE GLOBAL GROWTH PLANS Constellation Brands CANOPY GROWTH Tweed Spectrum Cannabis $5 BILLION USE OF PROCEEDS: Expansion in Europe & South America Entry Into United States R&D Support Mergers & Acquisitions M STORZ & BICKEL 20 20#21CANOPY GROWTH Tweed HEMP FARMING ACT OF 2018 Spectrum Cannabis CANOPY GROWTH TO INVEST $100M - $150M IN NEW YORK STATE HEMP INDUSTRIAL PARK EXTRACTION & PRODUCT MANUFACTURING 21#22MANAGEMENT TEAM Bruce Linton Chairman & Co-CEO webHancer NEWBRIDGE CROSSKEYS. Mark Zekulin President & Co-CEO CLK Cassidy Levy Kent Ontario >>> OECD Tim Saunders EVP & Chief Financial Officer vodafone Miteľ ZARLINK SEMICONDUCTOR Dr. Mark Ware Chief Medical Officer McGill University Health Centre QUEBEC PAIN RESEARCH NETWORK Canada CANOPY GROWTH Tweed Spectrum Cannabis 22#23MANAGEMENT TEAM Phil Shaer Chief Legal Officer Amanda Daley VP, Medical Sales & Education Rade Kovacevic Executive Vice President Dave Bigioni Chief Commercial Officer CONVERSANT ① mccarthy tetrault CANOPY GROWTH Tweed Spectrum Cannabis Pfizer CAMCD ACDCM CANAIAN ASSOCIATION OF MEDICAL CANTHOS DEPENSARIES AKCIATION CANADIEN OF DUNARES DE CANNARS MEDIC CANADIAN MEDICAL CANNABIS INDUSTRY ASSOCIATION MOLSON Coors venture Unilever TD 23 23#24CANOPY GROWTH Tweed Spectrum Cannabis BRUCE LINTON Founder, Chairman & Co-CEO [email protected] 24