[Form 4] Canopy Growth Corp Insider Trading Activity

Rhea-AI Filing Summary

Canopy Growth Corp director and Chief Executive Officer Luc Mongeau (reporting person) acquired 27,469 common shares on 09/22/2025 at a price of CA$1.82 per share, as reported on Form 4. Following the transaction, Mongeau beneficially owned 812,368 common shares. The Form 4 was signed by an attorney-in-fact on behalf of Mongeau on 09/23/2025. The filing notes that the price is expressed in Canadian dollars. No derivative transactions or additional details were reported.

Positive

• Director and CEO purchased shares, demonstrating insider buying and potential alignment with shareholders
• Clear, timely disclosure of transaction date, share amount, price (CA$1.82) and post-transaction holdings (812,368 shares)

Negative

• None.

Insights

Financial Analyst

Insider purchase signals management confidence; size is modest relative to total holdings.

The reported acquisition of 27,469 shares at CA$1.82 increases the CEO's stake to 812,368 shares, which is a clear, direct purchase rather than a derivative or option exercise. For investors, insider buys can be interpreted as a positive alignment of management with shareholders, although the filing provides no context on the dollar value relative to Mongeau's total holdings or the company's market capitalization. The transaction is straightforward and complies with Section 16 reporting requirements.

Corporate Governance Expert

Routine Form 4 disclosure; confirms compliance but lacks explanatory context.

The form documents a direct acquisition by a director/officer and is properly executed by an attorney-in-fact. The filing includes key facts: transaction date, share amount, price in CAD, and post-transaction beneficial ownership. It does not indicate a 10b5-1 plan or other trading arrangement. From a governance perspective, timely reporting fulfills disclosure obligations; however, the filing contains no commentary on intent or any related-party arrangements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mongeau Luc

(Last) (First) (Middle)

C/O CANOPY GROWTH CORPORATION

1 HERSHEY DRIVE

(Street)

SMITHS FALLS A6 K7A 0A8

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Canopy Growth Corp [ CGC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	09/22/2025		P		27,469	A	$1.82(1)	812,368	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Price is expressed in Canadian dollars.

	/s/ Jiajun Lu, Attorney-in-fact for Luc Mongeau	09/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Luc Mongeau (CGC) report on Form 4?

The Form 4 reports a direct acquisition of 27,469 common shares on 09/22/2025 at CA$1.82 per share, increasing beneficial ownership to 812,368 shares.

Was the price on the Form 4 reported in US or Canadian dollars?

The filing explicitly states the price is expressed in Canadian dollars.

Does the Form 4 show any derivative transactions for Luc Mongeau?

No. The filing contains only a non-derivative securities acquisition; Table II (derivatives) shows no reported transactions.

Who signed the Form 4 for Luc Mongeau and when?

The Form 4 is signed by /s/ Jiajun Lu, Attorney-in-fact for Luc Mongeau with the signature date 09/23/2025.

Does the Form 4 indicate the transaction was made under a 10b5-1 plan?

The filing does not indicate that the transaction was made pursuant to a 10b5-1 plan; no such plan is referenced in the reported fields.