[Form 4] Canopy Growth Corp Insider Trading Activity

Rhea-AI Filing Summary

Canopy Growth director Margaret Shan Atkins reported a disposition of common shares tied to vested restricted stock units. On 09/29/2025 the reporting person disposed of 2,216 common shares at $1.58 per share to satisfy tax obligations arising from RSUs granted on 08/12/2025. After the reported transaction the reporting person beneficially owned 43,464 common shares, held directly. The Form 4 indicates the sale is associated with tax withholding on vested equity rather than a separate open-market trading decision.

Positive

• Transparent disclosure of insider transaction under Section 16, including transaction price and post-transaction beneficial ownership
• Explanation provided that the disposal relates to tax obligations from RSU vesting, clarifying the nature of the sale

Negative

• Director share disposal of 2,216 shares was executed, which some investors may view negatively despite stated tax purpose

Insights

Corporate Governance Expert

TL;DR: Routine insider disposition to satisfy tax liabilities from vested RSUs; not necessarily a signal about company fundamentals.

The filing documents a common, administrative disposal of shares by a director following RSU vesting. Such transactions typically reflect tax- Withholding requirements rather than discretionary stock sales for liquidity or portfolio rebalancing. The remaining beneficial ownership of 43,464 shares is disclosed as direct ownership, preserving transparency. This is a standard Section 16 disclosure and does not, on its face, indicate governance or compensation-policy changes.

Securities Analyst

TL;DR: A small-scale sale tied to RSU tax obligations; limited investor impact given transaction size.

The reported disposal of 2,216 shares at $1.58 each is explicitly linked to tax obligations from RSUs granted 08/12/2025. The Form 4 shows the transaction type and post-transaction beneficial ownership (43,464 shares). Absent additional context on total insider holdings or company-level changes, this disclosure is informational and unlikely to be material to CGC's valuation by itself.

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).

1. Name and Address of Reporting Person^*

ATKINS M SHAN

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

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	09/29/2025		S		2,216(1)	D	$1.58	43,464	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. The shares reported as disposed herein were granted on August 12, 2025, in the form of restricted stock units ("RSUs"). The disposition of shares is associated with tax obligations of the reporting person associated with the vesting of the RSUs.

	/s/ Shai Marshall, Attorney-in-fact for Margaret Shan Atkins	09/30/2025
	** 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

Who filed the Form 4 for CGC?

Margaret Shan Atkins (reported as ATKINS M SHAN), a director of Canopy Growth Corp, filed the Form 4.

What transaction was reported on the Form 4 for CGC?

Disposition of 2,216 common shares at a price of $1.58 per share on 09/29/2025.

Why were shares disposed according to the Form 4?

The disposal is associated with tax obligations arising from restricted stock units (RSUs) granted on 08/12/2025.

How many shares does the reporting person own after the transaction?

The reporting person beneficially owned 43,464 common shares following the reported transaction.

Was the ownership direct or indirect in the Form 4?

Ownership is reported as direct (D).