[Form 4] Canopy Growth Corp Insider Trading Activity

Rhea-AI Filing Summary

Canopy Growth (CGC) disclosed an insider equity grant on a Form 4. A director received 42,658 restricted stock units (RSUs) on November 11, 2025 at a price of $0, reflecting a non-cash award.

The filing notes a staggered vesting schedule: 20,158 RSUs vest on December 31, 2025 and 22,500 RSUs vest on March 31, 2026. Following the grant, the director reported 42,658 shares beneficially owned, held directly. This is routine equity compensation and does not involve cash proceeds.

Insights

Equity compensation analyst

Routine RSU grant to a director with two vesting dates.

The Form 4 records a non-cash award of 42,658 RSUs granted on November 11, 2025. RSUs are rights to receive shares upon vesting, commonly used to align director incentives with shareholders.

Vesting occurs in two tranches: 20,158 on December 31, 2025 and 22,500 on March 31, 2026. Any dilution impact would depend on share delivery at vesting and is typically modest for single-director awards.

The transaction price is $0, consistent with equity grants. This filing is administrative in nature and does not indicate operational or financial changes.

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
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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^*

BAYERN JOSEPH

(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)
11/11/2025

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	11/11/2025		A		42,658(1)	A	$0	42,658	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 herein were granted on November 11, 2025, in the form of restricted stock units ("RSUs"). 20,158 of the RSUs will vest on December 31, 2025 and 22,500 will vest on March 31, 2026.

	/s/ Jiajun Lu, Attorney-in-fact for Joseph Bayern	11/13/2025
	** 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 insider transaction did CGC report?

A director received 42,658 RSUs granted on November 11, 2025 at a price of $0.

What is the vesting schedule for the 42,658 RSUs at CGC?

The RSUs vest in two tranches: 20,158 on December 31, 2025 and 22,500 on March 31, 2026.

How many CGC shares are beneficially owned after the reported transaction?

The director reported 42,658 shares beneficially owned, held directly.

Was there a purchase price for the CGC RSU grant?

No. The RSUs were granted at $0, indicating a non-cash equity award.

What role does the reporting person hold at CGC?

The reporting person is a Director of Canopy Growth Corp.

Does this filing indicate cash proceeds to CGC?

No. It reflects a non-cash RSU grant with no proceeds.