[Form 4] Canopy Growth Corporation Insider Trading Activity

Rhea-AI Filing Summary

Canopy Growth Corp (CGC) reported a grant of 45,680 restricted stock units to director M. Shan Atkins on August 12, 2025. The RSUs were issued as compensation and will vest in three scheduled tranches: 10,578 RSUs on September 29, 2025, 17,551 RSUs on December 31, 2025, and 17,551 RSUs on March 31, 2026. The filing shows the reporting person is a director and the transaction was reported as an acquisition at no cash price. The Form 4 was signed by an attorney-in-fact on August 14, 2025, and provides the standard disclosure of beneficial ownership following the grant.

Positive

• 45,680 RSUs granted to director M. Shan Atkins, disclosed transparently on Form 4
• Defined vesting schedule: 10,578 RSUs vest 09/29/2025, 17,551 vest 12/31/2025, 17,551 vest 03/31/2026

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine director equity grant with a clear vesting schedule, consistent with compensation alignment practices.

The filing documents a director-level equity award of 45,680 RSUs with defined vesting dates across late 2025 and early 2026, signaling use of time-based equity to align the director's interests with shareholder value over the near term. The Form 4 discloses direct beneficial ownership following the grant and is properly executed by an attorney-in-fact, indicating standard governance and disclosure procedures were followed.

Securities Analyst

TL;DR: Non-derivative RSU grant reported; transaction appears administrative and not immediately market-moving.

The Form 4 shows an acquisition code transaction of 45,680 common share-equivalent RSUs granted at $0 price, with tranche vesting on 09/29/2025, 12/31/2025, and 03/31/2026. The disclosure is concise and limited to compensation-related ownership change, with no exercise prices or derivative holdings reported. From a reporting standpoint, this is a routine insider compensation disclosure rather than a strategic corporate action.

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^*

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)
08/12/2025

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	08/12/2025		A		45,680(1)	A	$0	45,680	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 August 12, 2025, in the form of restricted stock units ("RSUs"). 10,578 of the RSUs will vest on September 29, 2025, 17,551 will vest on December 31, 2025 and 17,551 will vest on March 31, 2026.

	/s/ Jiajun Lu, Attorney-in-fact for Margaret Shan Atkins	08/14/2025
	** 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 Canopy Growth (CGC) disclose in this Form 4 filing?

The filing discloses a grant of 45,680 RSUs to director M. Shan Atkins on 08/12/2025, reported as an acquisition at no cash price.

How do the RSUs awarded to the director vest?

The RSUs vest in three tranches: 10,578 RSUs on 09/29/2025, 17,551 RSUs on 12/31/2025, and 17,551 RSUs on 03/31/2026.

What was the reporting person’s relationship to CGC?

The reporting person, M. Shan Atkins, is listed as a Director of Canopy Growth Corporation.

Was any price recorded for the RSU grant?

The transaction is reported with a $0 price, reflecting a grant of restricted stock units rather than a cash purchase.

When was the Form 4 signed and filed?

The form shows a signature by an attorney-in-fact on 08/14/2025 related to the 08/12/2025 grant.