[Form 4] Canopy Growth Corporation Insider Trading Activity

Rhea-AI Filing Summary

Christelle Gedeon, Chief Legal Officer and Corporate Secretary of Canopy Growth Corp (CGC), reported a sale of 4,528 common shares on 08/18/2025 at a price of CA$1.86 per share. The filing shows 385,417 shares beneficially owned by Ms. Gedeon after the transaction. The form states the disposition was made to satisfy tax obligations arising from the vesting of restricted stock units. The report was signed by an attorney-in-fact on behalf of the reporting person and is a routine officer disclosure under Section 16.

Positive

• Timely disclosure of insider transaction under Section 16 maintains regulatory transparency
• Sale tied to tax obligations from RSU vesting, indicating a non-speculative reason for the disposition
• Reporting person retains substantial ownership after the sale (385,417 shares)

Negative

• Insider sale reduces officer's holdings by 4,528 shares, which could be viewed negatively by some investors

Insights

Corporate Governance Expert

TL;DR: Routine tax-related sale by an officer; timely disclosure maintains governance transparency.

The transaction is described as a disposition tied to tax liabilities from RSU vesting, which is a common and non-disruptive reason for insider sales. The insider remains a significant holder with 385,417 shares after the sale. Filing under Section 16 was completed promptly and signed by an attorney-in-fact, indicating standard compliance procedures. This does not indicate a change in corporate control or governance strategy.

Securities Analyst

TL;DR: Small, scheduled insider sale for taxes; limited market impact given size relative to typical float.

Disposition of 4,528 shares at CA$1.86 represents a modest sale size. The disclosure explicitly links the sale to tax obligations from RSU vesting, reducing the likelihood this reflects a negative view on company prospects. Remaining beneficial ownership of 385,417 shares suggests continued alignment with shareholder interests. No derivative transactions or additional material events are reported.

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^*

Gedeon Christelle

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		S		4,528(1)	D	$1.86(2)	385,417	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 disposition of shares is associated with tax obligations of the reporting person associated with the vesting of restricted stock units.

2. Price is expressed in Canadian dollars.

Remarks:

Chief Legal Officer and Corporate Secretary

	/s/ Shai Marshall, Attorney-in-fact for Christelle Gedeon	08/20/2025
	** 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 Christelle Gedeon report in the Form 4 for CGC?

She reported a sale of 4,528 common shares on 08/18/2025 at CA$1.86 per share and beneficial ownership of 385,417 shares after the transaction.

Why were the shares sold according to the filing?

The filing states the disposition was made to satisfy tax obligations associated with the vesting of restricted stock units.

What is Christelle Gedeon's role at Canopy Growth (CGC)?

The remarks identify her as Chief Legal Officer and Corporate Secretary and the filing was made in her capacity as an officer.

Was the Form 4 filed on time and properly signed?

The Form 4 was executed and signed by an attorney-in-fact on behalf of the reporting person, indicating standard filing procedure; no amendment date is provided.

Does the filing show any derivative transactions for CGC by this reporting person?

No. Table II for derivative securities contains no reported transactions; only a non-derivative common share sale is listed.