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Exhibit 99.1 CANOPY GROWTH REPORTS FIRST QUARTER FISCAL 2022 FINANCIAL RESULTS August 6 , 2021 - SMITHS FALLS , ON - Canopy Growth Corporation ( " Canopy Growth " or the " Company " ) ( TSX : WEED , NASDAQ : CGC ) today announces its financial results for the first quarter fiscal 2022 ended June 30 , 2021. All financial information in this press release is reported in Canadian dollars , unless otherwise indicated . Highlights • • . Achieved 23 % revenue growth in Q1 2022 versus Q1 2021 driven by strong double - digit growth in both cannabis and other consumer products businesses . Maintained # 1 market share¹ in tracked Canadian recreational cannabis market amid a highly competitive landscape . Completed acquisition of Ace Valley and Supreme Cannabis , with commercial and operational Integration progressing smoothly . Led by consumer insights , a robust innovation pipeline with over 100+ SKUs across key product categories set to hit store shelves from Q2 2022 to Q4 2022 . Momentum with cannabis reform increasing as the Company continues to build its U.S. presence through broad portfolio of innovative CBD and CPG brands . Remains committed to accelerating top - line growth in the second half of fiscal 2022 and achieving positive Adjusted EBITDA by end of fiscal 2022 . " With the right strategy and strong foundation in place we are confident in our ability to deliver long - term success as Canopy's products and brands continue to demonstrate their appeal to consumers in our core markets , " said David Klein , CEO , Canopy Growth . " While we're encouraged by regulatory advancement in the U.S. , Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters . " " We're continuing to drive cost savings and operational efficiencies across the company , and remain broadly on track to our target of $ 150- $ 200 million in fiscal 2022- fiscal 2023 , " added Mike Lee , CFO . " We look forward to scaling our new operating model in coming months as we push forward our profitability goals in fiscal year 2022. " First Quarter Fiscal 2022 Financial Summary Adjusted ( in millions of Canadian dollars , unaudited ) Net revenue Gross margin gross margin percentage percentage² Reported vs. Q1 2021 $ 136.2 23 % 20 % 1,400 bps 21 % 1,400 bps Net income ( loss ) $ 390.0 404 % Adjusted EBITDA³ Free cash flow4 $ ( 63.6 ) 31 % $ ( 186.1 ) ( 3 % ) 1 Unless otherwise indicated , market share data disclosed in this press release is calculated using the Company's internal proprietary market share tool that utilizes point of sales data supplied by a third - party data provider , government agencies and our own retail store operations across the country . The tool captures point of sale data from an average of 30 % of stores in Alberta , British Columbia , Saskatchewan , Manitoba and Newfoundland & Labrador , point of sale data from 100 % of stores in New Brunswick , Nova Scotia and Prince Edward Island , as well as depletions and e - commerce sales data from the OCS . 2 Adjusted gross margin is a non - GAAP measure , and for Q1 2022 excludes $ 1.4 million related to the flow - through of inventory step - up associated with the acquisition of Supreme Cannabis ( Q1 2021 - excludes $ 1.2 million related to the flow - through of inventory step - up associated with fiscal 2020 business combinations ) . See " Non - GAAP Measures " . 3 Adjusted EBITDA is a non - GAAP measure . See " Non - GAAP Measures " . 4 Free cash flow is a non - GAAP measure . See " Non - GAAP Measures " .