v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Changes in Options Outstanding

The following is a summary of the changes in the Options outstanding during the three months ended June 30, 2026:

 

 

Options
issued

 

 

Weighted
average
exercise price

 

Balance outstanding at March 31, 20261

 

 

2,743,855

 

 

$

4.19

 

Options granted

 

 

2,839,962

 

 

 

1.41

 

Options expired/forfeited

 

 

(173,381

)

 

 

3.64

 

Balance outstanding at June 30, 20261

 

 

5,410,436

 

 

$

2.77

 

(1) Included is 70,515 replacement compensation options (“Replacement Compensation Options”) that were issued by the Company in connection with its acquisition of MTL Cannabis Corp. on March 16, 2026, with an exercise price of $1.59 per compensation option. Each compensation option is exercisable for one Canopy Share and one half of one Canopy Growth warrant. Each whole Canopy Growth warrant is exercisable to acquire one Canopy Share until September 19, 2028 at an exercise price of $2.61 per Canopy Share.

 
Summary of Options Outstanding

The following is a summary of the Options outstanding as at June 30, 2026:

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Remaining

 

 

 

 

 

Remaining

 

 

 

Outstanding at

 

 

Contractual Life

 

 

Exercisable at

 

 

Contractual Life

 

Range of Exercise Prices

 

June 30, 2026

 

 

(years)

 

 

June 30, 2026

 

 

(years)

 

$1.41 - $2.50

 

 

4,778,597

 

 

 

5.42

 

 

 

715,716

 

 

 

3.97

 

$2.51 - $10.00

 

 

479,617

 

 

 

3.50

 

 

 

327,929

 

 

 

2.98

 

$10.01 - $308.70

 

 

152,222

 

 

 

2.95

 

 

 

123,111

 

 

 

2.71

 

 

 

 

5,410,436

 

 

 

5.18

 

 

 

1,166,756

 

 

 

3.56

 
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model

The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended June 30, 2026 and 2025, on their measurement date by applying the following assumptions:

 

 

June 30,

 

June 30,

 

 

2026

 

2025

Risk-free interest rate

 

2.98%

 

2.73%

Expected life of options (years)

 

3 - 5

 

3 - 5

Expected volatility

 

123%

 

121%

Expected forfeiture rate

 

31%

 

18%

Expected dividend yield

 

nil

 

nil

Black-Scholes value of each Option

 

$1.12

 

$1.57
Summary of Changes in RSUs and PSUs

The following is a summary of the changes in the Company’s RSUs and PSUs during the three months ended June 30, 2026:

 

 

Number of RSUs
and PSUs

 

Balance outstanding at March 31, 2026

 

 

2,922,618

 

RSUs and PSUs granted

 

 

7,077,095

 

RSUs released

 

 

(953,717

)

RSUs cancelled and forfeited

 

 

(212,669

)

Balance outstanding at June 30, 2026

 

 

8,833,327