Indiva and Canopy Announce Closing of Private Placement

Indiva Limited (the "Company" or "Indiva") (TSXV:NDVA), the leading Canadian producer of cannabis edibles and other cannabis products, and Canopy Growth Corporation ("Canopy Growth") (TSX: WEED) (NASDAQ: CGC), a leading global cannabis company, through its wholly-owned subsidiary, Tweed Inc. ("Tweed"), are pleased to announce the closing of the previously announced $2,155,617 private placement (the "Private Placement") into Indiva by Tweed.

The Private Placement was completed in connection with the entering into of a license assignment and assumption agreement and a contract manufacturing agreement, whereby Indiva assigned to Tweed all of its rights and interest in its exclusive license to manufacture and sell Wana branded products in Canada and Tweed granted to Indiva an exclusive right to manufacture and supply Wana branded products in Canada for a period of five years, with the ability to renew for an additional five-year term upon mutual agreement of the parties.

Pursuant to the Private Placement, Tweed subscribed for 37,230,000 common shares in the capital of Indiva ("Common Shares") for an aggregate purchase price of $2,155,617 at a price per Common Share of $0.0579 (the "Issue Price"). The Issue Price was determined based on the 10-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") during the 10 consecutive trading days ending on the last trading day immediately prior to May 30, 2023. Upon closing of the Private Placement, Tweed exercises control and direction over 19.99% of the issued and outstanding Common Shares. The balance of the consideration paid by Tweed to Indiva is as follows: (i) additional consideration representing a value of $844,383; (ii) a cash payment of $1,250,000 on May 30, 2024.

Indiva intends to use the net proceeds of the Private Placement to satisfy its existing obligations under its license to manufacture and sell Wana branded products in Canada and for its costs and expenses related to the manufacture and supply Wana branded products under the contract manufacturing agreement.

On closing, Tweed and Indiva entered into a customary standstill and voting support agreement, which provides, among other things, Tweed with the ability to nominate an individual as a board observer on the Board of Directors of Indiva.

The Private Placement is subject to the final approval of the TSXV. The Common Shares issued under the Private Placement are subject to a statutory hold period of four months and one day following the closing of the Private Placement, being October 17, 2023.