Canadian cannabis company Canopy Growth Corp. has thrown in the towel on its bricks-and-mortar cannabis retail operations in Canada, selling off 28 corporate-owned stores under its Tweed and Tokyo Smoke retail brands, closing five more and ending franchising and licensing agreements.
Financial terms of the store sales were not immediately disclosed.
ADVERTISEMENT
Canopy’s exit from bricks-and-mortar retail “reinforces the company’s focus” on achieving “profitability as a premium brand-focused cannabis and consumer packaged goods (CPG) company,” according to a news release.
The divestitures announced late Tuesday include:
23 Canopy-owned retail stores in Saskatchewan, Manitoba and Newfoundland and Labrador, which will be purchased by Canopy retail partner OEG Retail Cannabis (OEGRC), which already owns and operates franchised Tokyo Smoke stores in Ontario. Five Canopy-owned stores in Alberta, which will be purchased by Calgary-based cannabis retail company Four20 and rebranded.
A Canopy spokesperson confirmed to MJBizDaily that the company owns
Read full article on Marijuana Business Daily
