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Canopy Growth to bow out of brick-and-mortar cannabis retail in Canada

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Ontario-based Canopy Growth has entered into agreements to divest its Tweed and Tokyo Smoke pot shops across the country — via TheGrowthOp cannabisnews cannabiscommunity

“The announcement reinforces the company’s focus on advancing its path to profitability as a premium brand-focused cannabis and consumer packaged goods company,” notes a statement from Canopy.Article content

The deal includes all Tokyo Smoke-related intellectual property and will see any stores now branded as Tweed rebranded.that a Canopy spokesperson confirmed to the publication that five company stores in Alberta will be closed. In line with the two announced transactions, Canopy reports “the master licence agreement between Canopy Growth and Alimentation Couche-Tard Inc. with respect to the use of the Tweed brand for brick-and-mortar retail stores operating in Ontario has also been terminated.”

Following closing, OEGRC “will be the sole owner of the Tokyo Smoke brand and trademark and all Tweed retail stores acquired as part of this transaction will be rebranded,”“We believe this is the start of something special for the retail cannabis industry,” suggests Jürgen Schreiber, CEO of OEG Inc.Article content

 

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