Advertisement

Smiths Falls, Ont.-based Canopy Growth completes retail cannabis exit

Hershey's chocolate may once again take up shop in Smiths Falls. The chocolate company is set to buy its old factory from struggling cannabis company Canopy Growth. Mike Postovit/Global News

As most companies within the Canadian cannabis industry struggle to turn a profit, Smiths Falls, Ont.-based Canopy Growth Corp. has completed a deal to exit the retail landscape across the country.

Canopy Growth said Tuesday that a previously announced deal with OEG Retail Cannabis and 420 Investments Ltd. has closed.

In the deal, Canopy will divest its 23 Tweed and Tokyo Smoke retail storefronts across Canada, including stores in Kingston, Ont.

Also part of the deal, OEGRC will take over the Tokyo Smoke brand, while the Tweed stores will be rebranded.

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

“The divestiture of our Canadian retail business marks an important step forward on our path to profitability and furthers Canopy Growth’s focus on generating revenue growth in the Canadian market,” said David Klein, CEO of Canopy Growth.

Story continues below advertisement

“These retail locations will continue operating under the experienced leadership of OERGC and FOUR20 under their respective retail brands to serve Canadian consumers with high-quality in-store experiences.”

Click to play video: 'Kingston sleeping cabin resident dies suddenly on Boxing Day'
Kingston sleeping cabin resident dies suddenly on Boxing Day

 

Sponsored content

AdChoices