Smiths Falls-based Canopy Growth is getting out of the cannabis storefront game.
They have struck a pair of deals to sell its Tweed brand and Tokyo Smoke stores.
They have sold all of their stores outside Alberta, as well as the intellectual property for Tokyo Smoke, to OEG Retail Cannabis.
OEG is run by the Katz Group and owns the Edmonton Oilers. They also had the rights to run all Canopy’s franchised Tokyo Smoke stores in Ontario.
420 Investments Ltd. Gets five stores in Alberta that will be rebranded as Four20 stores.
The moves come as Canopy struggles to move towards profitability after posting quarter after quarter of significant losses despite significant restructuring.
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