- Canopy Growth (WEED) has sold its Canadian retail assets to OEG Retail Cannabis and 420 Investments
- The previously announced transaction includes 23 Tokyo Smoke and Tweed store locations, in addition to 5 corporate stores
- CEO David Klein views the divestiture as a catalyst toward profitability and revenue growth in the Canadian market
- Canopy Growth is a globally diversified cannabis and cannabinoid consumer product goods company
- Canopy Growth (WEED) is up by 3.82 per cent, trading at $3.26 per share
Canopy Growth (WEED) has sold its Canadian retail assets to OEG Retail Cannabis and 420 Investments.
As previously announced, the transaction includes Tweed and Tokyo Smoke stores.
OEG is an existing Canopy licensee partner that owns and operates Tokyo Smoke stores in Ontario.
As part of the OEG transaction, it acquired 23 Tokyo Smoke and Tweed store locations across Manitoba, Saskatchewan and Newfoundland. Under the agreement, all Tweed stores will be rebranded, and OEG will receive all rights to the Tokyo Smoke brand.
Canopy will continue to own and operate the Tweed brand and grow its portfolio of flower, pre-rolls, gummies and beverages.
420 Investments, a licensed cannabis retailer, acquired five Canopy corporate stores in Alberta.
“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,” stated David Klein, Canopy’s CEO.
“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,” he added.
Canopy Growth is a globally diversified cannabis and cannabinoid consumer product goods company.
Canopy Growth (WEED) Stock is up by 3.82 per cent, trading at $3.26 per share as of 9:33 am ET.