Canopy Growth gives up rights to Tokyo Smoke brand
Published on January 6, 2023 by oz. staff
Canopy Growth has unloaded its retail stores, as well as its ownership of the Tokyo Smoke brand.
The Ontario-based company says in a news release “the transaction supports the company’s focus on achieving profitability.”
Twenty-three Tweed and Tokyo Smoke stores were snatched up by OEG Retail Cannabis. The stores are located in Manitoba, Saskatchewan, and Newfoundland and Labrador.
OEG says it’s now the sole owner of the Tokyo Smoke brand and trademark.
“We are excited to take this important next step in the expansion of OEG Retail Cannabis and the Tokyo Smoke brand across Canada,” says OEG CEO Jürgen Schreiber in a news release.
“The close of this acquisition marks the start of something special for the retail cannabis industry and we are looking forward to bringing our award-winning customer experience, product quality and safety to more Canadians in Manitoba, Saskatchewan, and Newfoundland and Labrador.”
While Canopy says it gave up rights to Tokyo Smoke, the company adds it will continue to own and operate the “iconic” Tweed brand.
“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,” says Canopy CEO David Klein.