Canopy Growth exits retail
In a move that surprised many, but not all, Canopy Growth has entered an agreement with OEGRC (part of the Katz Group) to sell 23 corporately-owned retail stores across Canada, including locations in Saskatchewan, Manitoba, Newfoundland and Labrador.
Presently, 10 Canopy-owned stores exist in Alberta, a major cannabis market in Canada. Five of these stores are set for closure, while the remaining 5 Canopy owned stores will be purchased and rebranded as FOUR20.
The move out of the retail space is a telling tale for Canopy Growth, who will be re-focusing their efforts, hoping to re-establish themselves as a “premium brand-focused cannabis and consumer packaging company” – while also advancing their path to profitability and positioning themselves for future success in ‘emerging markets’.
With the continued expansion of cannabis retail throughout Canada, it is no shock that Canopy has shifted their industry position and are re-focusing on producing quality products for the greater community.
The Tweed brand of cannabis products will continue on in the market, offering pre-rolled, whole flower, and ready-to-enjoy options.