Cannabis retailer Tokyo Smoke to close 29 stores amid creditor protection proceedings

By: The Canadian Press Posted: 4:00 PM CDT Wednesday, Aug. 28, 2024 Last Modified: 12:37 PM CDT Friday, Aug. 30, 2024

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TORONTO - Cannabis retailer Tokyo Smoke says it will be shuttering 29 of its stores as it seeks creditor protection.

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TORONTO - Cannabis retailer Tokyo Smoke says it will be shuttering 29 of its stores as it seeks creditor protection.

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Hey there, time traveller!
This article was published 28/08/2024 (399 days ago), so information in it may no longer be current.

TORONTO – Cannabis retailer Tokyo Smoke says it will be shuttering 29 of its stores as it seeks creditor protection.

The closures are part of a restructuring the brand is carrying out under the Companies’ Creditors Arrangement Act.

Tokyo Smoke says the moves are meant to better align its operations with the current cannabis market and regulatory conditions, which the company says have changed “significantly.”

Alan Gertner CEO of Tokyo Smoke poses for a photograph at his business in Toronto on Tuesday, March, 2016. Cannabis retailer Tokyo Smoke says it will be shuttering 29 of its stores as it seeks creditor protection. THE CANADIAN PRESS/Nathan Denette

Some 167 locations across Ontario, Manitoba, Saskatchewan and Newfoundland and Labrador will remain open amid the restructuring.

OEG Retail Cannabis, a company run by the owner of the Edmonton Oilers hockey team, bought the Tokyo Smoke brand from pot giant Canopy Growth Corp. in September 2022.

Since that deal was signed, the cannabis market has struggled as the number of retailers has soared and the price of pot has dropped.

This report by The Canadian Press was first published Aug. 28, 2024.

In this June 28, 2017, photo, a finished marijuana product fills a bag at the Desert Grown Farms cultivation facility in Las Vegas. Cannabis retailer Tokyo Smoke says it will be shuttering 29 of its stores as it seeks creditor protection THE CANADIAN PRESS/AP-John Locher

The logo for cannabis retailer Tokyo Smoke is shown on a tin of matches in a photo illustration in Toronto, Friday, Aug. 30, 2024. THE CANADIAN PRESS/Giordano Ciampini