Canopy Growth Puts An End to Canadian Retail Business
- 2 years ago
Canadian cannabis company Canopy Growth Corp. has thrown in the towel on its cannabis retail storefront operations in Canada, selling off 28 corporate-owned stores under its Tweed and Tokyo Smoke retail brands, closing five more and ending franchising and licensing agreements.
Financial terms of the store sales were not immediately disclosed. However, Canopy’s retail revenue has declined, with business-to-consumer revenue for its quarter ended June 30 falling by about 28% compared to the same quarter a year before. In a regulatory filing, Canopy attributed that decline to “the continuing rapid increase” in retail cannabis stores in Canada as well as “price compression resulting from the increased competition.”
Financial terms of the store sales were not immediately disclosed. However, Canopy’s retail revenue has declined, with business-to-consumer revenue for its quarter ended June 30 falling by about 28% compared to the same quarter a year before. In a regulatory filing, Canopy attributed that decline to “the continuing rapid increase” in retail cannabis stores in Canada as well as “price compression resulting from the increased competition.”