Canopy Growth lands a cannabis store in Toronto opening under its Tokyo Smoke brand name
Ryan Allway
March 20th, 2019
News
Canopy Growth Corp. in Smiths Falls has nabbed another Ontario cannabis store that will carry the name of one of its brands.
A cannabis lottery winner plans to open a store called Tokyo Smoke 333 Yonge in Toronto, according to a posting Tuesday by the Alcohol and Gaming Commission of Ontario.
Canopy owns the Tokyo Smoke brand. The company already operates four Tokyo Smoke cannabis stores and an e-commerce site in Manitoba.
Tokyo Smoke made an agreement with lottery winner Colin Campbell, who applied to open the store at 333 Yonge St. near Dundas Street West, to use the brand name.
“The lottery winner will have full ownership and control over the Toronto store,” said Canopy spokesperson Caitlin O’Hara in a statement. That’s one of the requirements of the cannabis lottery, held to award the right to apply for the first wave of shop licences.
Another proposed store, in London, will carry the Canopy brand name Tweed.
Only 25 cannabis stores will open across the province this spring. The number was temporarily restricted because of a cannabis shortage.
Licensed cannabis growers such as Tweed were not allowed to enter the lottery. Even when more shop licences are available, growers are restricted from owning more than 9.9 per cent of a retail cannabis store. That was to ensure the retail trade was open to smaller businesses.
However, some of the lottery winners have made licensing and branding deals with cannabis retail chains that operate in other provinces.
Canopy Growth plans to continue expansion of its retail stores under the Tweed and Tokyo Smoke banners. According to a financial statement released in February, the company planned to add 20 additional Tweed and 20 more Tokyo Smoke stores in provinces that allow privately-run shops.
“In the province of Ontario, the company is exploring partnership opportunities to ensure consumers in that market can experience the distinct Tweed and Tokyo Smoke retail experiences,” said the statement.
For the Tweed store in London, Canopy worked in partnership with Couche-Tard, the huge Quebec-based convenience store company. Couche-Tard had a trademark licence agreement with the lottery winner.
The province wanted the 25 cannabis stores to open by April 1. That won’t happen. Three of the lottery winners have not even announced their locations yet.
The public has 15 days to comment after locations are announced, and the licence applicant has another five days to reply.
The deadline for public comment on the Tokyo Smoke 333 Yonge store is April 2.
For another five stores, the public comment period ends between March 19 and March 27, which is tight timing.
Lottery winners had to put up a $50,000 line of credit that will be drawn down if they fail to open on time.
For instance, $12,500 will be charged if the store fails to open April 1, another $12,500 if the doors are not open on April 15 and the remaining $25,000 if it’s not open by the end of April.
Canopy Growth’s retail stores
Canopy Growth in Smiths Falls has a growing arm of retail stores:
Tokyo Smoke: Canopy bought Tokyo’s Smoke’s parent company last summer. Tokyo Smoke started life as a small chain of trendy cafes that sold coffee, cannabis accessories and clothes, and has expanded to include stores that sell cannabis.
There are four Tokyo Smoke cannabis stores and one e-commerce site in Manitoba; five Tokyo Smoke coffee shops in Toronto and one in Calgary; and an education centre in Vancouver.
An Ontario lottery winner has proposed using the name Tokyo Smoke 333 Yonge on a store in Toronto.
Canopy planned to add another 20 Tokyo Smoke cannabis stores, according to its financial statements released in February.
Tweed: Canopy Growth subsidiary Tweed is the company’s most well known brand. Tweed is the name of the licensed grower in Smiths Falls and is also a brand name of recreational weed sold across Canada.
Canopy operates 10 Tweed stores in Newfoundland & Labrador and Manitoba, and has a licensing agreement with a store in Saskatchewan to use the name. An Ontario lottery winner has an agreement to use the Tweed brand on a store proposed for London. Tweed also sells cannabis on e-commerce sites in Manitoba and Nunavut.
The company planned to add another 20 Tweed stores, according to its February financial statements.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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