Cannabis Retailer Tokyo Smoke To Close 29 Stores In Canada As It Seeks Creditor Protection
Tokyo Smoke, an award-winning cannabis retailer, announced Wednesday it has begun a restructuring of its business and obtained an Initial Order under the Companies’ Creditors Arrangement Act (CCAA) from the Ontario Superior Court of Justice in Canada. As a result, it will be shutting 29 of its stores.
What Happened: The Canadian company, previously owned by Canopy Growth Corp (NASDAQ:CGC), provides regulated products online as well as across 61 retail locations. It has secured financing to continue normal operations while it restructures its business.
This will include, per a company press release, “adjusting its …