Canopy Growth Corp (TSE: WEED) (NYSE: CGC) announced that it will be working in conjunction with 10 Ontario retail license holders to open new Tokyo Smoke-branded retail cannabis stores across the province.
"With 10 new stores set to open in the first half of this year, we are pleased with the momentum we’ve built and excited to bring the Tokyo Smoke experience to more Ontarians," Canopy Growth President Rade Kovacevic said in a statement.
"Increasing Tokyo Smoke’s presence across the province will expand access to high-quality cannabis products and education, continuing to migrate cannabis sales from the illicit to the regulated market."
Nine of the 10 locations have already completed the Public Notice Period, proceeding to the following stage in the licensing process, according to Canopy Growth.
The retail stores will be owned and managed by independent business owners with support from Canopy Growth’s retail team.
The store openings will expand Canopy’s retail presence over Canada to a total of 37 stores, the company said.
The government of Ontario is starting to move toward an open market for retail cannabis stores, according to Canopy Growth, and the company said this policy will be essential for consumer access to a greater variety of secure and reliable cannabis sources.
Canopy Growth shares were up 0.8% at $20.08 at the close Monday.