Canopy Growth (TSX: WEED) (NYSE: CGC) evidently has its eyes on the Albertan market. The company announced this morning that it will be focusing on its retail expansion within the province, with the firm expected to open a total of ten stores over the next week under the Tokyo Smoke and Tweed retail banners.
While the company refers to the move as its “Alberta Expansion,” the reality is that its stores will actually be highly concentrated. Of the ten stores opening, a total of seven will be located within Calgary, two of which under the Tweed Brand and the remainder under the Tokyo Smoke brand. In fact, of the six Tokyo Smoke locations opening, all but one are located in Calgary. The final location is located in Spruce Grove, which is effectively a suburb of Edmonton.
Tweed is slightly more diversified, with its third and fourth retail facilities being located in Lethbridge and Edmonton, respectively.
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Further locations for both banners are said to be in the pipeline as well.
Commenting on the stores themselves, Canopy identifies that both banners offer guests an “industry-leading retail experience,” without quantifying what specifically places the banners in this ranking or what this so called grading was based on, outside of referring to Tokyo Smoke as an “elevated” experience and Tweed as “warm and approachable.”
The new locations bring the total number of Canopy retail locations across the country to 50, with 29 being located in Western Canada. More locations are said to be planned for the current calendar year.
Canopy Growth last traded at $16.50 on the NYSE.
Information for this briefing was found via Sedar and Canopy Growth. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
