OEG Retail Cannabis to Acquire Retail Stores, Tokyo Smoke Brand From Canopy Growth in Cross-Country Expansion
Tokyo Smoke Positioned to Become Canada's Number One Retail Cannabis Brand
TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) -- As the next chapter in its story of rapid growth, expansion and Canadian market leadership, OEG Retail Cannabis (OEGRC) is acquiring 23 Tweed and Tokyo Smoke stores from Canopy Growth Corporation $(CGC.AU)$ in Manitoba, Saskatchewan, and Newfoundland and Labrador. In addition to the retail locations, OEGRC is also acquiring the Tokyo Smoke brand from Canopy Growth as it continues to lead in customer experience, product quality, choice, value and loyalty programs.
Following the close of this acquisition, OEGRC will be the sole owner of the Tokyo Smoke brand and trademark and all Tweed retail stores acquired as part of this transaction will be rebranded.
"We believe this is the start of something special for the retail cannabis industry," said Jürgen Schreiber, CEO, OEG Inc. "With this acquisition, OEG Retail Cannabis and the Tokyo Smoke brand are positioned as outright leaders in Canadian retail cannabis and we are committed to doing everything we can to lead in customer experience, product quality and safety for years to come as the country's cannabis industry continues to evolve and mature."
OEGRC is excited to welcome all current customer-facing retail employees from the newly acquired stores to continue providing a differentiated brand and customer experience.
"OEG Retail Cannabis and Canopy Growth have been partners for many years now and we are committed to a smooth transition for employees and customers of the newly acquired stores as we await final regulatory approval in the coming months," added Schreiber. "This agreement is a prime example of the continued advancement of the Canadian cannabis industry, with each respective organization focusing on its strengths and expertise. For OEG Retail Cannabis, this includes significantly expanding its retail footprint nationally, leveraging a long history of retail excellence in Canada. For Canopy Growth, the focus is driving forward a leading premium-focused brand and product portfolio for consumers."
About OEG Retail Cannabis
With decades of retail experience, OEG Inc., a division of Katz Group, is a North American leader in sports and entertainment, hospitality and retail cannabis. OEG Retail Cannabis (OEGRC) is OEG Inc.'s fast-growing, multiple award-winning retail cannabis portfolio led by its flagship brand, Tokyo Smoke. Over the past three years, OEGRC has grown Tokyo Smoke into the largest cannabis retailer in Ontario with 64 stores and is well positioned for future success in the early stages of an emerging market.
Learn more at OEG.ca
About Tokyo Smoke
Tokyo Smoke is a multiple award-winning cannabis retailer and market leader with tremendous cross-country expansion and growth potential as the retail cannabis industry continues to consolidate and mature. At Tokyo Smoke, we believe cannabis can be a powerful force for good and that the customer experience should be nothing short of great. We are committed to bringing our customers the very highest quality, regulated products in stunning retail stores with convenient locations. Tokyo Smoke empowers Canadians to make well-informed decisions about safe, high-quality cannabis products. We curate truly unique offerings and deliver a product assortment that reflects our customers' interests, neighbourhood-by-neighbourhood.
OEG Retail Cannabis is set to become the sole owner of the Tokyo Smoke brand.
Learn more at tokyosmoke.com
Media Contact:
Kevin Rapanos
Tokyo Smoke
587-710-0692 or krapanos@tyosmoke.ca
(END) Dow Jones Newswires
September 27, 2022 17:28 ET (21:28 GMT)
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