Tokyo Smoke is the latest Canadian cannabis retailer to close some of its locations and seek creditor protection in an unpredictable industry grappling with too many stores, high overhead costs and ultra-low retail prices.
One of the earliest brands to form in Ontario after the federal legalization of pot in 2018, Tokyo Smoke is shuttering 29 stores and restructuring its business under the Companies’ Creditors Arrangement Act, it announced Thursday. It will still have 167 locations open across four provinces.
