Earlier in the week, Canopy made two moves positioning itself and its brands as luxury items. Teaming up with high-end department store chain Holt Renfrew, Canopy announced the partners would launch a line of holiday-themed cannabis accessories.
Holt Renfrew will sell these products alongside “a curated selection” of Tokyo Smoke‘s accessories in adults-only popup shops in their Vancouver and Toronto stores—but not their Art Deco former-headquarters in Montreal, where they might run afoul of strict Quebec law on sales of cannabis accessories.
Canopy also announced it was in talks to open a Tokyo Smoke store at One Bloor Street in Toronto, at the corner of Yonge—one of Canada’s busiest intersections, in a tony shopping neighbourhood known as Mink Mile.
Also this week, Canopy announced it was laying off 15% of its Latin American workforce, another in a series of moves that suggest companies are acknowledging their subsidiaries are losing money and refocusing resources “on revenue generating markets.”
MJ Biz Daily, Twitter—Matt Lamers
Ousted Canopy co-CEO and co-founder Bruce Linton joined US MSO Vireo Health International as executive chair. The company is a cannabis research and IP firm. Investors were pleased.
Bloomberg, MJ Biz Daily