Tokyo Smoke is closing 29 retail locations, although 167 locations remain open, including the North Bay Lakeshore Drive site,
Tokyo Smoke North Bay is one of the top-selling locations in northern Ontario after opening its Nipissing Plaza location four years ago,
See: North Bay's first pot store opens tomorrow
And: Local pot store now has a name
Tokyo Smoke was the first pot store in North Bay.
The company has commenced a restructuring of its business and has obtained an Initial Order under the Companies' Creditors Arrangement Act (the "CCAA") from the Ontario Superior Court of Justice.
Retail locations, like North Bay unaffected by the restructuring, will continue to operate in the normal course with no disruption or change to the Company's online business or The High Roller Club loyalty program.
"Following a thorough review of all available options and alternatives, Tokyo Smoke commenced the restructuring to align its operations with current market and regulatory conditions, which have significantly changed since the initial licensing regimes in the provinces where Tokyo Smoke operates were introduced. The Company will pursue an exit from CCAA protection as a stronger business, better positioned to continue providing premium products to its customers over the long-term, while continuing to provide jobs to its more than 500 dedicated employees across Canada," says a news release.
