Tokyo Smoke Closes Toronto Locations Amid Industry Challenges
LOS ANGELES- Tokyo Smoke, a prominent cannabis retailer, has reportedly ceased operations at all its Toronto outlets. This development aligns with a broader trend of cannabis store closures across Canada, reflecting the industry’s evolving landscape.
In Alberta, for instance, 62 cannabis store licenses were canceled or not renewed in 2023, surpassing the 48 new licenses issued that year. Similarly, Ontario has experienced a decline in new store applications, with 269 applications in 2023, down from 429 in 2022.
These patterns suggest a highly competitive market, prompting some retailers to reassess their operations. Tokyo Smoke’s Toronto closures may be indicative of these industry-wide challenges.
About the Author: HCN News Team
The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.
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