Canopy Growth Expands its Retail Network

: CGC | Canopy Growth Corporation News, Ratings, and Charts

CGC – Canopy Growth (CGC) has been struggling to gain a foothold in Ontario due to government regulations. So the company just announced they are opening 10 retails stores across Alberta. Learn how this will affect the company.

One of the major challenges that large-cap Canadian cannabis companies have faced since legalization has been hitting revenue targets. Many companies have been struggling due to government regulation, especially in Ontario.  Despite Ontario’s efforts to ease regulations and expedite store openings, unfortunately it’s not happening fast enough for companies to generate significant revenue.

Companies have now turned to other provinces with a more supportive view on cannabis. Canopy Growth (CGC) recently announced that they plan to open 10 retail stores across Alberta under the Tokyo Smoke and Tweed names. This is a continuation of their current expansion across the country, and their first expansion into Alberta. Alberta remains one of the most supportive provinces for cannabis in Canada. There are currently over 400 stores in Alberta with a population just over 4 million people. 

Grant Caton, the General Manager for Canada at Canopy Growth, states, With 10 new stores set to open and additional locations in the pipeline, we are thrilled to announce this milestone and excited to bring the Tokyo Smoke and Tweed guest experiences to Alberta for the first time. We’ve seen the value brick-and-mortar retail brings to our consumers – welcoming new guests to learn about cannabis and building relationships in new communities – and we’re excited to share our knowledge and industry leadership across the region.”

CGC’s expansion into Alberta will bring the total number of Tokyo Smoke and Tweed retail cannabis stores in Western Canada to 29. This new expansion will also increase CGC’s retail presence across Canada to 50, with more stores planned for the rest of 2020. Having a solid and diversified distribution network is essential for cannabis companies to generate revenues. The fact that CGC is adding 10 new stores is significant news as this marks a substantial increase in the number of stores they will have running.

Investors should keep an eye out for further developments surrounding the Ontario cannabis market, as Ontario is the most populous province in Canada. I view this news as a great start for CGC to grow revenues, but remain cautious until the company operates over 100 stores across Canada.

Want More Great Investing Ideas?

7 Best ETFs for the NEXT Bull Market

Beware Stocks in September?

9 “BUY THE DIP” Growth Stocks for 2020


CGC shares were trading at $16.35 per share on Wednesday morning, down $0.06 (-0.37%). Year-to-date, CGC has declined -22.48%, versus a 11.28% rise in the benchmark S&P 500 index during the same period.


About the Author: Aaron Missere


Aaron is an experienced investor who is also the CEO of Departures Capital. His primary focus is on the cannabis industry. He also hosts a weekly show on YouTube about marijuana stocks. Learn more about Aaron’s background, along with links to his most recent articles. More...


More Resources for the Stocks in this Article

TickerPOWR RatingIndustry RankRank in Industry
CGCGet RatingGet RatingGet Rating

Most Popular Stories on StockNews.com


Updated 2024 Stock Market Outlook

The bull market continues to rage on with the S&P 500 (SPY) making new highs. That is the past...the question is what does the future hold? That is why 44 year investment veteran Steve Reitmeister provides this updated 2024 Stock Market Outlook to help you carve a path to outperformance the rest of the year. Read on below for the full story...

3 Energy Stocks Set to Soar Beyond Expectations

Given the geopolitical tensions, increasing global oil demand, and supply adjustments, the energy sector is poised for robust growth. Therefore, investors might consider investing in energy stocks TechnipFMC (FTI), Weatherford International (WFRD), and ChampionX (CHX), which are poised to exceed expectations. Keep reading…

Has Carnival (CCL) Stock Turned Into a Buy After Earnings Release?

Carnival Corporation (CCL) reported record revenue in its most recent quarter but still faces a negative bottom line. The collapse of Francis Scott Key Bridge brings more uncertainty to its financials. Given these events, what stance should one take with CCL stock? Read more to find out…

3 China Stocks Positioned for Long-Term Growth

Despite facing challenges, the Chinese economy has demonstrated resilience, as evidenced by recent robust industrial output and retail sales data. Given this outlook, it might be an opportune time to own three top-notch China stocks, JD.com, Inc. (JD), China Automotive Systems (CAAS), and Youdao, Inc. (DAO). Read on…

Investor Alert: “Buy the Rumor, Sell the News!”

Everyone knows that the Fed is going to cut rates at some point this year. That is the worst kept secret on the planet helping to explain how we keep making new highs for the for the S&P 500 (SPY). Unfortunately that creates an interesting predicament for stocks after rates are cut. Plus another hurdle in the 2024 Presidential election. Steve Reitmeister is here to share his insights on the market outlook along with a preview of his top 12 stocks to outperform. Read on for more...

Read More Stories

More Canopy Growth Corporation (CGC) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All CGC News