- Tokyo Smoke exits CCAA protection as a stronger business, continuing to employ hundreds of employees across Canada
- Retail locations across Canada remain open to serve customers with no changes to online business or loyalty program
TORONTO, Nov. 29, 2024 /CNW/ – Tokyo Smoke (“Tokyo Smoke” or “the Company”), an award-winning cannabis retailer, announced today that it has completed its restructuring process and exited from Companies’ Creditors Arrangement Act (“CCAA”) protection following final approval from the Ontario Superior Court of Justice.
The majority of Tokyo Smoke’s retail locations were unaffected by the restructuring, and there will be no disruption or change to the Company’s online business, or to The High Roller Club loyalty program.
On August 28, 2024, following a thorough review of all available options and alternatives, Tokyo Smoke commenced a restructuring by filing for CCAA protection to align its operations with market conditions, which have significantly evolved since the initial licensing regimes in the provinces where Tokyo Smoke operates were introduced. The process included a sale process approved by the court whereby TS Investments Inc., the sole shareholder of Tokyo Smoke’s parent company, led a stalking horse bid and was declared to be the successful bidder.
Tokyo Smoke has now completed its restructuring and emerged from CCAA proceedings as a stronger business, better positioned to continue providing premium products and service to its customers over the long-term—while continuing to provide jobs to hundreds of dedicated employees across Canada.
Tokyo Smoke will continue its commitment to bringing Canadians the highest quality regulated products, online and in-person, through its expansive retail network, while educating and empowering customers to make well-informed decisions about safe, high-quality cannabis offerings that reflect Canadians’ interests, neighbourhood by neighbourhood.
Customers can go to TokyoSmoke.com to find the nearest retail location.
About Tokyo Smoke
Tokyo Smoke is an award-winning cannabis retailer committed to bringing Canadians the highest quality, regulated products online and in-person through its expansive retail network. Tokyo Smoke educates and empowers customers to make well-informed decisions about safe, high-quality cannabis products—curating unique offerings that reflect Canadians’ interests, neighbourhood by neighbourhood. The group operates hundreds of locations across Ontario, Manitoba, Saskatchewan and Newfoundland and Labrador through its various retail programs. Learn more at TokyoSmoke.com.
SOURCE Tokyo Smoke
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