2019 is expected to be the year where retail and brand development becomes the main trend in the industry. With many cannabis giants signing record deals with retail operators to expand their market presence, one of cannabis’ largest companies has announced a big partnership. Canopy Growth Corp (TSE: WEED)(NYSE: CGC) let the public know that they had entered into a multi-year partnership with Alimentation Couche-Tard Inc (TSE: ADT), one of Canada’s largest convenience store owners.
“We are proud to be working with a leading global company like Alimentation Couche-Tard to advise and assist in bringing a trusted cannabis brand to the people of London, Ontario,” said Canopy Growth Co-CEO Mark Zekulin. “Our brand is synonymous with having informed staff who can help consumers find the right option for them, whether they are a new or an experienced consumer”
This partnership would see the Canadian convenience brand offer retail cannabis products produced by Canopy Growth in London, Ontario. Specifically, the partnership would see Canopy Growth’s Tweed brand get additional exposure, which already has established physical locations in Manitoba, Saskatchewan, and Newfoundland and Labrador. The partnership would at first see one store open in April 2019 in London, Ontario.
“Alimentation Couche-Tard is excited about taking a leadership role in the development of cannabis retailing excellence in this major Canadian market,” added Alimentation Couche-Tard CEO Brian Hannasch. “We believe the Ontario Cannabis Store and private retailers will co-exist under a tightly regulated framework with common goals to protect public health and safety.”
Despite the good news, shares of Canopy Growth dropped just under 2 percent today due to an error in a financial statement. The company reported that they filed an amended report and while the figure in question isn’t a massive error in and of itself, it does worry some investors that the company’s accounting department could make such a slip up.
Canopy Growth Corp Company Profile
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth offers the world’s only medically approved vaporizers through the Company’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.
The Company has operations in 13 countries across five continents. The Company is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and through its wholly owned subsidiary, Canopy Health Innovations (“Canopy Health”), has devoted millions of dollars toward cutting edge, commercializable research and IP development. – Canopy Growth
Alimentation Couche-Tard Company Profile
Alimentation Couche-Tard is the leader in the Canadian convenience store industry. In the United States, it is the largest independent convenience store operator in terms of the number of company-operated stores. In Europe, Alimentation Couche-Tard is a leader in convenience store and road transportation fuel retail in the Scandinavian countries (Norway, Sweden and Denmark), in the Baltic countries (Estonia, Latvia and Lithuania), as well as in Ireland and also has an important presence in Poland. – Alimentation Couche-Tard
