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As part of its restructuring, the long-standing Canadian cannabis retailer Tokyo Smoke has announced that it has started a sale process under court supervision.

The company has entered into a subscription agreement with its parent company, TS Investments Corp. TS Investments Corp. will sell all Tokyo Smoke shares at auction for C$77,000,000 plus assumed liabilities. The “stalking-horse bid” sets the bottom price for the sale.

Tokyo Smoke has recently been shut down. Closed 29 Stores It sought creditor protection. The company maintains 167 stores in Manitoba, Newfoundland, Labrador, Ontario, and Saskatchewan.

The company stated that “Tokyo Smoke commenced reorganization proceedings under the CCAA in order to align its operations with the current market and regulatory circumstances, which have changed significantly since the initial licensing regimes had been introduced.” Statement.

Alvarez & Marsal Canada is Overseeing the CCAA proceedings As the court-appointed observer. Interested parties can submit non-binding interest letters until October 21. A deadline of November 11 is set for binding agreements.

The company stated that it plans to “exit CCAA protection” as a stronger, more stable business, better positioned to provide premium products to customers for the long term, while continuing to offer jobs to its dedicated workers across Canada.

Tokyo Smoke The company said that its online business, retail locations and loyalty program will continue to operate as normal during the process.

The move follows a wider right-sizing of the cannabis industry in Canada. Research firm Ibis World The following are some examples of projects that you can use Market saturation and reduced novelty for legal cannabis in Canada will cause a 1% decline in revenue by 2024.

High TideOmar Khan was recently Note: The National Post reported that many legal cannabis companies were filing for bankruptcy. This suggests that the Canadian government “washed its hands” of the industry it helped create.

Canopy Growth acquired Tokyo Smoke for approximately C$250 million in 2018. It was acquired by Canopy Growth in early 2023 for about C$250 million. Buy Tickets OEG Retail Cannabis is a subsidiary of OEG Inc. for an undisclosed sum.

Court documents Shown Below Tokyo Smoke is owed C$38.6 Million by Bank of Montreal, and C$52.5 Million by TS Investments Corp.

Newfoundland Labrador Liquor Corp. (351 152 C$), National Cannabis Distribution (339 047 C$) and The Cadillac Fairview Corp. 370 688 C$ are the largest unsecured creditors.