One of Guelph’s many cannabis stores has closed for good, with company officials looking to restructure as it seeks protection from creditors.
Tokyo Smoke announced the closure of 29 of its locations, including the one at Campus Estates Shopping Centre on the corner of Gordon and Harvard roads.
“The company has secured financing to continue operating in the normal course while it restructures its business, which includes adjusting its total retail footprint through the closing of 29 locations, with continued operation of approximately 167 locations across Ontario, Manitoba, Saskatchewan and Newfoundland and Labrador,” states a news release, which doesn't identify the closed stores.
“Following a thorough review of all available options and alternatives, Tokyo Smoke commenced the restructuring to align its operations with current market and regulatory conditions, which have significantly changed since the initial licensing regimes in the provinces where Tokyo Smoke operates were introduced.”
Efforts to reach company officials for additional comment weren’t immediately successful.
A U-Haul van was parked outside the closed Guelph location on Friday morning as several boxes were removed from inside the store. Though a large window decal announces the location is “Now Open," a notice put up on the door indicates its closure and directs potential customers to an out-of-town location.
Much of the front window has been covered up with paper from the inside.
