Undeterred by the coronavirus pandemic, Canopy Growth (NYSE:CGC) is pushing into a new market. The company announced in a press release published on Friday that it is opening its first stores in the western Canadian province of Alberta.
All told, 10 licensed dispensaries operated by the company will go live in the province. Six of these will carry Canopy Growth’s Tokyo Smoke brand, with the remainder going under the Tweed name.
Of that total, seven will be located in Calgary, Alberta’s largest city; five of these are to be Tokyo Smoke outlets. One Tweed store is to open its doors in the province’s No. 2 municipality, Edmonton, with another Tweed dispensary in nearby Lethbridge.
With the new stores, the total count for Tokyo Smoke and Tweed will be 29 in the western provinces of the country for Canopy Growth, which is headquartered in Ontario.
“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,” said marijuana company quoted its general manager for Canada, Grant Caton.
Canopy Growth, however, is pushing into an already-crowded market. According to an Aug. 12 article in The Calgary Herald, 509 dispensaries have been approved for operation in Alberta, more than half of the total for the entire country. Calgary’s total alone is 124, the highest for any Canadian municipality; Edmonton currently boasts 88. Alberta is the fourth-most populous of the country’s 10 provinces and three territories.
Investors seemed happy about the news regardless. On Friday, they bid the marijuana company’s stock up by 2.4%, a rate that well eclipsed the rise of the S&P 500 index.