Tweed is closing 2 of its N.L. stores. Here's what's happening behind the scenes
CBC
Two Tweed locations in Newfoundland are closing after Cannabis NL — the recreational marijuana regulator of the Newfoundland and Labrador Liquor Corporation — optioned their expiring licences to competing company Atlantic Cultivation.
The two affected locations are the shops on Water Street in St. John's and Broadway in Corner Brook.
The NLC told CBC Radio's On The Go in an emailed statement the licences associated with the Water Street, Kenmount Road, and Corner Brook Tweed locations were part of Canopy Growth's production agreement with the province signed in 2018. Canopy Growth is the parent company of Tweed.
But production never took off.
In December 2020 Canopy Growth axed its under-construction, 150,000-square-foot production facility, which was set to open in the White Hills area of St. John's, and ended operations in Fredericton, Edmonton, and Bowmanville, Ont. in an effort to save between $150 million and $200 million before the St. John's plant could even open its doors.
It was poised to be Canopy's largest production site in Atlantic Canada.
The NLC said given that the production agreement was terminated, with Canopy's decision to cease operations at its production facility, the retail licenses went under review.