Canopy Growth to divest Canadian retail operations

(Reuters) -Canopy Growth Corp said on Tuesday it will divest its retail business across Canada, as the pot producer steps up efforts to turn profitable.

The business includes stores operating under the Tweed and Tokyo Smoke retail banners.

Canopy has been focusing on premium high-potency offerings and has undertaken cost cuts through layoffs, exits from some international markets and store closures in its bid to turn profitable.

The master license deal between Canopy and Alimentation Couche-Tard Inc related to the use of the Tweed brand for brick-and-mortar retail stores operating in Ontario has also been terminated, it added.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)