Canadian cannabis retailer Superette buys Cannoe, appoints McLeod CEO

Canadian cannabis retailer Superette acquired Cannoe Corp. and its half-dozen stores, making the Toronto-based business the largest independently owned marijuana retailer in Ontario.

The financial terms of the deal were not disclosed in Tuesday’s announcement, but Superette concurrently announced 5 million Canadian dollars ($3.8 million) in financing.

Superette said the financing will be used to support organic and inorganic growth.

Cannoe President Matt McLeod will join Superette as CEO, the companies said.

The deal doubles Superette’s footprint to 12 operating stores as well as four more locations to be finalized this year.

“I’m thrilled to have the opportunity to combine the complementary abilities of the Cannoe and Superette teams and strongly believe that we have a team ready to capitalize on the opportunities ahead of us,” McLeod said in a news release.

“This financing and transaction positions us for continued outperformance on service, product excellence and growth.”

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Adult-use cannabis sales in Ontario, where the stores operate, rose 5% to CA$155 million in December, according to the latest figures by Statistics Canada.

Ontario’s sales represented 41% of the CA$382.4 million in regulated cannabis sales in Canada in December.

Cannoe was founded in 2018 and Superette the following year.