This Popular Bong Shop In Toronto Just Received A $10 Million Dollar Investment To Become A Canada-Wide Cannabis Retailer
You can expect a new cannabis store in your hometown very soon.
It's finally October 17th and that means cannabis is officially legal in Canada! While Canadians have been patiently awaiting this day since legalization wasthere have been various changes to the way weed would be sold in Ontario before legalization.
After Doug Ford opted for a private retail structure for cannabis sales in the spring of 2019, a popular Toronto smoking shop has been given a $10 million dollar investment to expand into a cannabis brand across the country.
The Friendly Stranger is a well-known shop located on Queen Street West in Ontario's capital. They sell smoking accessories, such as pipes, papers, clothing, and more.
Green Acre Capital is generously giving the Toronto shop a $10 million dollar investment from. GAC is a Toronto and Calgary private investment fund focused on the medical and recreational market across the world and saw an opportunity to work with veterans in the cannabis market.
GAC commented on their investment in The Friendly Stranger expansion and seemed excited about this new opportunity. Their Managing Director, Matt Shalhoub said that "with the investment and managerial support from GAC, we believe The Friendly Stranger is positioned to become one of the largest independent cannabis retailers in Ontario, with plans to expand elsewhere in Canada in the coming years."
According to The Friendly Stranger, GAC was not the first company to approach them about cannabis retail but they did impress them the most. "With the financial and managerial support of this partnership we will be able to expand The Friendly Stranger in a way that maintains our authenticity," explained Robin Ellins who helped a co-found The Friendly Stranger back in 1994.
It's not coincidental that this exciting announcement fell on Canada's legalization day, but hilariously the press release was announced at 4:20 PM this afternoon.
The Friendly Stranger has been operating for 24 years and is well known to stoners across Toronto. While the expansion will only be across Ontario currently, the company does have nation-wide expectations in the near future!
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