Fire & Flower Closes Acquisition and Re-Opens Cannabis Retail Store in Regina, Saskatchewan
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EDMONTON, Oct. 18, 2019 /CNW/ – Fire & Flower Holdings Corp. (“FFHC”) (TSX: FAF) today announced that its wholly-owned subsidiary, Fire & Flower Inc. (“Fire & Flower” or the “Company”) has closed the transaction previously announced on July 22, 2019 to acquire all of the shares of a licensed retail cannabis operator in Regina, Saskatchewan from Mera Cannabis Corp. (the “Vendor”).
Fire & Flower’s Regina store will re-open on Friday, October 18 at 10:00 am local time and is located at 680 E Victoria Avenue. Fire & Flower welcomes members of the community and local media to attend the grand opening of the location on Friday morning.
“We are very pleased to be opening a Fire & Flower location in the key urban market or Regina and this store continues to strengthen our position within the Saskatchewan market,” shared Trevor Fencott, Fire & Flower’s Chief Executive Officer. “Saskatchewan continues to be a key market for Fire & Flower because of our ability to buy directly and efficiently from licensed producers through our wholesale business, Open Fields Distribution. This province provides a test market for cannabis products through the HifyreTM digital cannabis retail and analytics platform.”
In connection with the acquisition, the Vendor has received $1,500,000 in cash and 2,268,191 common shares of FFHC.
About Fire & Flower
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer poised to capture significant Canadian market share. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital platform connects consumers with cannabis products. The Company’s leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations.
Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc., a licensed cannabis retailer that owns or has interests in cannabis retail store licences in the provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through the strategic investment of Alimentation Couche-Tard Inc. (ATD.A, ATD.B), the Company has set its sights on the global expansion as new cannabis markets emerge.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of FFHC at the date the statements are made based on information then available to FFHC. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of FFHC, which may cause FFHC’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Applicable risks and uncertainties include, but are not limited to, risks that the transactions contemplated may be delayed in closing or may not close, regulatory risks relating to issuance, renewal, extension or transfer of cannabis retail store licences and/or municipal development permits, risks relating to obtaining required third party consents, risks relating to the cost and timing of construction, changes in laws, market risks, concentration risks, operating history, competition and the other risks identified under the headings “Risk Factors” in FFHC’s Annual Information Form dated July 29, 2019 and “Risks and Uncertainties” in FFHC’s management discussion and analysis for the thirteen and twenty-six weeks ended August 3, 2019, each as filed on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking statements. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct.
FFHC assumes no obligation to publicly update or revise forward-looking statements to reflect new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Fire & Flower Holdings Corp.
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