Fire & Flower Announces Closing of Its Acquisition of Prairie Sky Cannabis and Announces Opening of 6 Additional Stores
EDMONTON, May 14, 2019 /CNW/ - Fire & Flower Holdings Corp. (the"Company") (TSXV: FAF) is pleased to announce that its wholly-owned subsidiary, Fire & Flower Inc. ("Fire & Flower") has completed the previously announced acquisition (the "Acquisition") of four additional cannabis retail stores in the province of Saskatchewan (the "Acquired Locations") from Prairie Sky Cannabis Inc. (the "Vendor").
Prior to the Acquisition, the Vendor operated the Acquired Locations as licensed cannabis retail stores, including e-commerce sales throughout the province of Saskatchewan, under the name "Jimmy's Cannabis Shop".
The Acquired Locations are expected to re-open on May 17, 2019 under the Fire & Flower brand name and retail experience including an expanded cannabis product selection. The new Fire & Flower locations will be open at:
- 82B Battleford Crossing, Battleford, Saskatchewan,
- 4 – 421A Kensington Avenue, Estevan, Saskatchewan,
- 1 – 701 Centennial Drive N., Martensville, Saskatchewan; and
- 506 Main Street, Moosomin, Saskatchewan.
Additionally, on May 16th, Fire & Flower will open two additional licensed cannabis retail locations in the province of Alberta. The new Alberta stores are located at:
- 13710 – 42 Street, Edmonton, Alberta, and
- 3119 – 49 Avenue, Red Deer, Alberta.
The closing of the acquisition of four additional retail cannabis stores in the province of Saskatchewan establishes Fire & Flower as a leader in this province. Our extensive geographic footprint enables us to serve communities across the province and provides us the ability to deliver trusted e-commerce consumer sales as part of our strategic growth in the market
shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
The opening of six additional stores across multiple provinces demonstrates the successful execution of the Company's aggressive growth strategy and helps position us to meet our targets for the year
Upon the opening of the 6 additional retail stores, there will be 17 Fire & Flower branded, fully licensed cannabis stores open across the provinces of Alberta, Saskatchewan and Ontario.
In conjunction with the Acquisition the Company has issued 4,961,832 common shares and has paid $6,500,000 in cash to the Vendor in satisfaction of the purchase price.
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 HiFyre 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., which is a licenced cannabis retailer in the provinces of Alberta and Saskatchewan and a consultant and licensor to Fire & Flower-branded retail locations in province of Ontario.
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 the Company at the date the statements are made based on information then available to the Company. 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 the Company, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct.
The Company 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.