Fire & Flower Holdings Corp. Announces Results for the 2019 Fiscal Year
As of the end of its fiscal year, the Fire & Flower was known as Cinaport Acquisition Corp. II. On February 13, 2019, Fire & Flower completed its Qualifying Transaction by way of a three-cornered amalgamation, pursuant to which 11048449 Canada Inc., a wholly-owned subsidiary of Fire & Flower amalgamated with Fire & Flower Inc. ("Pre QT F&F") to form the company now known as Fire & Flower Inc. ("Post QT F&F"). All references herein to the "Company" refer to Fire & Flower, Pre QT F&F, Post QT F&F and all subsidiaries thereof on a consolidated basis.
Fire & Flower's financial statements and management discussion and analysis for the period are available on Fire & Flower's SEDAR profile at www.sedar.com and on Fire & Flower's website at www.fireandflower.com/investor-relations/.
Financial and Operating Highlights for fiscal year ended February 2, 2019
- The Company reported total revenue of approximately $13,000,000 at a gross margin of 38%;
- As of the end of the Company's fiscal year, it operated nine licensed cannabis retail stores across the provinces of Alberta and Saskatchewan;
- Since the end of the Company's fiscal year, it has opened six additional licensed cannabis retail stores in Albertaand Saskatchewan and has entered into consulting service and license agreements with two Fire & Flower branded stores in the province of Ontario; and
- The Company launched Open Fields Distribution, a wholesale cannabis and accessory business serving more than 20 external customers.
Fire & Flower has successfully achieved it's strategic milestones targeted over the past fiscal year in the dynamic and rapidly evolving cannabis retail consumer market
shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
Our demonstrated track record of delivering on our objectives positions Fire & Flower to be a leading, best-in-class cannabis retailer
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer poised to capture significant Canadian market share. Fire & Flower 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. Fire & Flower'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 licenced cannabis retailer in the provinces of Alberta and Saskatchewan and is 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 Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. 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 Fire & Flower, which may cause Fire & Flower'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.
Fire & Flower 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fire & Flower Holdings Corp.