/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES/
EDMONTON, May 29, 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 acquisition of all issued and
outstanding shares (the "Acquisition") of 2103430 Alberta Ltd., the
developer of a proposed cannabis retail store in the Town of Banff, Alberta (the "Banff
Location").
The Banff Location has received one of four development permits
issued by the Banff Municipal Planning Commission. Fire &
Flower intends to transfer one of its existing applications with
the Alberta Gaming, Liquor and Cannabis Commission to the Banff
Location.
In addition, the Acquisition also includes rights of first
refusal and last offer in favour of Fire & Flower in respect of
two locations under development in Revelstoke and Fernie, British Columbia.
"The Rocky Mountains are an international tourism
destination. Our location in Banff, in addition to our Canmore and Hinton,
Alberta stores, establishes Fire & Flower as a leading
cannabis retail brand in the region," shared Trevor Fencott, Chief Executive Officer of Fire
& Flower. "We look forward to serving members of these
communities and showcasing the Fire & Flower brand and
best-in-class retail experience to international travellers
visiting the Rockies."
In conjunction with the Acquisition the Company has issued
2,645,703 common shares and has paid $1,000,000 in cash in satisfaction of the
purchase price.
About Fire & Flower
Fire & Flower is a leading
purpose-built, independent licensed adult-use cannabis
retailer currently in the provinces of Alberta and Saskatchewan and is a consultant and licensor
to Fire & Flower-branded retail locations in province of
Ontario. 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. 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.
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.
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.