/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES/
EDMONTON, Sept. 4, 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 entered into asset purchase
agreements with wholly-owned subsidiaries of Cannabis Cowboy Inc.
(the "Vendor") in relation to the acquisition by Fire & Flower
of eight proposed cannabis retail stores (the "Acquired Locations")
under development in the province of Alberta at the following locations:
- #1114 – 1108 4th Street SW, Calgary, Alberta;
- #112 and #116 Sage Hill Valley Common NW, Calgary, Alberta;
- #212, 11245 Valley Ridge Drive NW, Calgary, Alberta;
- #120, 6802 50 Avenue, Red Deer,
Alberta;
- #201, 191 Edwards Way NW, Airdrie,
Alberta;
- #401 and #403, 235 Milligan Drive, Okotoks, Alberta;
- #3, 40 Hewlett Park Landing, Sylvan
Lake, Alberta; and
- #6, 5221 46 Street, Olds,
Alberta.
(the "Acquisition").
"This acquisition will increase Fire & Flower's retail
footprint across the province of Alberta, including three additional
high-traffic locations in the major urban market of Calgary," shared Trevor Fencott, Chief Executive Officer of Fire
& Flower. "Adding these additional retail locations is a
demonstration of our Company continuing to execute on our growth
strategy in key markets."
The Acquired Locations are at various stages of development,
including two fully built stores and a third requiring minimal
construction to be completed prior to licensing. Following closing
of the Acquisition, Fire & Flower will complete all
construction and licensing requirements to obtain cannabis retail
store licences for each location.
All Acquired Locations, other than the Okotoks location, have received municipal
development permits for a cannabis retail sales use. The
Okotoks location is expected to
receive a municipal development permit shortly following
closing.
Upon closing of the Acquisition, the Vendor will receive
aggregate purchase price of $5,650,000 consisting of $4,520,000 in cash and 826,930 common shares of
FFHC (the "FFHC Shares"). Closing of the Acquisition is subject to
customary closing conditions, including receipt of required third
party consents and TSX approval of the issuance of the FFHC
Shares.
Fire & Flower looks forward to welcoming members of these
communities into our stores and will announce the opening dates and
times of these stores at its earliest opportunity.
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
(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 Circular
dated July 29, 2019 and "Risks and
Uncertainties" in FFHC's management discussion and analysis for the
thirteen weeks ended May 4, 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.