/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
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.
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 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.