/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES/
Leading Cannabis Retailer Opens New Provincial Market
EDMONTON, AB, July 23, 2020 /CNW/ - Fire & Flower
Holdings Corp. and its wholly-owned subsidiary Fire & Flower
Inc. (collectively, "FFHC", "Fire & Flower" or the "Company")
(TSX: FAF) (OTCQX: FFLWF), today that it has received the
Approval in Principle ("AIP") from the Liquor and Cannabis
Regulation Branch (the "LCRB") of the province of British Columbia for two cannabis retail
stores located in Vancouver, British
Columbia.
Receiving the AIP is one of the final steps required for
licensing cannabis retail stores in the province of British Columbia, and the receipt of the AIPs
presents a clearer path for the Company's entry into this new
market.
The AIPs come upon the LCRB completing its eligibility and
suitability assessment of Fire & Flower and the Company was
found to be "fit and proper" for the purposes of receiving final
licenses upon satisfactory inspection of the finished stores in
accordance with the AIPs.
"Fire & Flower is very pleased to be entering the province
of British Columbia in the key
urban market of Vancouver. We have
been poised to launch stores in the province for some time as part
of our national growth strategy," shared Trevor Fencott, Chief Executive Officer of Fire
& Flower. "It is encouraging to see the province of
British Columbia move forward with
additional cannabis retail licenses. The issuance of additional
licenses is a key step in the eradication of the illicit cannabis
market and licensing in the province is an important step in the
growth of the legal cannabis industry."
Once opened, the Vancouver Fire
& Flower stores will be located at:
- 2231 Granville Street,
Vancouver, British Columbia,
and
- 2570 Granville Street,
Vancouver, British Columbia.
Opening dates and times of the Vancouver Fire & Flower stores will be
announced on the Company's website at
www.fireandflower.com/locations/ and through social media at
the earliest opportunity.
The Company continues to pursue additional licensing
opportunities and currently has secured real estate in key markets
within the province of British
Columbia.
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 and SparkTM
program connect cannabis consumers with the latest cannabis
products and deliver cutting edge insights into evolving consumer
behaviours. 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 interest in cannabis retail store licences in the
provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through its strategic investment with Alimentation Couche-Tard
Inc., the Company has set its sights on the global expansion as new
cannabis markets emerge.
More information on Fire & Flower can be found at
www.fireandflower.com.
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, variables, risks and
uncertainties, many of which are beyond the control of 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. Such factors,
among other things, include: final
regulatory and other approvals or
consents; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; the impact of the
COVID-19 pandemic; the ability of the
Company to successfully achieve its business objectives
and political and social uncertainties.
No assurance can be given that the expectations reflected in
forward-looking statements will prove to be correct. Although
the forward-looking statements contained in this news release are
based upon what management of the Company believes, or believed at
the time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release.
Additional information regarding risks and uncertainties relating
to the Company's business are contained under the heading "Risk
Factors" in the Company's annual information form dated
April 29, 2020 and the heading "Risks
and Uncertainties" in the management discussion and analysis for
the fifty-two weeks ended February 1,
2020 filed on its issuer profile on SEDAR at
www.sedar.com.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
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.
SOURCE Fire & Flower Holdings Corp.