EDMONTON, Feb. 19, 2019 /CNW/ - Fire & Flower Holdings
Corp. ("Fire & Flower" or the "Company") (TSXV: FAF) is pleased
to announce that its subsidiary, Fire & Flower Inc.
("F&F"), has entered into agreements (the "Agreements") with
two of the initial 25 applicants that have been selected by the
Alcohol and Gaming Commission of Ontario (the "AGCO") to apply for cannabis
Retail Operator Licences in the East Region of Ontario.
Both of the applicants have submitted their Retail Operator
Licence and Retail Store Authorization applications. Following
receipt of the Agreements, the AGCO has advised the applicants that
their applications will proceed to the eligibility phase of review,
where they will be assessed for current and ongoing compliance with
the Cannabis Licence Act, 2018 and its regulations.
The Agreements provide F&F with licensing and consulting
fees as well as an option to purchase each of the applicant's
interest in the retail locations after the expiry of the lottery
process, subject to approval by the AGCO. Development of the retail
stores is underway to meet the AGCO's timeline for opening by
April 2019.
"These agreements represent another important step in Fire &
Flower's mission to introduce our elevated education-based approach
to adult-use cannabis retail to Ontarians", said Trevor Fencott, Chief Executive Officer of Fire
& Flower. "They represent a strong vote of confidence in Fire
& Flower's best-in-class expertise to assist these applicants
to develop and operate a highly regulated business within an
aggressive timeline."
Fire & Flower currently operates retail cannabis and
accessory stores in Alberta and
Saskatchewan and has a wholesale
cannabis supply business in Saskatchewan. As part of its growth strategy,
the Company intends to continue applying for licences for retail
shops in Alberta, Saskatchewan and in all provinces that allow
private cannabis sales, including Ontario, British
Columbia and Manitoba.
About Fire & Flower
Fire & Flower (TSXV: FAF) was founded by leading legal
cannabis entrepreneurs in Canada,
with significant combined experience in launching premium,
successful businesses with extensive experience in the legal
cannabis space. The Company provides customers with expertly
curated product selection and a best-in-class, education-driven
customer experience. Fire & Flower has provincial licences to
operate seven cannabis retail stores in Alberta, two cannabis retail stores in
Saskatchewan, and a wholesale
cannabis supply business in Saskatchewan, and is pursuing additional
licences to operate stores in British
Columbia, Alberta,
Saskatchewan, Manitoba and Ontario. To learn more visit:
www.fireandflower.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release contains certain
forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking statements")
within the meaning of applicable Canadian securities laws. 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", "may", "will", "project", "should" or similar words,
including negatives thereof, suggesting future outcomes.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the granting of a Retail
Operator License and Retail Store Authorization to each of the
applicants, the approval by the AGCO of the Agreements, any
licensing and consulting fees to be paid to F&F and the opening
of the retail stores by April 2019. Management of the Company
believes the expectations reflected in such forward-looking
statements are reasonable as of the date hereof but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
Various material factors and assumptions are typically applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking statements. Those material factors and
assumptions are based on information currently available to the
Company, including data from publicly available governmental
sources as well as from market research and industry analysis and
on assumptions based on data and knowledge of the retail cannabis
industry which the Company believes to be reasonable. However,
although generally indicative of relative market positions, market
shares and performance characteristics, such data is inherently
imprecise. While the Company is not aware of any misstatement
regarding any industry or government data presented herein, the
retail cannabis industry involves risks and uncertainties and is
subject to change based on various factors.
Forward-looking statements are not a guarantee of future
performance and are subject to and involve a number of known and
unknown risks and uncertainties, many of which are beyond the
control of the Company and 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, including those risks identified under
the heading "Risk Factors" in the Company's filing statement dated
February 6, 2019 as filed on SEDAR at
www.sedar.com.
Any forward-looking statements are made as of the date hereof
and, except as required by law, the Company assumes no obligation
to publicly update or revise such statements to reflect new
information, subsequent or otherwise.
SOURCE Fire & Flower Inc.