/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES/
EDMONTON, May 28, 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 purchase of certain assets (the
"Acquisition") of 1011173 British Columbia Ltd. (the "Vendor") in
relation to the operation of two licensed retail cannabis stores in
Vancouver, British Columbia (the
"Acquired Locations").
The Acquired Locations have received development permits and the
required Board of Variance approvals from the City of Vancouver to operate cannabis retail
stores. Fire & Flower intends to submit its applications for
cannabis retail store licences to the Liquor & Cannabis
Regulation Branch of the Province of British Columbia at its earliest
opportunity.
"We are excited to bring the Fire & Flower brand and retail
experience to the Vancouver market
and the province of British
Columbia," shared Trevor
Fencott, Chief Executive Officer of the Company.
"Establishing two of Fire & Flower's British Columbia locations in the heart of the
province's largest city is a key step in the continued successful
execution of our growth strategy."
The Vancouver Fire & Flower
stores will be located at:
- 2231 Granville Street,
Vancouver, British Columbia,
and
- 2570 Granville Street,
Vancouver, British Columbia.
In conjunction with the Acquisition, the Vendor has received
$4,500,000 in cash and 2,692,308
common shares of the Company.
Today, the Company further announces that it has appointed
Matthew Anderson as Corporate
Secretary. Mr. Anderson also currently serves as Fire &
Flower's Vice President, Business and Legal Affairs. Prior to
joining Fire & Flower, Mr. Anderson carried on a commercial and
regulatory law practice at Duncan Craig LLP and Osler, Hoskin & Harcourt LLP.
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.