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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.
“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.
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.
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Fire & Flower Holdings Corp.
Sep 04, 2019, 06:00 ET
