This Post Was Syndicated Under License Via QuoteMedia
Fire & Flower Announces Third Quarter 2020 Financial Results and Achieves Positive Adjusted EBITDA
/* Style Definitions */
span.prnews_span
{
font-size:8pt;
font-family:”Arial”;
color:black;
}
a.prnews_a
{
color:blue;
}
li.prnews_li
{
font-size:8pt;
font-family:”Arial”;
color:black;
}
p.prnews_p
{
font-size:0.62em;
font-family:”Arial”;
color:black;
margin:0in;
}
.prngen8{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen13{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:1.17em
}
.prngen14{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 2pt double; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen9{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 1pt solid; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen16{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.83em
}
.prngen10{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:1.17em
}
.prngen5{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:1.17em
}
.prngen28{
BORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em
}
.prngen12{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen21{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.83em
}
.prngen15{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 2pt double; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.83em
}
.prngen20{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 1pt solid; PADDING-LEFT:0.84em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen27{
BORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em
}
.prngen26{
BORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em
}
.prngen29{
BORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.67em
}
.prngen18{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 2pt double; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen11{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen6{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:1.17em
}
.prngen24{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen22{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 2pt double; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:1.17em
}
.prngen23{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: MIDDLE; BORDER-BOTTOM:black 2pt double; PADDING-LEFT:0.84em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em
}
.prngen17{
BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 2pt double; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:1.17em
}
.prnrbrs{
BORDER-RIGHT:black 1pt solid
}
.prnsbb0{
BORDER-BOTTOM:0pt
}
.prnpr6{
PADDING-RIGHT:0.50em
}
.prnsbr0{
BORDER-RIGHT:0pt
}
.prnmr2{
MARGIN-RIGHT:0.17em
}
.prnvab{
VERTICAL-ALIGN: BOTTOM
}
.prntar{
TEXT-ALIGN: RIGHT
}
.prnsbls{
BORDER-LEFT:black 1pt solid
}
.prnml2{
MARGIN-LEFT:0.17em; MARGIN-TOP:0em; MARGIN-BOTTOM:0em
}
.prnsbl0{
BORDER-LEFT:0pt
}
.prnsbts{
BORDER-TOP:black 1pt solid
}
.prnsblb0{
BORDER-LEFT:black 0pt
}
.prnrbrb0{
BORDER-RIGHT:black 0pt
}
.prntal{
TEXT-ALIGN: LEFT
}
.prnpr8{
PADDING-RIGHT:0.67em
}
.prnsbt0{
BORDER-TOP:0pt
}
.prnpr14{
PADDING-RIGHT:1.17em
}
.prnsbtb0{
BORDER-TOP:black 0pt
}
.prntblns{
BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt
}
.prntac{
TEXT-ALIGN: CENTER
}
.prnbcc{
BORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid
}
.prnml10{
MARGIN-LEFT:0.83em; MARGIN-TOP:0em; MARGIN-BOTTOM:0em
}
.prnsbbs{
BORDER-BOTTOM:black 1pt solid
}
.prnpl6{
PADDING-LEFT:0.50em
}
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES
WIRE SERVICES/
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated
December 2, 2020
to its short form base shelf prospectus and amended and restated base shelf prospectus dated
November 24, 2020
.
142% increase in quarterly revenue to
$33.1 million
year-over-year and a 147% increase in annual revenue to
$84.8 million
TORONTO
,
Dec. 15, 2020
/CNW/ – Fire & Flower Holdings Corp. (“Fire & Flower” or the “Company”) (TSX: FAF) (OTCQX: FFLWF), today announced its financial and operational results for the thirteen-weeks ended
October 31, 2020
.
Financial and Operational Highlights for the Thirteen Weeks Ended
October 31, 2020
.
-
Milestone achievement of positive Adjusted EBITDA of
$1.2 million
compared to a
$0.3 million
negative Adjusted EBITDA in Q2 2020. -
Total revenue of
$33.1 million
at a gross profit of 34.7%
, compared to revenue of
$13.7 million
in Q3 2019 at a gross profit of 34.7% –
representing a 142% increase in year-over- year revenue. Quarter-over-quarter revenue increased 15.8% sequentially from
$28.6 million
in Q2 2020.
-
Obtained shareholder approval of the amendment agreement for the strategic investment of a wholly-owned subsidiary of Alimentation Couche-Tard (“ACT”) and received
$10.3 million
in proceeds from the exercise of warrants by ACT. -
Expanded the presence of Fire & Flower stores in the key market of the province of
Ontario
through the completion the acquisitions for 2 retail store locations. -
Significant sequential revenue growth in the wholesale distribution business, Open Fields, contributing
$1.0 million
of gross profit
, an increase of 22% compared to Q2 2020. -
Meaningful sequential growth of 55.8% in the Hifyre™ digital retail and analytics platform
, contributing
$1.5 million
of gross profit compared to Q2 2020. -
Continued to refine the Company’s business practices in response to the COVID-19 public health crisis
as consumer behaviours and preferences evolve through a digital customer service model and a focus on customer and employee safety.
Subsequent Financial and Operational Highlights post
October 31, 2020
-
Established the Company’s market leadership with the largest cannabis retail footprint in
Canada
with licences to 71 cannabis retail stores including 67 open and operating cannabis retail stores and 4 accessory stores which are temporarily closed
due to COVID-19 restrictions in the province of
Ontario
.
-
Became a multi-brand cannabis retail operator through the acquisition of Friendly Stranger Holdings Corp.
including the Friendly Stranger™, Happy Dayz™ and Hotbox™ brands with 21 operating cannabis retail locations in the province of
Ontario
. -
Initiated an at-the-market equity program (“ATM Program”) to raise up to
$15 million
in equity financing to further support growth opportunities. -
Completed acquisitions for 3 additional retail store locations in the key urban market of
Toronto
. -
As the
Toronto
and Peel regions moved towards home delivery and curbside pickup, the
Company rapidly responded and immediately deployed e-commerce capabilities
through the Hifyre platform. -
Hifyre’s Spark Perks™ member program achieved an increase of more than 38,000 members since the beginning of Q3 2020 and now has more than 183,000 members
in the program that typically visit more frequently and transact with higher basket sizes, compared to non-members. -
Launched industry-leading digital products including Hifyre Reach and Hifyre Spark
which deliver compliant marketing solutions and tailor recommendations to individual consumer preferences. -
Continued to realize positive financial and operational results as a result of optimization of the retail store network
with a focus on maximizing the number of retail stores delivering positive margin contribution.
“The achievement of positive Adjusted EBITDA is a significant milestone and demonstrates our continued track record of delivering on our corporate objectives,” shared
Trevor Fencott
, Chief Executive Officer of Fire & Flower. “Despite the challenges presented by the COVID-19 public health crisis, Fire & Flower has continued to grow and demonstrate leadership as the largest cannabis retailer in
Canada
. We continue to work at maintaining positive Adjusted EBITDA and aggressively pursue growth opportunities for the Company.”
Selected Summary of Financial Results
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Q3 2020 Operational and Financial Highlights
During the thirteen weeks ended
October 31, 2020
, the Company generated revenue of
$33.1 million
including sales of
$26.5 million
in the Retail channel,
$5.1 million
in the Distribution channel and
$1.5 million
in the Digital Retail and Analytics channel.
Total gross profit for the thirteen weeks ended
October 31, 2020
was
$11.5 million
including gross profit of
$9.0 million
in the Retail channel,
$1.0 million
in the Distribution channel and
$1.5 million
in the Digital Retail and Analytics channel, compared to
$4.8 million
or 34.7% for the thirteen weeks ended
November 2, 2019
.
For the thirteen weeks ended
October 31, 2020
, the Company recorded net comprehensive loss of
$25.7 million
, or net loss per share, and on a basic and fully diluted basis, of
$0.15
. The net comprehensive loss incurred during the quarter was principally due to
$53.9 million
in extinguishment losses related to the amended of debentures and warrants held by ACT, partially offset by
$35.8 million
in revaluation gains on derivative liabilities in Q3 2020 and a decrease in loss from operations of
$5.5 million
in Q3 2020 as a result of increase in gross profit of
$6.8 million
in Q3 2020.
Growth Driving Positive Adjusted EBITDA
Fire & Flower achieved positive Adjusted EBITDA through a number of factors across all revenue channels including optimization and growth in our retail network and significant growth in both revenue and contributing gross margin from our Open Fields Distribution Business in the province of
Saskatchewan
and external independent revenue from the Hifyre Digital Retail and Analytics Platform.
Retail Update
Fire & Flower’s focus on “four-wall retail economics”, the optimization and expansion of its retail network was a contributing factor in achieving positive Adjusted EBITDA. In addition, the Company continues to monitor the COVID-19 public health crisis and adapt its business model to optimally serve customers.
As of
December 15, 2020
, the Company was operating a total 67 cannabis retail stores with 37 located in
Alberta
, 21 stores in
Ontario
, 7 stores in
Saskatchewan
and 1 store in each of
Manitoba
and
Yukon
territory.
Retail revenue for the thirteen weeks ended
October 31, 2020
was
$26.5 million
, an increase of
$14.7 million
from the prior year and
$3.2 million
from the previous quarter. The increase in revenue was driven by a larger number of operating retail stores during the quarter and stronger sequential same store sales.
Gross profit for the thirteen weeks ended
October 31, 2020
was
$9 million
, an increase of
$5.2 million
from the prior year and
$0.9 million
from the previous quarter. Gross profit dollars increased due to the expanded store network and several successful product promotions. The gross margin percentage improved over the prior year with the addition of higher margin cannabis 2.0 products into the sale mix, better product costing and reduced discounting activity on slower moving product. Gross margin percentage was lower over the second quarter as a result of planned traffic- driving promotions.
At the initial outset of the COVID-19 pandemic lockdown in
mid-March 2020
, the Company experienced higher than normal sales, but sales have since normalized and there was no material adverse impact to financial results despite temporarily closing certain stores to ensure the Company was sufficiently staffed and equipped to operate in the best interests of customers, employees and the community.
Open Fields Distribution Update
During the thirteen weeks ended
October 31, 2020
, Open Fields revenue increased to
$5.1 million
from
$4.3 million
in Q2 2020, representing a 19.3% increase between Q2 2020 and Q3 2020. Wholesale distribution revenue increased as the
Saskatchewan
market continued to open up with more retailers sourcing inventory from Open Fields. Improved supply from key distribution partners and the continued growth of cannabis 2.0 products and legacy categories are key drivers of this improvement.
In addition to creating an increased margin opportunity in the province, the Distribution channel demonstrates how this supply chain model can be adapted by the Company for use in other jurisdictions where direct wholesale relationships with licensed producers and accessory suppliers are permitted.
Hifyre
TM
Digital Retail and Analytics Update
During the thirteen weeks ended
October 31, 2020
, Hifyre continued to develop and commercialize products within the Digital Retail and Analytics Platform. Digital product subscription revenue increased 55.8% sequentially from
$0.9 million
at Q2 2020 to
$1.5 million
at Q3 2020, as the Company increased commercial digital platform subscription and recurring monthly services to external clients, which had slowed in Q1 2020 during the onset of COVID-19. In Q1 2020 through Q3 2020, the platform also played a key role in adapting the Company’s retail business model to meet the regulatory and operational changes in response to COVID-19.
The Spark Perks program has surpassed more than 183,000 members. Program members typically transact more frequently and spend more per transaction than non-member customers. During the quarter, the platform has provided the Company with an enhanced understanding of its customers which allowed the Company to create a tailored customer experience resulting in anticipated higher customer lifetime value.
Customers using the Hifyre IQ platform now include the majority of major cannabis licensed producers. Customers also include equity research analysts, consulting firms and investment banks. The platform provides clients with a comprehensive understanding of consumer purchase behaviours in the Canadian adult-use cannabis market.
Non-IFRS Measures – Adjusted EBITDA
“Adjusted EBITDA” is a Non-IFRS metric used by management that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management defines the Adjusted EBITDA as the Income (loss) for the period, as reported, before accretion and interest, tax, and adjusted for removing the share-based compensation expense, depreciation and amortization, gains and losses related to derivative liability revaluations and debt extinguishments, professional fees associated with financing and acquisition and business development activities, impairment charges, restructuring costs, and includes lease liability cash payments that would have been excluded from profit and loss due to the application of IFRS 16 accounting standards. Management believes “Adjusted EBITDA” is a useful financial metric to assess its operating performance on a cash basis before the impact of non-cash items. As other companies may calculate these non-IFRS measures differently than the Company, these metrics may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating activities. A reconciliation of net income to Adjusted EBITDA is presented below:
Adjusted EBITDA for the thirteen weeks ended
October 31, 2020
was
$1.2 million
compared to
$4.3 million
negative Adjusted EBITDA for the thirteen weeks ended
November 2, 2019
and a
$0.3 million
loss for the thirteen weeks ended
August 1
, 2020.
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call
Fire & Flower will host a conference call with
Trevor Fencott
, President and Chief Executive Officer, and
Nadia Vattovaz
, Executive Vice President, Operations and Chief Financial Officer at
8:30 AM Eastern Time
on
December 15, 2020
. The conference call will discuss Fire & Flower’s third quarter financial and operational results and updates on the Company’s plans for the balance of the current fiscal year.
Dial In Information
Toll-Free Dial In Number: 1-888-390-0546
Replay Information (Available until
January 5, 2021
)
Toll-Free Dial In Number: 1-888-390-0541
Replay Code: 610767#
Upon completion of the live conference call, a replay of the conference call will be accessible on Fire & Flower’s website at
https://fireandflower.com/investor-relations
.
Fire & Flower’s financial statements and management discussion and analysis for the period are available on Fire & Flower’s SEDAR profile at
www.sedar.com
and on Fire & Flower’s website at
www.fireandflower.com/investor-relations/
.
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
TM
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 is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands.
Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of
Alberta
,
Saskatchewan
,
Manitoba
and
Ontario
, and the
Yukon
territory.
Through the strategic investment of Alimentation Couche-Tard Inc., the Company has set its sights on the global expansion as new cannabis markets emerge.
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, including with respect to the closing of the Transaction on the terms described herein or at all. 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 thirteen and thirty-nine weeks ended
October 31, 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.
SOURCE Fire & Flower Holdings Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2020/15/c7102.html