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Fire & Flower Closes Transaction to Acquire 8 Additional Cannabis Retail Store Locations in Alberta
EDMONTON, Oct. 8, 2019
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
EDMONTON, Oct. 8, 2019 /CNW/ – Fire & Flower Holdings Corp. (“FFHC”) (TSX: FAF) today announced that its wholly-owned subsidiary, Fire & Flower Inc. (“Fire & Flower” or the “Company”) has closed the acquisition of certain assets from wholly-owned subsidiaries of Cannabis Cowboy Inc. (the “Vendor”) pursuant to asset purchase agreements as previously announced on September 4, 2019, collectively (the “Transaction”).
The Transaction has resulted in the Company acquiring 8 additional retail stores at the following locations across Alberta:
- #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.
Fire & Flower will announce the opening dates and times of the 8 additional retail stores at its earliest opportunity, upon satisfaction of all licensing requirements.
In connection with the Transaction the Vendor has received an aggregate purchase price of $5,650,000 consisting of $4,520,000 in cash and 826,930 common shares of FFHC.
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 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 Inc., a licensed cannabis retailer that owns or has interests in cannabis retail store licences in the provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through the strategic investment of Alimentation Couche-Tard (ATD.A, ATD.B), 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 FFHC at the date the statements are made based on information then available to FFHC. 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 FFHC, which may cause FFHC’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Applicable risks and uncertainties include, but are not limited to, risks that the transactions contemplated may be delayed in closing or may not close, regulatory risks relating to issuance, renewal, extension or transfer of cannabis retail store licences and/or municipal development permits, risks relating to obtaining required third party consents, risks relating to the cost and timing of construction, changes in laws, market risks, concentration risks, operating history, competition and the other risks identified under the headings “Risk Factors” in FFHC’s Annual Information Circular dated July 29, 2019 and “Risks and Uncertainties” in FFHC’s management discussion and analysis for the thirteen and twenty-six weeks ended August 3, 2019, each as filed on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking statements. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct.
FFHC 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.
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