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FIRE & FLOWER AND ALIMENTATION COUCHE-TARD ENTER INTO A MASTER LICENSING AGREEMENT
APRIL, 17, 2023
https://investors.fireandflower.com/news/news-details/2023/Fire--Flower-and-Alimentation-Couche-Tard-Enter-Into-a-Master-Licensing-Agreement/default.aspx
Master Licensing Agreement to include an exclusive first right to negotiate entries in additional legal cannabis markets
TORONTO, April 17, 2023 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer retail and technology platform today announced advancements in the relationship between the Company's strategic partner, Alimentation Couche-Tard Inc. ("Couche-Tard") and Fire & Flower through the completion of a Master License Agreement (the "Master Licensing Agreement") with MC Cannabis Inc., an indirect wholly-owned subsidiary of Couche-Tard.
Overview of the Master Licensing Agreement
Fire & Flower will have the exclusive right of first opportunity to negotiate with Couche-Tard with respect to entering new retail cannabis businesses and franchise arrangements in Canada, as well a potential retail expansion to additional legal cannabis markets outside of Canada.
Couche-Tard has exclusively committed to developing Fire & Flower branded retail cannabis stores in Ontario under the Master Licensing Agreement.
The first five Fire & Flower branded retail cannabis stores will be recently opened co-located stores, adjacent to Circle K convenience stores in the Greater Toronto Area that are currently operating as MC Cannabis Inc. and will be re-branded to Fire & Flower.
Benefits of the Master Licensing Agreement
Leverages Couche-Tard real estate footprint and resources to develop licensee stores.
Gives Fire & Flower the opportunity to expand its system sales, brand presence and the Hifyre™ digital retail platform in Canada and, through the exclusive right of first opportunity, to participate alongside Couche-Tard in a potential expansion to additional legal cannabis markets outside of Canada.
Expands reach of the Spark Perks™ membership program and industry-first Spark Marketplace App.
"With the signing of this agreement, we have achieved another important step forward with our strategic partner, Couche-Tard. We continue to work closely together to build a sustainable growth engine, leveraging Couche-Tard's high quality real estate assets, retail operations expertise and capital, accelerating our path to profitability and goal of free cash flow," shared Stéphane Trudel, Chief Executive Officer of Fire & Flower. "Successful retail is built on delighting our customers with great locations, people and products. Today, we have expanded our ability to grow the Fire & Flower network, in Canada and other international legal cannabis markets by adding this scalable building block that we can further refine together in the first federally legal cannabis market in the world."
"Couche-Tard is pleased to have entered into a Master License Agreement with Fire & Flower. The Hifyre digital retail platform, including the Spark Perks membership program and the Spark Marketplace app, will bring a distinct competitive advantage to our cannabis stores. The current co-located cannabis stores adjacent to Circle K locations and anchored by convenience stores, fuel and car wash offerings are showing growth and we look forward to combining this with the recognized Fire & Flower brand and technology-enabled shopping experience to make it easy for customers," shared Steve Pitts, Vice-President of Operations, Central Canada, of Couche-Tard.
"As we look to markets opening in the United States and Europe, we will work alongside our strategic partner to expand Fire & Flower to international markets," shared Stéphane Trudel, Chief Executive Officer of Fire & Flower.
FIRE & FLOWER LAUNCHES SPARK MARKETPLACE APP: FIRST-OF-ITS-KIND MOBILE CANNABIS MARKETPLACE IN CANADA
MARCH, 30, 2023
Spark Perks™ members can now conveniently place their cannabis order using the app, from any Fire & Flower or Friendly Stranger location or using Firebird Delivery
TORONTO, March 30, 2023 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) a leading cannabis consumer retailer, and its wholly-owned technology subsidiary Hifyre™ Inc. ("Hifyre"), announced today the launch of the Spark Marketplace mobile app on the App Store for Apple iPhones.
"Spark Marketplace is a big leap forward in simplifying our shopping experience, and engaging with our Spark Perks™ members," shared Matthew Hollingshead, Chief Innovation Officer of Fire & Flower. "Fire & Flower continues to raise the bar when it comes to convenient, best-in-class retail, and we are excited to offer Spark Perks members even more benefits through this industry-leading app."
Benefits of using the Spark Marketplace app include easy access to Member Priced products, early access to new products, special promotions and contests, personalized product recommendations, and live inventory with customer reviews. The new app also allows Spark Perks™ members to access their profiles to re-order products quickly and conveniently, save payment information for future use, and build their basket from anywhere.
Download the app by searching "Spark Marketplace" on your iPhone in the App Store or by visiting https://www.sparkmarketplace.com/.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 90 cannabis retail stores operating in its network through the Fire & Flower™, Friendly Stranger™ and Happy Dayz™, Firebird Delivery™ and Spark Perks™ brands. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory. Fire & Flower also licenses its Fire & Flower™ and Sparks Perks™ brands and Hifyre™ platform to select qualified licensees to operate cannabis retail stores in Canada and the U.S.. To learn more about Fire & Flower, visit https://www.fireandflower.com.
FIRE & FLOWER ANNOUNCES PROPOSED AMENDMENT TO DEBENTURES HELD BY ALIMENTATION COUCHE-TARD AND POSTPONEMENT OF SPECIAL SHAREHOLDERS' MEETING
DECEMBER, 15, 2022
TORONTO, Dec. 15, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCWX: FFLWF), today announced that it has entered into an agreement (the "Amendment Agreement") to amend the approximately $2.4 million principal amount of unsecured convertible debentures (the "Debentures") held by 2707031 Ontario Inc., an indirect wholly-owned subsidiary of Alimentation Couche-Tard Inc. ("ACT"), to extend the maturity date from June 30, 2023 to August 31, 2024 (the "Debenture Amendment").
Fire & Flower Holdings Corp. Logo (CNW Group/Fire & Flower Holdings Corp.)
Conditions Precedent
The Debenture Amendment shall come into effect immediately following the satisfaction of certain conditions precedent, including: (a) the receipt of the requisite approvals for the Debenture Amendment by the holders of the common shares of the Company (the "Shareholders") as required by applicable securities laws and the policies of the Toronto Stock Exchange (the "TSX"); and (b) the approval by the Shareholders of: (i) the previously announced private placement, whereby ACT will subscribe for 3,034,017 Common Shares at a price of $1.64798 per Common Share, for aggregate proceeds of approximately $5,000,000 (the "Private Placement"); and (ii) the previously announced amendments to the Series C Common Share purchase warrants of the Company held by ACT (the "Series C Amendments"). A description of the Private Placement and Series C Amendments is available in the Company's management information circular dated November 4, 2022 (the "Circular") in respect of the special meeting of Shareholders (the "Special Meeting") to consider the approval of the Private Placement and the Series C Amendments. A copy of the Circular is available on the Company's SEDAR profile at www.sedar.com. There can be no certainty as to when the Debenture Amendment will become effective, if at all.
In the event the Debenture Amendment comes into effect, the extension of the maturity date from June 30, 2023 to August 31, 2024 may result in the Company paying to ACT up to an additional $230,000 in interest, which amount may still be satisfied, at the election of the Company, by the issuance of common shares of the Company (the "Common Shares") at a conversion price equal to 95% of the 20-day volume weighted average trading price of the Common Shares at the time any such interest is payable.
"We are pleased to have negotiated this extension as part of our ongoing discussions related to the comprehensive ACT financing package that is subject to a minority shareholder vote," said Stéphane Trudel, CEO of Fire & Flower. "This extension is expected to contribute to our ability to execute on our plan to get to positive free cash flow by the second half of 2023 and secure our position as a leader in cannabis retailing, supported by our industry-leading Hifyre digital platform."
Postponement of Special Meeting
As the effectiveness of the Debenture Amendment is conditional on the approval of the Private Placement and the Series C Amendments by the Shareholders, the Company has determined to give the Shareholders additional time to consider their vote with respect to the Private Placement and Series C Amendments. As such, the Company has: (a) postponed the Special Meeting to December 29, 2022 at 1:00 p.m. EST at the offices of Dentons Canada LLP, 77 King Street West, Suite 400, Toronto, Ontario M5K 0A1; and (b) extended the proxy deadline for voting at the Special Meeting from Wednesday, December 14, 2022 at 10:00 a.m. EST to up until the start of the Special Meeting. If you have already voted your proxies in favour or against the Private Placement and Series C Amendments and wish to revoke your proxy, please see the Circular for further information.
Fire & Flower Board Recommendation
The board of directors of the Company (the "Board"), based on a unanimous recommendation of a special committee comprised of independent directors (the "Special Committee") and after consultation with its advisors, has unanimously determined that the Debenture Amendment is in the best interests of Fire & Flower and reiterates its recommendation that the Shareholders, other than ACT and its affiliates, vote in favour of the Private Placement and the Series C Amendments at the Special Meeting to be held on December 29, 2022.
The Special Committee was established by the Board to consider certain proposals made by ACT, as well as other alternatives available to the Company and, if deemed advisable, negotiate with ACT. The Special Committee has unanimously recommended that the Board approve the Debenture Amendment. The Board (excluding conflicted directors), having received the unanimous recommendation of the Special Committee, unanimously approved the Debenture Amendment and determined that the Debenture Amendment is in the best interests of the Company and recommends that the Shareholders, other than ACT and its affiliates, vote in favour of the Debenture Amendment at a meeting of Shareholders to be held at a future date to be determined by the Company.
Related Party Transaction
ACT holds greater than 10% of the outstanding voting securities of the Company. As such, the Debenture Amendment constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debenture Amendment is not subject to the formal valuation requirements of MI 61-101. The Debenture Amendment is not exempt from the minority shareholder approval requirements under section 5.7 of MI 61-101, and as such, is subject to minority shareholder approval in accordance with MI 61-101, which approval is expected to be sought at a meeting of the Shareholders to be held at a future date to be determined by the Company.
Additional Information
A copy of the Amendment Agreement will be filed on the Company's profile on SEDAR at www.sedar.com.
About Fire & Flower
Fire & Flower is a cannabis consumer retail and technology platform with more than 90 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through best-in-class retailing while the HifyreTM digital and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of ACT (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime. To learn more about Fire & Flower, visit www.fireandflower.com.
About Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 24 countries and territories, with more than 14,300 stores, of which approximately 10,900 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 122,000 people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc. or to consult its audited annual Consolidated Financial Statements, unaudited interim Consolidated Financial Statements, and Management Discussion and Analysis, please visit: https://corpo.couche-tard.com.
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 Fire & Flower. 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, 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. Such factors, among other things, include: final regulatory and other approvals or consents (including shareholder approval).
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 headings "Risk Factors" in the Company's Annual Information Form dated April 26, 2022 and "Risks and Uncertainties" in the management discussion and analysis for the thirteen weeks ended October 29, 2022 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
ACT will own 51% of FFLWF --->>> Circle K Debuts First National Fuel Advertising Campaign in U.S.
“Fueled by Circle K” Focuses on Quality Fuel You Can Trust and the Communities We Serve
December 06, 2022 01:34 PM Eastern Standard Time
CHARLOTTE, N.C.--(BUSINESS WIRE)--Circle K, a global leader in convenience and mobility, today announces its first-ever U.S. nationwide advertising campaign, “Fueled by Circle K.” Taking place over the next year, the campaign focuses on Circle K fuel, which is now available in over half of its 7,000 U.S. locations. The campaign underscores Circle K’s mission to make customers’ lives a little easier every day, highlighting fuel they can trust as yet another way the brand serves the communities where it operates.
“As a major milestone for our brand, we want the ‘Fueled by Circle K’ campaign to celebrate our valued customers and show how they can trust the quality of Circle K fuel to support them on their journeys as well as enjoy so many customer favorites in store.”
The campaign will run primarily on digital streaming and social media channels, taking a customer-centric creative approach in the four-part ad series that showcases different customers, their fueling experiences and how Circle K has everything they need for their journey.
Launched on Dec. 2, the first ad of the year-long campaign is holiday-themed, featuring actual Circle K employees alongside a variety of Circle K customer personalities, from delivery drivers to Santa’s helpers. The ad also features user-generated content from actual Circle K customers, and an original festive jingle to get customers in the holiday spirit.
“With the continued growth of Circle K in the U.S. and the expansion of Circle K Fuel reaching close to 4,000 stores by mid next year, now is the right time to introduce our first national fuel campaign,” explains Melissa Lessard, Head of North American Marketing. “As a major milestone for our brand, we want the ‘Fueled by Circle K’ campaign to celebrate our valued customers and show how they can trust the quality of Circle K fuel to support them on their journeys as well as enjoy so many customer favorites in store.”
To continue showcasing real customers throughout the campaign, Circle K fans are invited to share how Circle K is part of their life for a chance to be featured in future ads or social media posts, plus the opportunity to win fun prizes. To enter, customers can post to social media using #MyCircleK or upload their photos and videos directly to the My Circle K website.
View the first ad, “Holiday,” on YouTube. For more information on Circle K, Circle K Fuel, and to find a nearby location, visit circlek.com.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and fuel retail, operating in 24 countries and territories, with close to 14,300 stores, of which approximately 10,900 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong SAR. Approximately 122,000 people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc. or to consult its annual Consolidated Financial Statements and Management Discussion and Analysis, please visit: https://corpo.couche-tard.com.
Contacts
Media Contact:
Alyssa Eubank
bcwcirclek@bcw-global.com
FIRE & FLOWER OPENS NEW STORE IN KELOWNA, BRITISH COLUMBIA
DECEMBER, 09, 2022
The Company continues to expand its footprint in B.C. and new markets across Canada
TORONTO, Dec. 9, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer retail and technology platform announced today that it has opened an additional store in the province of British Columbia in Kelowna, at 553 Bernard Avenue.
The much-anticipated store opening continues to show the Company's growth in the B.C. market and is the sixth store opening in Canada in the past 30 days. Other recent store openings include: a Fire & Flower branded corporate store in Bridgwater in Winnipeg, Manitoba, and four stores operating under license by MC Cannabis Inc. located adjacent to Circle K convenience stores in Oshawa, Guelph, Hamilton and Brampton.
"We are delighted to open our latest store in the B.C. market, in the heart of downtown Kelowna. It's a beautiful city with a diverse economy and a fantastic tourism industry, given its proximity to world renowned resorts, restaurants and wineries," said Stéphane Trudel, Chief Executive Officer of Fire & Flower. "We are ready to serve our guests and add value to this thriving community of both locals and tourists, by providing exceptional customer service, education, and the best products, at the best prices."
Visit www.fireandflower.com for store locations including operating hours and delivery zones in certain regions.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 90 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit https://www.fireandflower.com.
SOURCE Fire & Flower Holdings Corp.
FIRE & FLOWER ANNOUNCES U.S. MARKET UPDATE AND HIFYRE TECHNOLOGY TO BE LAUNCHED IN COLORADO
OCTOBER, 11, 2022
Company positioned for U.S. market entry through Fire & Flower U.S. Holdings concurrent with the review of the Federal Controlled Substances Act
TORONTO, Oct. 11, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) a leading cannabis consumer retail and technology platform announced today updates to its U.S. market entry through its strategic arrangement with Fire & Flower U.S. Holdings Inc. ("Fire & Flower U.S.").
As previously announced, the Company has entered into an amended and rested option agreement (the "Option Agreement") pursuant to which Fire & Flower has an option to acquire Fire & Flower U.S. and an amended licensing agreement to deploy the Hifyre™ technology platform in the United States.
In addition to an initial licensing agreement in Palm Springs, California, Fire & Flower's Hifyre™ technology will be deployed in a leading Denver, Colorado dispensary. Hifyre will receive digital revenue from the deployment of its software in this market and anticipates receiving these revenues in the Company's third quarter and subsequent quarters through recurring software-based revenue.
Fire & Flower U.S. is also in the final stages of submitting applications for five cannabis retail store locations in the state of New Mexico. Fire & Flower U.S. also currently operates a cannabis retail store in Palm Springs, California, which utilizes the full ensuite of Hifyre technology.
"Fire & Flower views the U.S. market as a major opportunity and we are thrilled to see President Biden pardon all prior federal offenses of simple cannabis possession and instruct an expeditious review of how cannabis is scheduled under the Federal Controlled Substances Act," said Stéphane Trudel, Chief Executive Officer of Fire & Flower. "Initiation of this review is a meaningful and welcome step forward towards U.S. federal legalization of cannabis for adult use. We look forward to the results of this review which could provide a major opportunity for Fire & Flower to exercise our option to acquire Fire & Flower U.S. Our option to acquire Fire & Flower U.S. provides us with a U.S. market entry avenue that we believe is unique to any Canadian cannabis retailer."
Fire & Flower continues to monitor developments in the U.S. to consider when it may exercise its option to acquire Fire & Flower U.S. A copy of the Option Agreement is available on the Company's profile on sedar.com.
About Fire & Flower
Fire & Flower is a cannabis consumer retail and technology platform with more than 90 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through best-in-class retailing while the HifyreTM digital and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
To learn more about Fire & Flower, visit www.fireandflower.com.
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 in this news release include, but are not limited to, statements in respect of the potential exercise by the Company of its option to acquire Fire & Flower U.S., the expansion of the operations of Fire & Flower U.S. and potential changes to the cannabis regulatory regime in the United States.
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 Fire & Flower . 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, 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, political and social uncertainties, demand for the Common Shares and market conditions.
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 headings "Risk Factors" in the Company's Annual Information Form dated April 26, 2022 and "Risks and Uncertainties" in the management discussion and analysis for the thirteen weeks ended July 30, 2022 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
FIRE & FLOWER ANNOUNCES CHANGE IN BOARD OF DIRECTORS
AUGUST, 12, 2022
TORONTO, Aug. 12, 2022 /CNW/ - Fire & Flower Holdings Corp. ("FFHC", "Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) announces that Guillaume Léger has tendered his resignation from the board of directors of the Company (the "Board") effective August 11, 2022. Mr. Léger was elected to the Board of the Company at its annual general and special meeting of shareholders held on July 25, 2022, pursuant to the terms of an investor rights agreement between the Company and ACT dated August 7, 2019 (the "IRA").
F&F logo (CNW Group/Fire & Flower Holdings Corp.)
Pursuant to the terms of the IRA, ACT has designated Suzanne Poirier as its nominee to the Board to replace Guillaume Léger. The Board intends to appoint Ms. Poirier to the Board effective August 11, 2022 to fill the vacancy created by the resignation of Mr. Léger.
"On behalf of the Board of Directors, I welcome Suzanne to the Board as Fire & Flower and Alimentation Couche-Tard continue their strategic partnership," said Donald Wright, chair of the Board.
Ms. Poirier is Senior Vice President of Operations for ACT and is based in Montreal, Quebec. She joined ACT in 2018 as Vice President and Controller and since held various roles with progressively increasing responsibilities including Global Finance and Supply Chain Optimization and VP of North America Operations Excellence. Prior to ACT, she held the position of Vice President Financial Planning, at the Canadian National Railway, and Senior Vice President Finance & Strategic Planning at Sobeys. She also held various controller positions with Canadian National Railway Company from 2010 to 2015 and with Imperial Tobacco Canada Limited from 2000 to 2010. Ms. Poirier brings considerable knowledge in publicly held companies. She has over 30 years of experience within a broad set of roles in financial management, supply chain and operations. Ms. Poirier earned a Graduate Diploma in Accountancy and a Bachelor of Commerce degree in Accountancy, with Distinction from Concordia University and is a Canadian CPA. She was also Audit Committee Chair of GURU Organic Energy Corp. from 2020 to 2022.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 90 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit https://www.fireandflower.com.
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 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 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. 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.
PINEAPPLE EXPRESS ENTERS AGREEMENT TO OFFER SAME-DAY MEDICAL CANNABIS DELIVERY TO ENTOURAGE HEALTH PATIENTS
MAY, 04, 2022
https://investors.fireandflower.com/news/news-details/2022/Pineapple-Express-Enters-Agreement-to-Offer-Same-Day-Medical-Cannabis-Delivery-to-Entourage-Health-Patients/default.aspx
Fire & Flower continues to expand delivery services through CannDeliv technology platform and industry-leading logistics
TORONTO, May 4, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer retail and technology platform announced today that its wholly owned delivery and logistics subsidiary, Pineapple Express Delivery Inc. ("Pineapple Express") has entered into an agreement with Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) (FSE: 4WE) ("Entourage") to provide same-day delivery services to Entourage's patients in certain regions within Ontario.
Pineapple Express Enters Agreement to Offer Same-Day Medical Cannabis Delivery to Entourage Health Patients (CNW Group/Fire & Flower Holdings Corp.)
Patients of Entourage's Starseed Medicinal Inc. ("Starseed") platform will be able to select a same-day delivery option within their existing patient portal, which will be fulfilled by Pineapple Express.
"We continue to add additional value to our recent acquisition of Pineapple Express as we deepen our relationships with key licensed producer partners both in the recreational and medical delivery channels such as Entourage and its Starseed Medicinal network," shared Trevor Fencott, Chief Executive Officer of Fire & Flower. "Pineapple Express is the largest delivery platform in Canada, with more than 40,000 deliveries per month and it is the scale of our platform along with the CannDeliv technology that enables us to deliver exceptional service to our customers and medical producer patients."
Starseed's medical clients will receive real-time tracking by text message, delivery patient care and re-attempt support through Pineapple Express, enabled by the industry leading CannDeliv technology platform.
"Our agreement with Pineapple Express to provide same-day delivery access exemplifies our commitment to our Starseed medical clients as we strive to continuously offer a higher level of service – and we are excited to be working with our partners on this important initiative," shared George Scorsis, Chief Executive Officer and Executive Chairman of Entourage. "As leaders in medical and adult-use markets, we understand the importance of timely and consistent access to quality-crafted cannabis products. Pineapple Express with its proprietary software, combined with its extensive mobile operations and experienced focus on customer service were key factors in establishing this partnership to provide upgraded services to our patients."
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly owned technology development subsidiary, Hifyre™, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower's wholly owned subsidiary, Pineapple Express Delivery, has over 15 years of experience offering same-day 60-minute delivery services in multiple industries across Canada. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across the country.
To learn more about Fire & Flower, visit www.fireandflower.com.
To learn more about Pineapple Express Delivery, visit https://pineappleexpressdelivery.com/.
About Entourage Health Corp.
Entourage Health Corp. is the publicly traded parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.) and CannTx Life Sciences Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a state-of-the-art hybrid greenhouse and processing facility located on 158-acres in Strathroy, ON; a fully licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction; and a micropropagation, tissue culture and genetics centre-of-excellence in Guelph, Ontario. With its Starseed Medicinal medical-centric brand, Entourage has expanded its multi-channeled distribution strategy. Starseed's industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements Entourage's direct sales to medical patients. Entourage's elite adult-use product portfolio includes Color Cannabis, Saturday Cannabis and Royal City Cannabis Co. – sold across eight provincial distribution agencies. The Company also maintains strategic relationships in the seniors' market and supply agreements with Shoppers Drug Mart. It is the exclusive Canadian producer and distributor of award-winning U.S.-based wellness brand Mary's Medicinals sold in both medical and adult-use channels. Under a collaboration with The Boston Beer Company subsidiary, Entourage is also the exclusive distributor of cannabis-infused beverages in Canada, expected to launch in 2022.
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. 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: 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, 2022 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Cannabis retailer Fire & Flower posts revenue decline, cites competition
April 26, 2022 - Updated April 26, 2022
Bonno
Toronto-headquartered cannabis retail chain Fire & Flower Holdings reported declining sequential retail revenue for the fourth quarter of its fiscal year, citing heightened retail competition.
Read : overgrowned in a overcrowded market with nowhere to go.
Revenue for the quarter ended Jan. 29 was 42.7 million Canadian dollars ($33.3 million), down 6% from the previous quarter and 1.2% from the same quarter the previous year.
The company attributed its quarter-over-quarter revenue decline “to increasing competition from new (retail) licenses issued and pricing pressures in the retail market.”
The technology-focused retail chain reported annual revenue of CA$175.5 million, up 37% over the previous fiscal year.
Fire & Flower’s quarterly net loss was CA$19.5 million, with an annual net loss of CA$63.6 million.
The company opened 32 stores during the fiscal year, with 105 locations operating as of the end of January.
Fire & Flower also acquired Canadian cannabis delivery service Pineapple Express as well as marijuana websites PotGuide and Wikileaf.
More than 420,000 Canadians are signed up for the Fire & Flower loyalty program, the company said in a presentation to investors.
Major Fire & Flower investor Alimentation Couche-Tard recently announced plans to increase its stake in the retailer to 35%.
Shares of Fire & Flower trade on the Toronto Stock Exchange as FAF, and the retailer plans to list its shares on the Nasdaq exchange.
They have less revenue then last year ,,, Sucks if you ask me
Earnings Call Transcript - Fire & Flower Holdings Corp. (FFLWF) CEO Trevor Fencott on Q4 2021 Results -
Apr. 26, 2022 1:23 PM ET
Fire & Flower Holdings Corp. (FFLWF)
Fire & Flower Holdings Corp. (OTCQX:FFLWF) Q4 2021 Earnings Conference Call April 26, 2022 8:30 AM ET
Company Participants
Trevor Fencott - CEO
Judy Adam - CFO
Conference Call Participants
Frederico Gomes - ATB Capital
Aaron Grey - Alliance Global Partners
Alex Gelmych - Echelon Capital Markets
Jason Sandberg - PI Financial
Justin Keywood - Stifel GMP
Operator
Hello and welcome to the Fire & Flower Fourth Quarter Financial and Operational Results. My name is Katie, and I will be coordinating your call today [Operator Instructions].
I'll now hand over to your host, Trevor Fencott, the Chief Executive Officer of Fire & Flower to begin. Trevor, please go ahead.
Trevor Fencott
Thank you very much, and thank you for joining me today for our fourth quarter and fiscal year 2021 conference call. I'm Trevor Fencott, President and CEO of Fire & Flower. And joining me today is Judy Adam, our CFO. Earlier today, our company published its operational and financial results for the fourth quarter ended January 29, 2022, and the results are available on the company's Web site and on SEDAR. Prior to beginning our call, I'm going to admit to slide here, I'll direct listeners to the cautionary statement regarding forward-looking information published on the news release for the fourth quarter and fiscal year 2021, as well as our company's filings on SEDAR. Today, we'll driving a commentary on the fiscal fourth quarter of 2021 financial results along with an update on the continued execution of our asset light technology driven business model that's driving our financial growth and expansion of our cannabis retail footprint across North America. We'll then conclude with the moderated question-and-answer period from equity research analysts that cover Fire & Flower.
So our fiscal 2021 highlights. To begin fiscal 2021 was a year of significant growth and advancement across the company. Results continue to demonstrate the unique value of the Hifyre consumer technology platform and progress across all business segments. Total consolidated revenue across the segments of digital, retail and wholesale increased 37% to a record of $175.5 million for the fiscal year. Given retail headwinds that occurred in the fourth quarter of the year, adjusted EBITDA was essentially flat to the prior year at about 5.1%. Driving the growth in the business with a significant increase in year-over-year revenue in our Hifyre consumer technology platform segment with an impressive 129% increase year-over-year. In this segment alone, the company generated $14.3 million in revenue at an extremely high margin. Despite an increase in retail store licenses in all jurisdictions, which Judy will speak to in her comments, our retail business segment increased revenue by 29% to $130.8 million for the fiscal year. At the end of our fiscal year, Fire & Flower represented one of the largest cannabis retail store networks in Canada with more than 100 stores opened and operating.
One of the most exciting progressions for the fiscal year was driven through a number of our acquisitions at our e-commerce and passive light business unit. We refined our vision to a consumer retail and technology platform with the mission to deliver cannabis to the world. Executing upon this vision, we added cannabis consumer web traffic into our platform due to acquisition of PotGuide and Wikileaf at the top of our funnel, which also marked the opening of our Hifyre office in Denver, Colorado. We also acquired the largest cannabis delivery business in Canada, Pineapple Express, which now delivers more than 40,000 packages per month across many Canadian provinces. Pineapple Express provides the necessary technology and scale to cost effectively deliver cannabis packages direct to consumers in a manner that those shopping in the legacy markets are accustomed to. In addition, this business provide us with enhanced operating leverage through offering medical delivery services to our existing licensed producer partners, as well as logistics within the cannabis industry. The results and progress that we've achieved this year uniquely position Fire & Flower to compete in the evolving Canadian market and advance our strategy in the United States and international markets.
So for fourth quarter 2021 and those recent highlights. During the fourth quarter of fiscal 2021, we continue to see headwinds driven by both a significant increase in the number of licensed stores as well as competitive price pressures within the market. We've taken steps to address competitive challenges by playing to our strengths on ensuring that we focus on the long term sustainability of the business. For the quarter, we saw modest decrease in revenue to $42.7 million with a negative adjusted EBITDA of $2.4 million. Despite the consolidated performance, our highest margin most growth oriented and most scalable business segment, the Hifyre consumer technology platform, reported a record quarterly revenue of $4.1 million, again, an extremely high margin. This represents a sequential quarter-over-quarter growth of 7% over the past record quarter for this business segment. We continue to focus on innovation, growth and commercialization within this business segment to propel the company forward.
One of the questions that we get most from most investors is the timing of our NASDAQ application. Recently, we completed the filing of our 40-F registration and DTC eligibility, which are amongst the final stages of our NASDAQ application. We understand that investors are eagerly anticipating the NASDAQ listing, especially if your position as a technology driven consumer cannabis platform, which is the natural fit for listing on the NASDAQ exchange. We believe the timeline for our listing is measured in weeks at this point and we're excited to be listed on this exchange, which will bring greater visibility to US based investors who are already interested in our story. Last week, our strategic partners, Alimentation Couche-Tard, the owners of the Circle K convenience store chain, provided us with their intent to exercise the Series B warrants, which will take their ownership stake in Fire & Flower to more than 35%. I'll speak further to our progress with Circle K and other strategic initiatives in the next slide.
Most recently, in response to the needs of the rapidly growing value oriented consumer segment, we've announced the expansion of the industry first Spark Select pricing program. This expansion of our strategy is designed to attract additional value oriented customers, which are driving competitive pressures in the market. As always, our strategic focus has been on capturing valuable customer segments and preserving the highest possible gross margin through using data to understand our customers and meet their product and pricing needs. Further details on the expansion of Spark Select program will be forthcoming on our Web site, social media and through digital and retail engagement channels of our customers.
So for a Circle K strategic update. For those of you on the call today who are new to our story, Fire & Flower had a strategic agreement with retail giant, Alimentation Couche-Tard, the owners of the Circle K convenience store chain. This is a company with an impressive story and a retail scale of more than 14,000 stores in 26 countries around the globe. And as of today, Couche-Tard has a market capitalization of more than $60 billion. Through a warrant structure, Circle K has the potential to take up to 50.1% ownership stake in Fire and Flower, which I'll provide an overview of in the next slide. Couch-Tard holds a board position with Fire & Flower and we've worked together on many strategic initiatives, including a co-located store program, which was proven successful on every metric. Based on the pilot program, Fire & Flower has entered into a strategic licensing agreement where the Hifyre technology, Fire & Flower brand and operating procedures will be used in cannabis dispensary locations owned by Circle K adjacent to convenience store location.
This is an important part of our strategy, potentially large number of convenience store locations, not only provide traffic and consumer engagement to the Fire & Flower brand but also serve as distributed pickup points for e-commerce delivery to cannabis consumers through the Pineapple Express delivery service and logistics. It’s important to note that we continue to work with Circle K on improving operational efficiencies and real estate site selection across our retail network. There are also significant opportunities for the Hifyre consumer technology platform globally as Fire & Flower and Circle K become more closely aligned.
All right. So sort of a summary of our warrant action here. We thought that it's important in this slide to call, I would provide overview of the strategic agreement of warrant structure between Circle K owner Alimentation Couche-Tard and Fire & Flower. So first, I draw your attention to our disclosure on this topic that the warrants are held through a numbered Ontario company, of which details can be found on SEDAR. I'll also note that the warrant numbers referred on this slide are post consolidation. So it's a bit of history in the warrant structure. Up until March 2, 2021, Couche-Tard held 19.9% ownership in us, which is achieved through an initial investment, which is a conversion of A-1 and A-2 warrants, as well as a conversion of some debentures. From there, in June of 2021, Couche-Tard exercised its Series A-3 warrants, which took the company up to 22.4% ownership in Fire & Flower.
Last week Couche-Tard provided us notice of an early exercise of the Series B warrants, which will be completed two days from today. The next series of warrants after the Bs are the C warrants, which if exercised, will take Couche-Tard up to 50.1% ownership in our company. The timeline of these warrants is between October 1, 2022 and June 30, 2023 at an outside expiry date. It's very important to understand that these warrants are exercisable at 125% of the 20 day VWAP to a maximum of $30 per share. I'll underscore this again that these warrants are at a 25% premium to market with an outside expiry date of June 30, 2023. We thought it's important for those people that are new to the story to provide an overview of the structure. And if there are any questions about the warrant structure of our strategic relationship, we encourage you to reach out directly to our investor relations team.
Leading the way in our growth has been the Hifyre cannabis technology platform, which has delivered success in high margin revenue channels. As we continue to build our business as a complete consumer technology and retail platform, Hifyre will build and maintain our competitive advantage. In fiscal 2021, we acquired PotGuide and Wikileaf, driving top level cannabis consumer traffic. The acquisition of PotGuide brought us a US presence for Hifyre with our office in the technology hub of Denver, Colorado. In addition to driving revenue in PotGuide, Hifyre is also generating revenue through the amended strategic agreement with Fire & Flower U.S. Holdings, formerly American Acres Managers. Through our data and analytics business, Hifyre IQ.
We are also continuing to grow our strategic partnership with US data leader, BDSA, in offering integrated Canadian and US data where subscribers include major US financial institutions, beverage alcohol companies, tobacco companies and international players looking to grow in the cannabis industry. Our core products of Hifyre IQ and Hifyre Reach enjoy very significant market share and have built a base of strong monthly recurring and annually recurring revenue that you'll see us refer to as MRR and ARR. The direct-to-consumer branded the-commerce channel enabled by Pineapple Express delivery has launched in pilot with branded dispensaries online for key Canadian license producers, including Tilray, Oxley and Organa Graham to name a few. We see a significant opportunity to leverage our existing customer and vendor relationships and expanding medical delivery and logistics through Pineapple's industry leading CannDeliv technology, a network of more than 40,000 deliveries per month.
Moving on, I'll provide an update on our retail network and the expansion of the Spark Select program. Our retail network continues to be one of the largest across the country with more than 100 corporately owned stores across major private retail markets. Given our large corporate owned retail footprint, we will also focus on how to drive consumer touchpoints in an asset lightweight through the co-located store program with our partners at Circle K. With the addition of a significant number of retail stores and licenses across the country and the emergence of a growing value oriented customer segment, it's important for us to respond to the needs of this rapidly growing segment, especially true with the largest market of Ontario. Last week, we announced the expansion of our Spark Select member pricing program more than 420,000 Spark Perks members. Within the expansion of this program, there will be a large number of products offered with the top products discounted to address the needs of this highly competitive market. Fire & Flower will leverage the deep insights garnered from our proprietary Hifyre IQ analytics program to establish a competitive pricing and product strategy that provides our customers and products that meet their buying habits and needs. Anticipated benefits in the expanded Spark Select program include driving higher overall retail sales, increased engagement from our Spark Perks members, new Spark Perks membership benefits, all while addressing this rapidly growing consumer segment.
I'd like to now turn the call over to Judy to discuss our financials and provide a more detailed overview of the progress at each of our key business segments as made in the fourth quarter and the full fiscal year 2021. Judy?
Judy Adam
Thank you, Trevor and good morning everyone. I'm happy to provide a financial overview of Fire & Flower and our operations as released to the markets earlier this morning. To begin, I remind everyone that Fire & Flower follows a retail calendar with every quarter consisting of 13 weeks. Today, I will be speaking to the fourth quarter and year end results for fiscal 2021, which ended January 29, 2022. For the current fiscal year 2021, consolidated revenue was $175.5 million, an increase of 37% compared to $128.1 million in the prior year. All three business segments individually contributed to the year-over-year growth in consolidated revenue. The retail segment generated revenue of $130.8 million. The wholesale distribution segment generated revenue of $30.3 million and the digital platform segment generated revenue of $14.3 million. Total gross profit for the fiscal year 2021 also increased 37% year-over-year to $62.1 million and gross margin percentage was 35% consistent with the prior year.
Total SG&A expense for the current fiscal year was $63.2 million compared to $45.8 million in the prior year. SG&A expense, excluding share based compensation and acquisition strategic initiative professional fees for the current fiscal year 2021, was $57 million or 32% of revenue compared to $40.3 million or 31% of revenue in the prior year. The year-over-year increase is attributable to growth across all operating segments. This includes an increase in operating costs associated with the company's expansion of its retail network for 73 stores at the end of fiscal 2020 to 105 stores at the end of fiscal 2021. Expansion of the warehouse distribution operations to support growth for new retailers sourcing inventory from [overseas] and the province of Saskatchewan, continued investment in the Hifyre digital platform as we expand its virtual presence and incremental headcount in our corporate shared services to support the company's strategic growth initiatives. As well, professional and consulting fees increased by $1.9 million over the prior year, primarily due to business development activities, preparation for NASDAQ listing, implementation of a new ERP system and developing the co-location program with ACT.
Consolidated adjusted EBITDA for the fiscal year was $5.1 million, consistent with the prior year, and all three business segments generated positive adjusted EBITDA for the full fiscal year ended January 29, 2022. Given the challenges we faced this past year with prolonged changes in operating conditions due to COVID-19 and intense competitive retail landscape, the continued growth in consolidated revenue and adjusted EBITDA in fiscal 2021 reflects the benefits of scale and being a tech enabled retailer with a diversified segment portfolio. In particular, revenues from our proprietary Hifyre digital platforms more than doubled that of the prior year and delivered adjusted EBITDA of $7.7 million compared to just $1.8 million in the prior year. However, for the fourth quarter of fiscal 2021, our overall financial performance was soft when compared to the strong results we posted in the prior year as compared to the previous quarter. This highlights the accelerated pace in which the cannabis retail industry is evolving as a result of license saturation and increased competition. As Trevor mentioned earlier, we have already undertaken a proactive expansion of the Spark Select product and pricing program to capture additional customers in the fast growing value cannabis consumer segment.
Consolidated revenue for the fourth quarter fiscal 2021 was $42.7 million, down modestly from $43.2 million in the prior year comparable period. Retail generated revenue of $31.7 million, wholesale distribution generated revenue of $7 million and the digital platform segment generated revenue of $4.1 million. Retail revenue of $31.7 million for 13 weeks ended January 29, 2022 decreased 5% from $33.2 million in the prior year comparable period and decreased $2 million or 6% sequentially from Q3 fiscal 2021. The retail network expanded to 105 stores at the end of Q4 fiscal 2021 compared to 97 stores at the end of Q3 fiscal 2021 and 73 stores at the start of fiscal 2021. On a same store sales basis, comparing the 73 stores with operations throughout the 13 weeks of Q4 fiscal ‘21 and Q4 fiscal 2020, sales decreased by 33% year over year. Despite the increase in store count this current fiscal year, the decline in revenue year over year and from the prior quarter is primarily due to the highly competitive retail landscape, resulting from mass licensing, particularly in Ontario, as well as aggressive price discounting by value based retailers.
In Ontario alone, the total provincial store count increased by approximately 169 daily licensed stores or 14% from October 30, 2021 to 1,412 stores at January 29, 2022. This also represents a year over year increase of 245% or 1,003 newly licensed stores since last year. In the fourth quarter, the decline in same store sales was most significant in Ontario, Alberta and Saskatchewan, as a result of the surge in newly licensed stores in these provinces and aggressive discount based pricing tactics by value retailers intensified. While we saw a strong lift in total sales in December over November because of our promotions around holidays, January sales declined significantly compared to December similar to the market overall, which declined 8% nationally according to Statistics Canada data. From the sales trends we have seen over the last several months, it's clear that the value oriented cannabis consumer segment is growing at a more rapid pace. We have been closely watching and analyzing the pricing strategies of our competitors. And in response, we announced last week that we are launching a new pricing strategy that will focus on competitive and member based pricing. With the expansion of our industry first Spark Select member pricing program, there will be a larger number of products offered with top products discounted to address the needs of this highly competitive value oriented cannabis consumer segment.
Wholesale distribution revenue of $7 million for the fourth quarter of fiscal 2021 was comparable to the prior year as the Saskatchewan market becomes stabilized. We recently announced that open field distribution is expanding into the Manitoba market with cross stocking services and leveraging Pineapple Express delivery services. Extending these services into an additional province creates further scale and efficiency for the wholesale business segment going forward. Digital platform revenue increased 33% to $4.1 million in the fourth quarter of fiscal 2021 from $3.1 million in the fourth quarter of fiscal 2020. As company continues to monetize the Hifyre cannabis technology platform with increased data and ad network subscriptions, recurring monthly services to external clients and standalone data and analytics projects. The year over year increase also reflects that acquisitions of PotGuide and Wikileaf in Q3 of fiscal 2021, as well as Pineapple Express Delivery, which was acquired in late January 2022. Additional revenue was driven from channels within the US and the medical cannabis market as part of Hifyre strategy to increase engagement with its B2B customers. In the fourth quarter of fiscal 2021, the digital platform segment generated approximately $600,000 in revenue from the US market. We continue to look for opportunities to drive aggressive growth in the US market.
Total gross profit for the company for the fourth quarter of fiscal 2021 was $13.7 million or 32.1% of revenue compared to total gross profit of $16.4 million or 38% of revenue for same period of the previous year. The year-over-year decline in gross profit of $2.7 million is attributed to the retail segment, which saw a gross profit decline of $3.8 million year-over-year and gross margin reduction to 25.8% compared to 36% in the prior year. The decline was offset by increase in gross profit of $0.9 million from digital platforms segment. In the fourth quarter of fiscal 2021, gross margin percentage on a consolidated basis benefited from a shift in mix with a larger portion of gross profit coming from the high margin digital business in the current period compared to the prior year. The digital platform segment represents 29% of total gross profit dollars in the fourth quarter of fiscal 2021 compared to 19% in the prior year comparable period.
Total SG&A expense for the company for the fourth quarter of fiscal 2021 was $17.9 million compared to $15.2 million for the same period of the previous year. SG&A expense, excluding share based compensation and acquisition strategic initiative professional fee for the fourth quarter fiscal 2021, was $16.1 million or 38% of revenue compared to $13 million or 30% of revenues in the prior year. The increase was primarily due to higher store accounts driving increased associated operating costs combined with the reduction in same store sales.
Total adjusted EBITDA for the company for the fourth quarter of fiscal 2021 was negative $2.4 million compared to positive adjusted EBITDA of $35 million for the same period of the previous year. While the digital and wholesale segments delivered positive adjusted EBITDA and year-over-year growth in the current quarter, this was not enough to offset the decrease in adjusted EBITDA of negative $2.1 million from the retail segment and increased SG&A expense at quarter. The company reported a net loss of $19.5 million or a loss per share of $0.54 for the fourth quarter of fiscal 2021 compared to a net loss of $11.4 million or net loss per share of $0.55 in the comparable period of fiscal 2020. In the fourth quarter fiscal 2021, the company incurred restructuring impairment and other costs of $14.5 million, resulting from restructuring efforts as we optimize our retail portfolio and strategy. Of this total, a $10.9 million noncash impairment charged pertaining to acquired retail licenses for certain locations in Ontario, Alberta, Saskatchewan and BC as a result of the carrying value exceeding the expected recovery and recoverable amounts of these assets.
In addition impairment charges of $2.5 million for property and equipment and $0.9 million for right of use assets were incurred associated with certain retail locations that the company tends to no longer operate. Our balance sheet remains strong. And as of January 29, 2022, our cash balance on hand was $19.8 million. During the fourth quarter fiscal 2021, the company entered into a loan agreement with Couche-Tard for maximum aggregate amount of $30 million, which could be drawn in three separate tranches of $10 million. As at January 29, 2020, a total of $20 million was withdrawn under the loan agreement. As Trevor mentioned earlier this week, we announced ACT’s intention to exercise all of the Series B warrants outstanding to trading dates following the release of our fiscal 2021 financial statements. Following the exercise of the Series B warrants, the outstanding $20 million loan and accrued interest will be repaid in full and ACT’s ownership of Fire & Flower will increase to approximately 35%.
Thank you. And I'll turn it back to Trevor and look forward to questions from the participants on the call.
Trevor Fencott
Thank you, Judy. Some concluding remarks before we move on to questions from research analysts covering Fire & Flower. So fiscal 2021 was a year of significant growth for the company as we advance our mission to deliver cannabis to the world. We're uniquely positioned as a cannabis consumer technology and retail platform with significant ability to scale in the US and internationally as new opportunities emerge. Our Hifyre digital business segment has demonstrated continued impressive growth and is at the core of our strategy to compete in retail while demonstrating leadership and e-commerce and delivery channels where we aim to capture a valuable significant number of customers from the legacy cannabis market. On the retail front, the industry first leaders and member pricing will expand the Spark Select program to meet the needs of the rapidly expanding value driven customer segment. We view this customer segment as important in building audience size that we've proven the ability to monetize [indiscernible] revenue channels.
Fire & Flower’s unmatched with our strategic partner Alimentation Couche-Tard who’s next series of warrants if exercised will be at a 25% premium to market and positions Fire & Flower with ample capital for expansion, both domestically and internationally. Our vision is aligned with Couche-Tard starred and investors and customers to look forward to many more Fire & Flower stores adjacent to high traffic Circle K convenience stores. From the standpoint of public markets, we look to our NASDAQ listing to bring greater exposure to our story and a broader US investor base to our market in the coming weeks. Lastly and importantly, I'd like to offer a sincere and heartfelt thank you to all the employees of Fire & Flower at every level of our company for their tremendous work of preparing -- propelling our shared vision forward, particularly through our pandemic and challenging times.
I'm going to end with sharing our newly refined vision. For those that have not had a chance to review our most corporate -- recent corporate presentation, our vision is to become the largest cannabis consumer platform by using technology to focus on customer needs and by transforming the way people learn about and purchase cannabis. We’ll own the relationship with our customers from acquisition, through to purchase, either in-store or online, through fulfillment to their doors by optimizing and simplifying their consumer experience.
So with that, I believe we're going to take questions.
Question-and-Answer Session
Operator
[Operator Instructions] So we take our first question from Frederico Gomes from ATB Capital.
Frederico Gomes
My first question is on your gross margin at the retail segment close to 26%. We've seen some of your competitors with margins of 16%, 17%, 18%. So just considering the expansion of your pricing program there, should you expect your margins to decline to that same range at the retail level? And you know would you say that's sustainable over the long term, or is it just a short term strategy to compete and gain market share?
Trevor Fencott
So maybe I'll provide some high level commentary and have Judy jump in as well, and two perspectives on this, and by the way great question, that's I think really on everyone's mind. So for us, we started as a data driven company and you know we view the competitive sort of landscape as employing kind of sort of blunt tools like blanket discounting, which is simple to execute. You can do it sort of quickly and it's effective in sort of gaining things like market share. But you know our belief is that this is not a sustainable model, it's disruptive and that happens as you start to go through these competitive cycles. But we really want to lean into our competitive advantages. We have better data than our competitors. We have better tools than our competitors to understand what product need to be discounted and at what price is necessary to satisfy the demands of a consumer cohort. So for us, I think we want to be a lot more sort of choosy in where we need to compete and where we don't, because you're leaving a lot on the table in our view if you're simply just executing a blanket discount strategy, which might make for some press releases but ultimately, I think is going to be challenging to be sustainable. So maybe Judy, do you want to add some extra color to that?
Judy Adam
I would just add to what Trevor was saying. I mean, I think we are definitely going to leverage our Hifyre technology and a very sophisticated algorithm that we have available to us to really target product and formats of different products that are most wanted by our consumers. So we're taking a really targeted sort of price reductions approach. And we feel that this is our competitive advantage is to have the technology and the ability to use it towards a very sophisticated pricing and product strategy program. And in that way, we're not looking to have a gross margin -- we’re trying to protect our gross margins as much as that we can. And feel that while we'll see some compression for sure over the near term, ultimately, as we increase traffic and sales volume, we'll see that start to stabilize.
Frederico Gomes
My next question is on your number of stores. So you had 105 stores open this quarter but right now you have only 101 stores as of today. So could you provide more color on the stores that you closed, and were they in any specific geography? I know that some of them were accessories and other portion in cannabis. And what are your expectations for total number of stores for this quarter Q1, as well as for the reminder of 2022?
Trevor Fencott
Again, maybe we'll sort of double team this question as well. I mean, we've been very public yet that we have a shared service agreement with Couche-Tard. We actually share a lot of information with the real estate team, our real estate team. And so we've been, obviously, undergoing continued portfolio review and looking at our entire breadth of our portfolio. So yes, some of them are accessory stores. I think that I think we closed but we need to always be evaluating the landscape and using the most sophisticated tools we have, which is, Couche-Tard has a tremendous amount of information on where to place stores and evolving geographies and stuff. So we're going to always have that as part of our arsenal. I think we are going to see some pairing in markets where we don't feel we can be competitive and then sort of moving into markets where we feel there is still a competitive advantage to be had. So that's sort of the one piece.
The other piece is our goal for growth is largely driven by an asset light model. So we have corporate owned stores, which are important as hubs. You've heard me talk about hub, spoke and delivery as part of our model. But spoke locations, co-located locations, are actually utilizing Circle K real estate, which is very asset light to us and very, very efficient. And they serve as distribution nodes that can serve as a market and maybe serve as a market where an experienced store like a full standalone store is not warranted given the market pressure. So those are the two things I think to keep in mind. And Judy, do you want to sort of add anything to that or kind of specific store level or strategy?
Judy Adam
We definitely did. We closed a couple of stores in Q1, couple of accessory stores and other corporate stores, it was kind of all across Canada. And in terms of the go forward, I mean, we still have aproximately -- planning to build approximately around 20 corporate stores still in fiscal 2022. We've been much more selective in our real estate, as Trevor mentioned, really focusing on filling in our gaps in areas and in territories but also looking at sites that will make -- we'll add to our delivery strategy as well. So really it fits well in terms of being delivery nodes. We'll continue to expand our retail footprint as well. It'll be more focused on our co-located sites with ACT, but scale was important for us in retail as well. So you'll see our store footprint continue to expand but they’ll be more tailored towards co-located sites with ACT.
Operator
We take our next question from Aaron Grey from Alliance Global Partners.
Aaron Grey
Just want to talk about Spark Select, right? So you guys stopped being very choosy on where you look to discount. Just at a broad level, as you look at some of your consumer base, maybe you have some newer that have shifted away to other retailers, others that might be going to other retailers for select products. Given you're only going to have it this discount model for select products and not all. How do you think about, number one, the retention of the existing customer base that you still have and then may be bringing back some consumers that might have left back into the fold? And how that might play into just having some select products at discount versus the whole store as some of your competitors might?
Trevor Fencott
I mean, again, this goes back to our origin story. So from the very beginning, we've always been tech focused, knowing that this was going to be the end state. We built the company knowing that this was going to happen. And so we were the earliest to have a loyalty program, we got the data from day one, we've engaged our program -- our customers from literally the onset of legalization here. And so we've got a lot of information about what consumers’ preferences are, individual preferences are and we can cohort those groups very efficiently. So this is really no different than any other kind of tech enabled business like mobile gaming or any sort of subscription based sort of tech platform, those kinds of things, there's always win back strategies. You have to always be adapting your strategy, because really your job is to service your customers’ needs and wants. Like that's it, that's the job and that's what the tech was built to do.
So we have very, very good insight on kind of what matters to the various cohorts of our consumer base, and we can reach out directly to them. That's why in the early days you would have heard me talking a lot about this direct line of communication to your customer is the most important thing in cannabis, the thing that was missing in candidates. Well, we invested heavily in that, I think now it's definitely paying dividends because that deep knowledge, which is beyond just an email address or phone number, or some kind of transactional touch point, this relationship is something that can be bolstered through win back strategies but also to know what’s important to people. Not everyone’s price sensitive on all products, or some people very price sensitive on certain ones and then not others. So that's -- you have to know that about your customer to win in this environment, but that’s why we built the company that’s way.
Aaron Grey
And then the second one for me, just as you're pushing out the Spark Select offering, I was curious your existing customer base, they'll become knowledgeable of it. But how do you look to the market out to a broader customer base, hopefully, bringing new customers into the fold? So just maybe some marketing tactics you guys look to unfold with it?
Trevor Fencott
And again, we've always been concerned about what I call the cannabis echo chamber, which is like, look, you can add -- you can talk to customers in this sort of environment, it was very difficult to get the voice outside the cannabis community. But this goes to our program of things like selling gift cards, gift cards at Circle K stores, those kinds of things are outside the cannabis echo chamber.They are things where it's an automatic sale, when you get a gift card it has to be done online, that’s the way to ingest people into the Spark Perks program, things like our acquisitions of PotGuide and Wikileaf. And I'll often talk about the top of funnel that is the way to get people more engaged to have them understand. So for example, our brand store in Palm Springs, there are Spark Select members in Palm Springs, local for that market and that particular store there. So we totally agree that you have to get outside of the cannabis echo chamber, but we've made those moves proactively with PotGuide, with Wikileaf. Those are ways to kind of get the word out there and we've invested in it, just sort of simply -- word of mouth is also very important and we know that that's going to be part of the Spark Select program as well. Again, we've invested pretty heavily in getting the word outside the cannabis ecosystem.
Operator
Our next question comes from Alex Gelmych from Echelon Capital Markets.
Alex Gelmych
I'm wondering if you have any comments on the planned use of proceeds from the exercise of the Couche-Tard Series B warrants?
Trevor Fencott
So I mean, the first thing we're going to do is pay down the line of credit $20 million -- line of credit and clean up our balance sheet, which should leave us with net proceeds. If you had to estimate the 20 day VWAP, we think that the proceeds are certainly north of $40 million minus $20 million that leaves us with rough math and $20 million net proceeds from this, which will significantly enhance our balance sheet as well. So the short answer is we’ll just pay off the line of credit and keep the rest of the cash, deploy it, or strategic purposes.
Alex Gelmych
And then a follow-up if you don't mind. I'm curious about the consolidation of PotGuide and Wikileaf into the digital segment, and how much contribution you saw from these two companies in the first full quarter consolidation?
Trevor Fencott
I'll speak to kind of at a strategic level and then Judy can come in with the numbers. But again, strategically for us it's very important to own that customer journey and relationship from acquisition, which is top of funnel for us, things like PotGuide, like Wikileaf all the way down to delivery to their door. So that completes the vertical integration. So for us it's a lot about kind of eyeballs, outside traffic, outside influence, bringing people into the system, mobilizing our Hifyre reach ad technology outside of the cannabis eco chamber. So in that sense it's being very successful bringing people in. But in terms of economic contribution, maybe I'll flip to Judy, because I think we had a stub, they were only integrated for a bit of the quarter.
Judy Adam
Actually, we had a full quarter for PotGuide in Q4. I mentioned earlier in my remarks that our US sourced revenue is now around $600,000 for Q4, half of that would have from PotGuide and the other half would have came from licensing fees in Hifyre into the US, primarily from our amendment to the FAF US agreement.
Operator
Our next question comes from Jason Sandberg from PI Financial.
Jason Sandberg
Just looking at your retail sales decline on a same store sales basis. The number in the fourth quarter was a little bit worse than what it was in Q3. I'm just wondering whether we should read into this and assume that retail market will continue to get worse during the same store sales growth? Do you believe that you've hit the bottom and you're now moving up? I know one of your competitors have said good things about their January -- their month of January sales. Just wondering if you can give any insight in terms of what that retail same store sales growth we should expect moving forward?
Trevor Fencott
I mean, I think there's a couple of elements to that. I mean, the first thing to watch is obviously going to be new market entrant. So when we continue to add, I think Judy had the stat there’s like a thousand stores were added in Ontario in the past 12 months. So if that pie continues to grow at such an aggressive rate and again, we don't expect it to grow as aggressively as that, because I think that that sort of represented the last of the queue that the pent up demand there. But if it did continue to grow and there's nothing stopping people from opening stores, that's going to have an effect on same store sales across the industry. That's the industry sort of base expanding. And then I think there's the other piece of it, which is where we go with price compression and you know what the customer sort of want. So there's moving between retailers based on that.
So I mean, I think with our visibility, we're launching our Spark Select member pricing program, which we think is going to be competitive and kind of the retaining and winning back customers and sort of market share. But again, the X factor is how many more licenses come out there. I think what we're also seeing now though is actually store closures. So if that's the case, the store closures start to outpace new store openings, like new licenses being granted. I think we can expect -- reasonably expect that the markets that have starting to stabilize. And again, there's no question in our mind that this year is what we call a shakeout year. This is going to be a lot of -- a lot of companies are going to kind of, I think, suffer. But at the end of it, we're going to reach a position of equilibrium where the strong players and where’s the other end, and we certainly think we're going to be one of those strong players. So I know it's kind of -- it's a roundabout way of answering it, but the key data factor, I think, is going to be new market entrants versus market exits.
Operator
[Operator Instructions] We take our next question from Justin Keywood from Stifel GMP.
Justin Keywood
I'm just wondering the impact of inflation. If that’s possible that we price through in any type of price increases going forward and how the company is managing that?
Trevor Fencott
Well, price -- inflation actually hits a number of different parts of it to varying degrees. So in terms of like the product cost, we haven't seen that come in yet, I don't believe from the production standpoint. We haven't seen it reflected in product prices, although it's possible. In terms of like price at retail, sort of the conventional thinking is that this is more our product, it's more like sort of alcohol or consumable in that sense. I think where -- well, there's certainly things that we watch very carefully are things like inflation index to things like wages. We have a large labor force. Those are things we keep careful tabs on. But I think it's kind of early in the piece for us in terms of like a prolonged inflationary period. I don't know, Judy, if you want to add any sort of color to that, but that's sort of certainly my kind of high level thinking.
Judy Adam
Yes, nothing further to add to what you said, Trevor. I think you covered it.
Justin Keywood
And then I wonder if you just take a step back. Obviously, there's some competitive pressures in a saturated market, and I heard the expansion initiatives earlier in the call. But I'm wondering if this is a time to be a bit more aggressive. And I assume Couche-Tard is well familiar in operating in hyper competitive environments. And I'm wondering if you have any feedback as far as how Couche-Tard is viewing the current landscape, and if there's perhaps a strategy to acquire and again, a bit more aggressive on market share gains?
Trevor Fencott
I mean, well, we both share the same view, which is we need -- that market share is important, we need to catch up. And that in these times as disruptive as they are, and as I keep saying, it's a shakeout period, there's a lot of opportunities during shakeouts. If you're well capitalized, if you have scale and if you have the staying power and strategy to kind of get to the end. And that we're very confident that we get to the end of this disruption cycle and come out the other side a lot stronger. And that could mean things like there's going to be opportunities for acquisitions that are perhaps priced appropriately at this point. There’s going to be lots of opportunity in a shakeout year. We're not blind to that reality. I know a couple of key competitors as well that are also strong and looking at things. So I absolutely agree that there's opportunity and adversity. We're big fans of that. And -- listen our track record sort of speaks for itself. We're getting cashed up with the Series B warrant exercise. We've got a strong, aggressive partner who understands that acquisition in adverse times, if you can afford it, if you're strong enough, that can really make an outsized difference on the other end of the disruption.
Operator
[Operator Instructions] We currently have no more questions registered. So Trevor, I will hand it back to you for any closing remarks.
Trevor Fencott
I just want to thank everyone for taking the time to listen to our story, and tune in again and ask your questions, much appreciate it. We look forward to talking to everyone in next quarter. Thanks so much.
Operator
Thank you for joining today's call. This now concludes the call. Please disconnect your lines.
FIRE & FLOWER ANNOUNCES 2021 FISCAL AND FOURTH QUARTER FINANCIAL AND OPERATIONAL RESULTS
APRIL, 26, 2022
https://investors.fireandflower.com/news/news-details/2022/Fire--Flower-Announces-2021-Fiscal-and-Fourth-Quarter-Financial-and-Operational-Results/default.aspx
Fiscal 2021 Highlights:
Consolidated revenue for fiscal year 2021 increased 37% to a record $175.5 million
Consolidated Adjusted EBITDA for fiscal 2021 was $5.1 million, consistent with the prior year
Hifyre™ cannabis consumer technology platform generated a record $14.3 million for the fiscal year, an increase of 129% year-over-year
Retail revenue increased 29% to a record $130.8 million for fiscal 2021, with more than 100 retail stores opened and operating at January 29, 2022
Acquired Pineapple Express Delivery, PotGuide and Wikileaf to expand logistics capabilities and web traffic as part of the asset light e-commerce strategy
Fourth Quarter 2021 and Recent Highlights:
Consolidated revenue and Adjusted EBITDA for the fourth quarter of fiscal 2021 was $42.7 million and negative $2.4 million, respectively
Hifyre™ revenue for the fourth quarter generated a record of $4.1 million representing a 7% sequential increase quarter-over-quarter
Completed one of the final steps in preparation for listing on the NASDAQ including filing of the 40-F registration statement and DTC eligibility for common shares
Announced intent to exercise Series B warrants by strategic partner Alimentation Couche-Tard, owner of Circle K convenience stores
Announced an expansion of the industry-first Spark Select program, a new highly competitive product and pricing strategy to drive an expanded customer base, in a proactive response to the fast growing value-oriented cannabis consumer segment
TORONTO, April 26, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWD), today announced its financial and operational results for the fiscal year and fourth quarter ended January 29, 2022.
Fire & Flower logo (CNW Group/Fire & Flower Holdings Corp.)
"Fiscal 2021 has been a year of significant advancement and growth for Fire & Flower and we have delivered meaningful year-over-year revenue growth. The Hifyre Digital Platform has exhibited impressive 129% annual and 7% quarterly sequential growth and is the core value proposition of our business. This year, we have refined our vision to, 'Deliver Cannabis to the World' positioning our business as a consumer e-commerce platform, supported by a distributed retail network enhanced by our Circle K store co-location program. This position is enabled through the acquisition of Pineapple Express Delivery, one of the largest cannabis delivery platforms in the world," shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
"In the fourth quarter of fiscal 2021, while we have continued to see growth in our Hifyre digital business segment, we saw a decline in our retail revenue due to increased competitive pressures within the Canadian cannabis retail landscape. We announced a further competitive price and product strategy aimed at continuing to build an expanded consumer base. As we look out to fiscal 2022, we anticipate continued growth in our digital business and driving further revenue opportunities in the U.S. We look forward to greater continued alignment with our partners at Alimentation Couche-Tard through the retail store co-location program which will be important in delivering a clear, convenience-oriented value proposition to our customers in brick-and-mortar retail and e-commerce."
Consolidated Financial Highlights
Thirteen weeks ended
Fifty-two weeks ended
(In thousands of Canadian dollars,
29-Jan-22
30-Jan-21
29-Jan-22
30-Jan-21
except per share amounts)
Total Revenue
42,697
43,219
175,499
128,053
Gross Profit
13,705
16,429
62,094
45,419
Gross Profit Percentage
32.1%
38.0%
35.4%
35.5%
Adjusted EBITDA
(2,410)
3,455
5,120
5,154
Net loss
(19,461)
(11,417)
(63,592)
(78,959)
Basic loss per share
(0.54)
(0.55)
(1.89)
(4.54)
Financial and Operational Highlights for the 2021 Fiscal Year and for the Fourth Quarter Period Ended January 29, 2022
Revenue of $42.7 million and $175.5 million for the fourth quarter and fiscal year ended January 29, 2022, representing a modest decrease of 1% for the comparable quarter (from $43.2 million) and a 37% increase year-over-year (from $128.1 million).
While all business segments contributed to the year-over-year revenue increase, the quarter-over-quarter revenue decrease was primarily due to increasing competition from new licences issued and pricing pressures in the retail market.
Gross profit of $13.7 million and $62.1 million for the fourth quarter and fiscal year ended January 29, 2022 represented a decrease of 17% for the comparable quarter (from $16.4 million) and a 37% increase year-over-year (from $45.4 million).
Adjusted EBITDA of negative $2.4 million for the fourth quarter and positive $5.1 million for the fiscal year ended January 29, 2022.
Net loss of $19.5 million for the quarter and $63.6 million for the fiscal year ended January 29, 2022, compared to a net loss of $11.4 million for the comparable quarter and $79.0 million for the fiscal year ended January 30, 2021.
An increase of 32 stores during the fiscal year, with 105 stores open and operating at the fiscal year end.
Alimentation Couche-Tard increased its equity ownership to 20.8% with $20 million outstanding on the ACT Loan and $2.4 million in convertible debentures outstanding.
As part of the Company's continued digital strategy, completed the acquisitions of Pineapple Express Delivery, PotGuide and Wikileaf.
Amended the strategic licensing agreement with Fire & Flower U.S. Holdings (formerly American Acres Managers) to derive additional U.S. based digital revenue.
Segment Revenue
Thirteen weeks ended
Fifty-two weeks ended
(In thousands of Canadian dollars unaudited)
29-Jan-22
30-Jan-21
29-Jan-22
30-Jan-21
Revenue
Retail
31,670
33,156
130,823
101,497
Wholesale
6,969
7,002
30,336
20,300
Digital Platform
4,058
3,061
14,340
6,256
Total Revenue
42,697
43,219
175,499
128,053
Segment Adjusted EBITDA
Thirteen weeks ended
Fifty-two weeks ended
(In thousands of Canadian dollars unaudited)
29-Jan-22
30-Jan-21
29-Jan-22
30-Jan-21
Adjusted EBITDA
Retail
(2,077)
1,930
1,223
7,539
Wholesale
1,010
1,126
4,725
2,905
Digital Platform
1,885
1,581
7,708
1,767
Corporate
(3,228)
(1,182)
(8,536)
(7,057)
Total Adjusted EBITDA
(2,410)
3,455
5,120
5,154
Retail
Retail revenue for the 2021 fiscal year increased 29% to $130.8 million from $101.5 million in fiscal year 2020.
Retail revenue for the fourth quarter, decreased 5% to $31.7 million from $33.2 million in the prior year comparative period. Revenue decreased $2.0 million or 6% sequentially from Q3 fiscal 2021.
Gross profit for the 2021 fiscal year was $41.5 million compared to $35.1 million in 2020 fiscal year.
Gross profit for the fourth quarter was $8.2 million, a decrease of 31% compared to $11.9 million for the prior year comparative period.
Gross profit margin was 25.8% for the fourth quarter ended January 29, 2022 and 31.7% for the 2021 fiscal year.
Segment Adjusted EBITDA for the 2021 fiscal year was $1.2 million compared to $7.5 million in fiscal year 2020. Segment Adjusted EBITDA decreased to negative $2.1 million in the fourth quarter 2021 from positive $1.9 million in the same quarter the prior year.
The Company had 105 stores open and in operation at the end of January 29, 2022, compared to 73 stores at the end of January 30, 2021.
Wholesale
Wholesale distribution revenue for the 2021 fiscal year increased 49% to $30.3 million compared to $20.3 million in 2020 fiscal year.
Wholesale distribution revenue in Q4 fiscal 2021 of $7.0 million was approximately flat compared to the same quarter of the prior year.
Gross profit was $6.4 million for the 2021 fiscal year compared to $4.1 million in 2020 fiscal year.
Gross profit in Q4 fiscal 2021 increased to $1.6 million year-over-year from $1.4 million in the same quarter of the prior year.
Segment Adjusted EBITDA for the 2021 fiscal year was $4.7 million compared to $2.9 million in 2020 fiscal year. Segment Adjusted EBITDA decreased to $1.0 million in Q4 2021 from $1.1 million in the same quarter of the prior year.
Hifyre™ Digital Platform
Hifyre Digital Platform revenue for the 2021 fiscal year increased 129% to $14.3 million compared to $6.3 million in 2020 fiscal year.
Q4 2021 Hifyre revenue was $4.1 million compared to $3.1 million in the same quarter of the prior year.
Gross profit margin was 97.3% for the fourth quarter ended January 29, 2022 and 99.2% for the 2021 fiscal year.
Adjusted EBITDA for the 2021 fiscal year was $7.7 million compared to $1.8 million in 2020 fiscal year. Adjusted EBITDA increased to $1.9 million in Q4 2021 from $1.6 million in the same quarter the prior year.
Subsequent Operational Highlights Post January 29, 2022
Amended the Strategic Licensing Partnership and Option to Acquire Fire & Flower U.S. Holdings (formerly American Acres Managers) and the creation of an additional high margin U.S. digital revenue stream on January 31, 2022.
Pineapple Express Delivery launched next-day delivery services with BC Cannabis Stores in the Vancouver region on February 24, 2022.
Completed one of the last remaining steps in the Company's NASDAQ listing through obtaining DTC Eligibility for the Company's common shares on April 13, 2022.
Expanded logistics and delivery services through a cross-docking Distribution Agreement with Manitoba Liquor & Lotteries on April 14, 2022.
Announced a highly competitive product and pricing strategy to drive an expanded customer base on April 21, 2022.
On April 20, 2022, announced intent to exercise Series B warrants by strategic partner Alimentation Couche-Tard, owner of Circle K convenience stores, resulting in a post exercise ownership stake of approximately 35%.
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 fully comparable to similar measures presented by other companies. Management defines the Adjusted EBITDA as the Income (loss) for the period, as reported, before income taxes and other expense (income) items such as finance costs, finance income, gains and losses related to derivative liability revaluations and debt extinguishments, and adjusted for share-based compensation, depreciation and amortization, impairment expense, impairment of right-of-use ("ROU") assets net of lease liabilities remeasurement, restructuring charges, professional fees associated with acquisitions, financing and strategic initiatives.
Adjusted EBITDA has been calculated differently than in periods prior to Q1 2021, where the Company previously included lease liability cash payments as disclosed in accordance with IFRS 16 "Leases" accounting standards. The updated measure reflects the Company's new approach to analyzing the consolidated operating performance across the business lines. The Company believes the updated definition is an alternative measure to assess performance as it provides meaningful operating results and facilitates period-to-period operating comparisons. As other companies may calculate this non-IFRS measure differently than the Company, this metric 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 income (loss) as an indicator of operating results, or as a substitute for cash flows from operating activities. A reconciliation of net income (loss) to Adjusted EBITDA is presented below.
Adjusted EBITDA for the fourth quarter ended January 29, 2022 and 2021 fiscal year was negative $2.4 million and a positive $5.1 million compared to positive Adjusted EBITDA of $3.5 million for the comparable quarter and $5.2 million for the 2020 fiscal year respectively.
Adjusted EBITDA
Thirteen Weeks ended
Fiscal Year ended
(in thousands of dollars)
January 29, 2022 ($)
January 30, 2021 ($)
January 29, 2022 ($)
January 30, 2021 ($)
Net loss – as reported
(19,461)
(11,417)
(63,592)
(78,959)
(Gain) loss on revaluation of derivative liability
(7,558)
2,444
8,545
(18,638)
Loss on extinguishment and revaluation of debentures
-
(710)
-
53,152
Finance costs, net
1,505
4,055
7,245
24,884
Income taxes, net
1,330
781
2,452
1,999
Share-based compensation
468
522
3,174
2,512
Acquisition and strategic initiative professional fees
1,306
1,662
3,094
3,000
Depreciation & amortization
5,495
3,419
19,080
12,345
Restructuring, impairment and other costs, net
14,505
2,699
25,122
4,859
Adjusted EBITDA
(2,410)
3,455
5,120
5,154
Lease liability cash payments for the thirteen weeks and fiscal year ended January 29, 2022 were $2.4 million and $9 million, respectively (January 30, 2021: $0.8 million and $3.2 million, respectively).
Webcast & Conference Call
Fire & Flower will host a webcast and conference call with Trevor Fencott, Chief Executive Officer, and Judy Adam, Chief Financial Officer at 8:30 a.m. EDT on April 26, 2022. The webcast will discuss Fire & Flower's fiscal year 2021 and fourth quarter financial and operational results.
Dial-In Information
Toll-Free (Canada): 1-833-950-0062
Toll-Free (United States): 1-844-200-6205
All other locations: +1-929-526-1599
Access code: 013467
Webcast Sign-Up
https://event.on24.com/wcc/r/3755300/8C01528CC241A5D03166AC3EAE5D8F7D
Replay Information (Available until May 17, 2022)
Toll-Free (Canada): 1-226-828-7578
Toll-Free (United States): 1-866-813-9403
All other locations: +44-204-525-0658
Replay Code: 348644
Upon completion of the live conference call, a replay of the conference call will be accessible on Fire & Flower's website at https://investors.fireandflower.com/.
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 https://investors.fireandflower.com.
About Fire & Flower
Fire & Flower is a cannabis consumer retail and technology platform with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through best-in-class retailing while the HifyreTM digital and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
To learn more about Fire & Flower, visit www.fireandflower.com.
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 Fire & Flower . 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, 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 headings "Risk Factors" in the Company's Annual Information Form dated April 26, 2022 and "Risks and Uncertainties" in the management discussion and analysis for the thirteen weeks ended January 29, 2022 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
FIRE & FLOWER ANNOUNCES EXPANSION OF INDUSTRY FIRST MEMBER PRICING PROGRAM - SPARK SELECT
FIRE & FLOWER ANNOUNCES CONFIRMATION OF INTENT TO EXERCISE SERIES B WARRANTS BY CIRCLE K OWNER ALIMENTATION COUCHE-TARD AND TIMING OF ANNOUNCEMENT OF FOURTH QUARTER AND FISCAL YEAR 2021 FINANCIAL & OPERATIONAL RESULTS
APRIL, 20, 2022
Warrant exercise by one of the world's largest convenience retailers to bring ownership stake to approximately 35%
FIRE & FLOWER ANNOUNCES CANNABIS DISTRIBUTION AGREEMENT WITH MANITOBA LIQUOR & LOTTERIES
APRIL, 14, 2022
https://investors.fireandflower.com/news/news-details/2022/Fire--Flower-Announces-Cannabis-Distribution-Agreement-with-Manitoba-Liquor--Lotteries/default.aspx
Open Fields Distribution expands into Manitoba market by providing cross docking services and leveraging significant logistics experience with Pineapple Express Delivery
TORONTO, April 14, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF)(OTCQX: FFLWF), a leading cannabis consumer technology and retail platform, today announced that its wholly-owned subsidiary, Open Fields Distribution ("Open Fields") has entered into a one-year cannabis distribution agreement (the "Agreement") with Manitoba Liquor & Lotteries ("MBLL"). Under the Agreement, Open Fields will offer distribution of recreational cannabis products from licensed producers to retailers in the province of Manitoba at the direction of the MBLL.
Fire & Flower (CNW Group/Fire & Flower Holdings Corp.)
Strategic Benefits of the Agreement
* Extends the existing Open Fields business, which offers wholesale and distribution services in Saskatchewan, into a second province.
* Leverages significant experience of the Company's recently acquired logistics and delivery subsidiary, Pineapple Express Delivery.
* Enables retailers across Manitoba to receive product more efficiently and benefit from the established high level of service offered by Open Fields.
* Further enhances strategic relationships with key licensed producers across all segments of the Fire & Flower business.
"Open Fields was selected as part of a competitive RFP process to provide cross docking services in the province of Manitoba and we are delighted that MBLL has trusted our business to provide these services. Open Fields and Pineapple Express Delivery have significant experience in servicing retail customers in the provinces of Saskatchewan and Ontario and extending these services into an additional province creates scale and efficiency for the wholesale business segment," shared Trevor Fencott, Chief Executive Officer of Fire & Flower. "We will look to continue to pursue business opportunities and acquisitions that drive additional revenue by adding value to existing business segments."
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
FIRE & FLOWER OBTAINS DTC ELIGIBILITY FOR ITS COMMON SHARES
APRIL, 13, 2022
https://investors.fireandflower.com/news/news-details/2022/Fire--Flower-Obtains-DTC-Eligibility-for-its-Common-Shares/default.aspx
TORONTO, April 13, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer technology and retail platform today announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depositary Trust Company ("DTC"). DTC is a subsidiary of the Depository Trust and Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies.
Fire & Flower logo (CNW Group/Fire & Flower Holdings Corp.)
"DTC Eligibility will make Fire & Flower's common shares more accessible to investors in the United States and help increase trading volumes. It is also an important step in connection with our proposed listing on the Nasdaq Capital Market, which we expect to be completed over the coming weeks," shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
FIRE & FLOWER TO PARTICIPATE IN THE 34TH ANNUAL ROTH CONFERENCE
MARCH, 08, 2022
https://investors.fireandflower.com/news/news-details/2022/Fire--Flower-to-Participate-in-the-34th-Annual-ROTH-Conference/default.aspx
TORONTO, March 8, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer technology platform announced today that Trevor Fencott, Chief Executive Officer, and Judy Adam, Chief Financial Officer, will be attending the 34th Annual ROTH Conference in Dana Point, California, March 13th through 15th, 2022.
Fire & Flower Logo - (c) 2022 Fire & Flower Holdings Corp. (CNW Group/Fire & Flower Holdings Corp.)
The Company will host a fireside chat at 1:30 p.m. PT on Tuesday, March 15, 2022. The fireside chat will be moderated by Scott Fortune, Senior Equity Research Analyst, Cannabis and Hemp CBD at Roth Capital Partners on the Tuesday Consumer track, Salon 4.
The Fire & Flower management team will be available for one-on-one meetings and small group meetings throughout the duration of the conference. To register, please visit the event website.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
PINEAPPLE EXPRESS AND BC CANNABIS STORES TO PROVIDE NEXT-DAY DELIVERY TO METRO VANCOUVER CUSTOMERS
FEBRUARY, 24, 2022
https://investors.fireandflower.com/news/news-details/2022/Pineapple-Express-and-BC-Cannabis-Stores-to-provide-next-day-delivery-to-Metro-Vancouver-customers/default.aspx
Industry leading delivery platform, powered by CannDeliv technology offers next business day delivery to cannabis consumers
TORONTO, Feb. 24, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer technology platform announced that its wholly-owned indirect subsidiary, Pineapple Express Delivery Inc. ("Pineapple Express") will begin offering next business day delivery through BC Cannabis Stores' e-commerce website in the Metro Vancouver region beginning the week of February 28, 2022. The partnership comes after Pineapple Express was the successful proponent of a competitive RFP process.
Fire & Flower Logo (CNW Group/Fire & Flower Holdings Corp.)
Pineapple Express is widely recognized throughout the cannabis industry as the largest player in cannabis delivery, completing more than 40,000 deliveries per month to recreational and medical cannabis customers across Canada. The acquisition of Pineapple Express was announced by Fire & Flower in December of 2021 and closed on January 25, 2022, becoming a key part of the Company's Hifyre™ cannabis consumer technology platform.
"We know cannabis consumers want fast delivery. With Pineapple Express, the only delivery provider offering next-day delivery to BC Cannabis Stores customers in the Metro Vancouver region, they'll now be able to take advantage of this service," shared Randy Rolph, President, Pineapple Express.
"The scale of Pineapple Express is unmatched across Canada and through efficiencies of this magnitude, we are able to offer delivery services at an extremely cost effective and rapid manner," concluded Rolph.
To learn more about Pineapple Express Delivery, visit https://pineappleexpressdelivery.com/.
To learn more about BC Cannabis Stores, visit https://www.bccannabisstores.com/.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Pineapple Express Delivery Inc.
The Pineapple Express Delivery management team has over 10 years of experience offering same-day 60-minute delivery services in multiple industries across Canada with a record breaking 40,000 deliveries per month. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across the country. Pineapple Express Delivery has been providing a same-day delivery option to the legal cannabis industry from October 17, 2018 and has provincial offices set up across Canada.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Listen the the interview too --->>> Fire & Flower Leans Into Digital Strategy to Create Differentiation in the Cannabis Industry
February 17, 2022 at 2:58 pm
Exclusive article by Carrie Pallardy
https://www.newcannabisventures.com/fire-flower-leans-into-digital-strategy-to-create-differentiation-in-the-cannabis-industry/
Exclusive Interview with Fire & Flower CEO Trevor Fencott
Fire & Flower (TSX: FAF) (OTCQX: FFLWF) is not a traditional brick-and-mortar cannabis retailer. While the company does have physical stores, it is evolving to become more of a technology platform, according to CEO Trevor Fencott. He last spoke with New Cannabis Ventures in July 2021 and reconnected to discuss its recent technology acquisitions and evolving strategy. The audio of the entire conversation is available at the end of this written summary.
Evolving Strategy
As Fire & Flower becomes more of a cannabis consumer technology platform, its leadership team has evolved. For example, the company has brought on tech talent with a number of its tech-focused acquisitions.
Fire & Flower Is Not a Traditional Brick-and-Mortar Cannabis Retailer.
The company is also in the process of listing on the NASDAQ, historically a technology exchange, according to Fencott. He noted other technology-focused cannabis companies opting to list on that exchange and how the NASDAQ will be a natural fit for Fire & Flower.
A Fully Integrated Tech Stack
Technology company Hifyre was Fire & Flower’s first acquisition, and now, it has built a fully integrated tech stack that incorporates customer acquisition, loyalty, ecommerce and delivery. In 2021, the company acquired PotGuide and Wikileaf. Fencott compared this layer of the company’s technology stack to Weedmaps or Leafly. Fire & Flower developed its own loyalty program: Spark Perks, which Fencott considers analogous to springbig. At the beginning of this year, the company completed the acquisition of Pineapple Express Delivery, which gives it the capability to complete more than 40,000 deliveries per month.
Spark Perks Is an Important Part of Fire & Flower’s Digital Strategy.
Other companies compete with parts of Fire & Flower’s tech stack, but they don’t have all of the company’s digital capabilities, according to Fencott. Similarly, cannabis retail companies do not have the tech stack that Fire & Flower does.
Retail Footprint and Strategy
Fire & Flower currently has 103 retail stores in Canada, and it plans to expand its retail footprint through an asset-light approach. The company has an established relationship with convenience store company Alimentation Couche-Tard. Fire & Flower is looking to leverage this relationship to secure beneficial leases as it expands. It also has a co-located model with Circle K stores. That program began with just two stores, and it was so successful that is expanding across multiple Canadian provinces, according to Fencott.
When it comes to expansion via M&A, the Fire & Flower team will keep an open mind, but it will be discerning. It likely does not need to add to its tech stack. Any potential deal would need to be immediately accretive and of strategic value.
U.S. Expansion
In January, Fire & Flower announced an amendment to its U.S. strategic licensing agreement and acquisition option. The company is looking to its partner Fire & Flower US to expand in an asset-light way in the United States. The company is extracting high-margin, compliant revenue from its technology licensing and laying the groundwork for federal legalization in the United States. When that occurs, the company will be able to quickly ingest a good platform, according to Fencott.
Couche-Tard Partnership
At the end of 2021, Fire & Flower secured a $30 million credit line from Couche-Tard, another step forward with its strategic partner. In addition to co-locating stores with Circle K, Fire & Flower gift cards are available for purchase at more than 300 Circle K locations in Canada.
The company also has three tranches of funding with Couche-Tard. The series A warrants have all been discharged, and there are 8.3 million B warrants that are exercisable up until September. After that, the C warrants will give Couche-Tard up to 50.1 percent of the company, exercisable until next June, according to Fencott. Fire & Flower continues to be bullish on its ability to raise capital with its strategic partner.
The company also has the ability to seek outside funding, which Couche-Tard would be obliged to participate in, according to Fencott. Fire & Flower as a guaranteed lead investor should it choose to go to the capital markets.
Beyond that close partnership with Couche-Tard, the Fire & Flower team takes an individualized approach to building relationships with its investors. The company wants to clearly communicate its story as a tech platform to its investors.
Growth in 2022
Fencott expects 2022 to be a challenging year for cannabis retail in Canada, but Fire & Flower is prepared for the challenge because of its digital strategy. The company has doubled the revenue from its digital segment every year for the past three years, and it expects that trend to continue, according to Fencott. The company has reports revenue separately for each of its three business segments: retail, wholesale and digital so investors can see the growth of its high-margin digital business.
Continuing federal regulatory uncertainty in the United States will be a challenge for the cannabis industry, according to Fencott. But once again, Fire & Flower’s digital strategy comes into play. It can work with Fire & Flower US to extract high-margin digital revenue while it waits for the regulatory landscape to evolve.
New Cannabis Ventures provides a sponsored Investor Dashboard for Fire & Flower. Listen to the entire interview:
https://soundcloud.com/newcannabisventures/fire-flower-leans-into-digital-strategy-to-create-differentiation-in-the-cannabis-industry
Great article. Much thanks.
IMO, FFLWF should quickly pivot to the EU where they have 3,071 Stores across Europe and other regions. Cannabis legalization is going to happen faster there than in the USA.
Cannabis Legalization in Germany – The Final Blow to European Drug Prohibition?
11 JANUARY 2022/ BY ROBIN HOFMANN
https://europeanlawblog.eu/2022/01/11/cannabis-legalization-in-germany-the-final-blow-to-european-drug-prohibition/
The new German government plans to legalize cannabis. The bill for the cannabis control law includes the licensed cultivation of the soft drug and the selling in specialized shops to persons over 18 years. The biggest EU Member states consider itself in good company: Canada legalized cannabis in 2018. A number of American states soon followed. In the EU, Luxembourg and Malta took the step towards legalization in 2021. In the Netherlands, cannabis has been freely available in the famous coffee shops since the 1970s. Still, under Article 2 of the Dutch Narcotics Law (Opiumwet) the possession of narcotics, including cannabis and its derivatives are forbidden. The fact that Dutch authorities nevertheless tolerate the sale in coffee shops (so-called gedoogbeleid) is based on the opportunity principle. This principle gives the Dutch investigating authorities discretionary power in deciding which offences to prosecute and which not. Based on this, Dutch prosecutors consider the selling and possession of limited amounts of cannabis as tolerable.
Neverthless,some legalization enthusiasts identify a global movement away from drug prohibition policies and towards a liberal approach to addictive substances. Indeed, the German approach is no less than a small revolution of over half a century of cannabis prohibition in Europe. The question remains: how is Germany going to do it without breaking international and European law? This post will explore the legal reasoning behind cannabis legalization in Europe, the legal barriers raised by the ECJ and how Germany is trying to circumvent them.
The ECJ Josemans Judgement
Back in 2010 the ECJ issued the judgement C-137/09 Josemans vs. Burgermeester van Maastricht. In the underlying case the plaintiff Josemans, the owner of a coffee shop in the Dutch city of Maastricht, defended himself against the closure of his establishment by the city. The mayor had decreed that access to coffee shops could only be granted to persons who were residents of the Netherlands. The aim of this regulation was to curb drug tourism from Germany, France and Belgium by requiring a Dutch residence permit in order to buy cannabis in the coffeeshops. The plaintiff had violated this regulation and claimed that it led to discrimination of EU citizens. The Court ruled all narcotic drugs including cannabis are prohibited in all the EU Member states with the exception of strictly controlled trade for use for medical and scientific purposes (para 36). Hence, as cannabis sold in coffeeshops is not marketed for the latter purposes and consequently are prohibited from being released into the economic and commercial channels, restrictions with regard to nationality are no violation of the principle of non-discrimination (para 42).
If the large-scale cultivation, the trade and selling of cannabis outside of medical and scientific purposes is illegal within the EU, how can countries like Malta, Luxembourg, the Netherlands and now Germany legalize cannabis for recreational purposes? The answer is: it depends on how the legalization is conceptualized. Within the EU Luxemburg and Malta have opted for a legalization-light, where consumption and cultivation for personal use is allowed, while the commercial cultivation and selling remains prohibited. A similar policy has evolved in Spain and to a lesser extent in Belgium, where so called cannabis social clubs facilitate personal cultivation and consumption of cannabis. However, none of these models are as ambitious as the German plans with what can be called the total legalization of cannabis consumption.
Especially the Netherlands with its unique coffeeshop model are observing the German plans with great interest – and astonishment. The country had struggled for decades to legalize the supply side for cannabis products resulting in what criminologists coined back-door problem: while selling cannabis in coffee shops is tolerated, the cultivation and buying of large quantities remains prohibited. This leaves the coffee shops with no choice then to buy the product illegally. Through the front door the cannabis goes out legally, through the backdoor it enters illegally. The reasons for this birth defect of Dutch cannabis policies are to be found in European law and ECJ jurisprudence which strictly prohibits cultivation and sale for purposes other than medical and scientific ones. But if the Netherlands never managed to solve this problem how is Germany then going to do it? Did they find a legal loophole in European law? Well, they might have.
Drug Prohibition and EU Law
To understand the German approach, it helps to first have a look again at the ECJ Josemans Judgement. Besides emphasizing the strong interconnection of international and European law the ECJ refers to Framework Decision 2004/757. Much like the Schengen agreement from 1990 this framework decision deals with the threat and fight against illicit drug trafficking with means of law enforcement. In addition, it puts a strong focus on a more coordinated and harmonized approach. With Schengen and the abolition of border controls within the EU, drug trafficking received an enormous boost. The fight against drugs required harmonized law and enforcement strategies especially because the member states implemented very different drug policies. While Sweden, for example, until today has a zero-tolerance policy towards all forms of drugs, the Netherlands did not take prevention of drug related crimes very seriously for many years. But in a united Europe, a fundamental problem of drugs became drastically apparent: policies in one country may have great impact in another country. Particularly Germany has struggled with this issue. For example, the Czech Republic’s lax handling of Chrystal Meth laboratories has led to a small epidemic in neighboring Bavaria with all the negative consequences such as drug related crimes, increased need for therapy and drug-related deaths. The tolerance policy of the Dutch has been clogging up the courts of German border towns with criminal cases related to cannabis smuggling. Hence, Germany advocated over years for a prohibitionist approach to drugs and the Framework Decision stresses harmonization and coordination as a key factor within EU drug policies.
But the true innovation of the framework decision is to be found in Article 2(2) of the Framework Decision. Here the cultivation of cannabis and other drugs is not prohibited if ‘it is committed by its perpetrators exclusively for their own personal consumption as defined by national law.’ Back in 2004 this was no less than a small revolution with regards to drug policies. Spanish courts almost immediately took the provision up and introduced it into their rulings virtually legalizing cultivation for personal consumption. The provision is not only the legal basis for the cannabis social club movement that has appeared in many member states but also for the Luxemburg and Maltese approach. However, the wording of Article 2 does not allow for a far reaching legalization model as planned by the German legislator. Instead, the German approach is based on Article 2(1) of the Framework decision. It obliges each Member State is to take the ‘necessary measures to ensure that, inter alia, the following intentional conduct when committed without right is punishable: offering, offering for sale, distribution, sale, delivery on any terms whatsoever and brokerage of drugs’. The crucial two words in the article are ‘without right.’ Those form the legal fundament of the German cannabis control bill as it is stated in the appendix of the latter:
‘Legal trade in cannabis by permit holders under the Cannabis Control Act is therefore not covered by the Framework Decision, as in these cases there is a right (in German: Berechtigung) under national law.’
Put differently: European law released the member states from taking measures against the trade with drugs including cannabis if this trade is rightful or based on a right. The crucial question is what makes drug trade rightful? To find an answer to this question a quick look into international law or the jurisprudence of the ECJ of the past 30 years helps. The trade and cultivation of any drug is permitted if it is for scientific and medical purposes. Art. 7 of the Convention on Psychotropic Substances from 1971 only allows that manufacture, trade, distribution and possession of any drug only for duly authorized persons, in medical or scientific establishments which are directly under the control of their Governments or specifically approved by them. Moreover, they require a license prior authorization. While international law is very clear in the matter of licensing and authorization to handle drugs of any kind European law is not. Indeed, neither in the Schengenaquis nor in the Framework Decision the restriction to medical and scientific purposes is mentioned. However, both refer directly to international law and so does the ECJ in its jurisprudence. The crucial question therefore is: Does the wording of the Framework Decision allow for EU Member states to no less then unhinge the entire EU drug prohibition regime by giving them the possibility to define by law what constitutes a right to cultivate and trade cannabis?
The German interpretation of ‘without right’
At first sight this seems far-fetched. Harmonization and coordination in the fight against illicit drug trade is the guiding principle of EU drug policies particularly emphasized in the framework decision. How would a provision foster this goal that provides for every member state to opt out of the prohibitive regime virtually enabling them to legalize every existing drug? Even if this was the intention of the legislator one would have expected some further explanation of such a drastic step. But there is indeed no single word on this matter in the additional material to the Framework Decision. Moreover, this Framework Decision dates back to the early 2000s, a time where cannabis liberalization was more of an exotic idea. Lastly there is the jurisprudence of the ECJ that repeatedly since the Horvarth decision from 1981 has corroborated the solemn exemption of strictly controlled drug trade for medical and scientific purposes.
But what speaks for the interpretation of the German legislator that basically allows for all member states to create their own drug laws? Well, first of all the wording of Article 2(1). While the international treaties tend to speak about ‘authorization’ and ‘licensing’ whenever it comes to drug cultivation for medical or scientific purposes, the framework decision explicitly refers to a ‘right’ to do so. A right, however, a is more than a permission or license. A right can be created by law. If the Framework Decision does not specify any limitations, it seems reasonable that the Member States themselves specify what constitutes the right in question. Moreover, with regards to the international treaties lit 2 only explicitly refers to the European treaties (e.g. the conclusions of Tampere) when it calls for legislative action to tackle illicit drug trafficking. It does not directly mention the important international treaties. Indeed, the Vienna Convention on Psychotropic substances from 1971 containing the important exemption of medical/scientific purposes is mentioned in Art. 1 but only with regards to the definition of drugs. One could deduce from this that the Framework Decision is meant to be a step towards an independent EU drug policy with more latitude than offered by the international conventions. However, the Schengen agreement and also the EU action plans on drugs from 2000 to 2004 leaves no doubt that member states to the international drug control conventions are bound by the limitations for medical and scientific purposes.
In conclusion there seems be the better arguments for a narrow interpretation of the terms ‘without right’ as relating only to scientific and medical purposes. The German legislator interpreted the framework literally, but it is rather unlikely that this will hold up in court. Hence, the German cannabis control bill is based on a very formal yet questionable interpretation of EU law. This leaves the question what the possible consequences of this German way are?
Conclusion
In 2019 the ECJ issued a judgement that shook the German legislator to its bones. In case C-591/17 Republic of Austria vs. Republic of Germany the court decided that the German infrastructure use charge for passengers vehicles entails a discrimination against EU citizens. Germany had passed a bill requiring all passenger vehicles using the German Autobahn to pay a toll. Nothing unusual here. But the clue was that German vehicle owners could claim back the toll through their taxes. The ECJ rightfully considered this clear discrimination on grounds of nationality pursuant to Article 18 TFEU and dismissed the German law. Will the cannabis control law share the same fate? There is a good chance. Just like the infrastructure charge the cannabis control law widely ignores EU law, the ECJ jurisprudence as well as the interest of other EU member states. How, for example, will Germany curb drug tourism to Poland, Austria or Denmark? After years of pressure from the German neighbor the Dutch have linked the sale of cannabis in border towns to a residence permit. The ECJ considered this legal and non-discriminatory for the reason that cannabis is still a prohibited product under Dutch national law. Hence, there cannot be a right for EU citizens to buy this product. But under the German bill cannabis would not be a prohibited anymore. This would also cut of the possibility to restrict the selling of the product only to German residents as this then indeed would be a discrimination according to the ECJ jurisprudence. But how else could Germany then tackle the problem of drug tourism? The bill leaves this issue unresolved.
There exist good reasons for legalizing cannabis: It may help to dry up illegal markets, relieving the criminal justice systems while reducing stigmatization of consumers and potentially minimizes health risks through quality controls. More importantly the gateway drug issue becomes better manageable: Those who buy weed from a dealer are often offered harder drugs as well, often as a free sample. A comprehensive but cautious legalization of cannabis is a reasonable drug policy. However, it must take into account the interests of other member states and be in line with European law. If this law no longer fits in time, one has to change it. Within the EU this is a long and winding road. There are no shortcuts, not even for Germany.
Fire & Flower is trading at a discount, says ATB Capital
By Jayson MacLean Published on February 1, 2022 Last Updated on February 1, 2022
A number of Canadian cannabis companies have their sights set on the expansive market in the United States and are now waiting in anticipation of a shift towards legalization at the US federal level. That includes tech-enabled Canadian retailer Fire & Flower (Fire & Flower Stock Quote, Charts, News, Analysts, Financials TSX:FAF) which just announced new plans for entering the US market. Giving the strategy the once-over is ATB Capital Markets analyst Frederico Gomes who in an update to clients on Monday said the stock is looking attractive at current levels.
On the announcement, made on Monday, FAF said it has amended its option and licensing agreement with private company Fire & Flower US Holdings (formerly American Acres Managers) so that now it will receive a one-time implementation fee and ongoing software and support fees for each FAF-branded store operated by Fire & Flower US, giving FAF the option to acquire the licensee with a discount to fair-market value if and when regulations in the US allow. FAF will pay the shareholders of the Licensee an aggregate amount of US$5 million with the option remaining to pay additional cash amounts which along with a one per cent premium calculated monthly would be deducted from the fair-market value purchase price payable upon exercise of the option by FAF.
“The amendments to our strategic agreements with Fire & Flower US expand the ability for the Fire & Flower and Hifyre brands to open in key markets ahead of federal permissibility of adult-use cannabis in the US. In addition, the technology, software and support fees create an additional high margin revenue channel in our digital business segment,” said Trevor Fencott, CEO of Fire & Flower, in a press release.
FAF, which runs the Hifyre digital retail and analytics platform, says the move into the States will get a leg up through its partnership with strategic investor Alimentation Couche-Tard, owners of Circle K convenience stores throughout Canada and the US.
“The amended strategic agreements, along with our relationship with the owner of Circle K, Alimentation Couche-Tard, will help position Fire & Flower to one day be a key player in the US cannabis industry, where the demand for incorporating technologically advanced systems has never been greater,” said Fencott. “We believe the amendments to the strategic agreement provide a meaningful near and long-term benefit to Fire & Flower shareholders in our option to acquire Fire & Flower US.”
Looking at the amended agreement, Gomes said it allows FAF to put into motion its strategy to enter the US THC market before positive regulatory developments take place.
“In our view, FAF is especially well positioned to take advantage of the US THC market opportunity through its strategic partnership with Alimentation Couche-Tard, which has a strong foothold in the US through Circle K convenience stores,” Gomes wrote.
Fire & Flower’s share price has been falling steadily over the past 12 months along with the rest of the cannabis sector, shedding about 65 per cent of its value since the highs of last February.
But Gomes is bullish on the stock and with the update has maintained his “Outperform” rating and one-year price target of $15.00, which at the time of publication represented a projected return of 236 per cent.
“We note that FAF is currently trading at a FY2022e EV/Sales of 0.7x which, in our view, offers a discount to the value of Company’s retail operations in Canada and does not price in the value of Hifyre and the option to potentially enter the US THC market,” Gomes wrote.
“Hifyre is an attractive segment hidden inside FAF. As digital sales continue to grow, we believe that the attractiveness and value of this segment as a standalone tech platform will become more apparent to investors. Moreover, we believe that the value of a potential US expansion is not priced into FAF’s current share price, therefore presenting an attractive upside for investors,” he said.
By the numbers, Gomes is forecasting for FAF to generate fiscal 2021 (year end January 28) revenue of $172.8 million compared to $128.1 million delivered in fiscal 2020. On adjusted EBITDA he is calling for fiscal 2021 earnings of $4.4 million compared to a loss of $1.0 million in fiscal 2020. For the upcoming fiscal 2022, Gomes has forecasted $206.7 million in net sales and $11.9 million in adjusted EBITDA. The analyst sees FAF’s adjusted gross margin staying steady across fiscal 2020, 2021 and 2022 at 35 per cent.
Last week, Fire & Flower announced the completion of its acquisition of logistics company Pineapple Express Delivery, the largest player in the cannabis delivery industry with operations for cannabis delivery in Ontario, Manitoba and Saskatchewan and for liquor products in Saskatchewan.
“The acquisition of Pineapple Express Delivery provides Fire & Flower with the final component to execute upon its strategy of offering a full consumer technology platform to the cannabis industry,” Fire & Flower said in a January 25 press release.
About The Author / Jayson MacLean
Jayson is a writer, researcher and educator with a PhD in political philosophy from the University of Ottawa. His interests range from bioethics and innovations in the health sciences to governance, social justice and the history of ideas.
Fire & Flower is trading at a discount, says ATB Capital
By Jayson MacLean Published on February 1, 2022 Last Updated on February 1, 2022
FIRE & FLOWER AMENDS STRATEGIC LICENSING PARTNERSHIP AND OPTION TO ACQUIRE FIRE & FLOWER HOLDINGS US (FORMERLY AMERICAN ACRES)
JANUARY, 31, 2022
Fire & Flower Launches E-Commerce Dispensaries for Canadian Licensed Producers' Brands
New e-commerce offering from Hifyre and Fire & Flower will equip brands with a direct-to-consumer sales platform enabled by delivery and a 100+ store retail network
TORONTO, Jan. 27, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower'', or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading, technology-powered, cannabis retailer, today announced the expansion of the Company's e-commerce offering with the launch of online branded dispensaries that will enable direct-to-consumer sales using drop shipping for leading licensed producers ("LPs").
The expanded e-commerce capabilities continues the buildout of Fire & Flower's proprietary technology stack that is focused on delivering a seamless digital consumer experience including in-store fulfillment and delivery. The new virtual retail platforms, powered by the Company's proprietary data and analytics platform, Hifyre, allow for cannabis consumers to shop LP-branded online marketplaces for direct-to-consumer sales. Consumers can shop for their favourite brands' cannabis products and have those orders completed through in-store fulfillment at one of Fire & Flower's 100+ retail locations or via delivery (where permitted) through its recently acquired delivery subsidiary, Pineapple Express Delivery. Initial brands available for purchase through Fire & Flower's platforms include Auxly, Aleafia, Cronos Group, FIGR and Wagners. The e-commerce marketplaces will also generate digital advertising revenue through the Hifyre Reach platform which connects brands to intending consumers, and provides a path to measure purchasing behavior both in-store and online.
"Retail is continuously evolving and we found that a growing segment of our customer base is looking for a seamless digital solution that allows them to connect and shop directly from their favorite brands. We are uniquely positioned to meet that demand by providing a streamlined retail experience to customers across North America through our scalable, digital solution, powered by our Hifyre technology platform. Through the creation of branded dispensaries we are delivering additional value to LPs by enabling greater customer acquisition through a top-of-funnel virtual platform that can also fulfill those direct orders either in person or via delivery," said Trevor Fencott, Chief Executive Officer of Fire & Flower.
"Not only does the creation of these online platforms support the expansion of our Spark Perks membership program and empower our entire technology platform with increasing sources of consumer buying preferences, it creates an opportunity to generate new digital advertising revenue streams through our Hifyre Reach platform," concluded Fencott.
"We're excited to engage directly with consumers through Fire & Flower's advanced consumer technology," said Andrew MacMillan, SVP Commercial, Auxly. "To successfully compete in today's competitive cannabis market, it is essential to understand purchase habits and preferences. Through our newly branded e-commerce dispensaries, not only can we track consumer activity right through to purchase and conversion, but most importantly, we are also delivering an enhanced experience of our brands. This direct-to-consumer online model will drive new opportunities to more effectively serve our expanding customer base and support our sales growth."
LPs are prohitbited from owning retail licenses. This allows them a branded storefront where they can sell direct to consumers. It allows LPs to build their funnels and engage directly with customers rather than relying on retailers.
Right now an LP submits their SKUs to the provincial wholesaler and that wholesaler (e.g OCS) is the one that owns the customer relationship.
With a branded ecommerce shop on their site, the LP can engage directly with the consumer and FAF will fulfill the order via their licenses/delivery infrastructure. The LP gets data about those purchasing behaviors, plus the 1:1 engagement.
This is the foundation of marketing.
FIRE & FLOWER COMPLETES ACQUISITION OF PINEAPPLE EXPRESS DELIVERY
JANUARY, 25, 2022
https://investors.fireandflower.com/news/news-details/2022/FIRE--FLOWER-COMPLETES-ACQUISITION-OF-PINEAPPLE-EXPRESS-DELIVERY/default.aspx
Fire & Flower strategically positioned to expand its geographical footprint through the industry's first full cannabis consumer technology platform
TORONTO, Jan. 25, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading, technology-powered, cannabis retailer, today announced the Company has completed the acquisition of Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a leading logistics technology company offering compliant and secure delivery services for controlled substances and regulated products, including transportation and delivery of medical and recreational products in Ontario, Manitoba and Saskatchewan, and liquor products in Saskatchewan. The acquisition of Pineapple Express Delivery provides Fire & Flower with the final component to execute upon its strategy of offering a full consumer technology platform to the cannabis industry.
PED is widely recognized throughout the cannabis industry as the largest player in the cannabis delivery space, completing more than 40,000 deliveries per month to recreational and medical cannabis customers across Canada. Through this strategic acquisition, Fire & Flower has completed its proprietary technology stack to deliver a seamless customer experience by combining its technology-driven retail network of over 100 stores across North America with this newly acquired, best-in-class cannabis fulfillment and delivery service.
Trevor Fencott, Chief Executive Officer of Fire & Flower, stated, "The acquisition of Pineapple Express Delivery marks the final step in building, what we believe to be, the cannabis industry's first end-to-end consumer technology experience. With a full omni-channel retail strategy, a data-driven analytics platform, and now same-day, last-mile delivery capabilities, we've developed an asset-light technology stack that can support the entire cannabis retail ecosystem, from initial customer acquisition, through product discovery, ultimately ending at the customers' front door."
"Our Hifyre™ technology powered retail network has quickly driven greater high-margin revenue streams for Fire & Flower and the inclusion of Canada's largest cannabis delivery and logistics services strategically supports our business model as we enter new markets utilizing our high-margin, scalable technology infrastructure. We look forward to rolling out our enhanced cannabis technology platform throughout Canada and eventually the U.S. with our strategic partner, Alimentation Couche-Tard, to demonstrate the unparalleled value of this model," concluded Fencott.
"It is exciting to see the completion of this acquisition and entering the next phase of the Pineapple Express Delivery story. By joining Hifyre and Fire & Flower, PED will continue to build one of the largest cannabis delivery platforms in Canada and the U.S.," shared Randy Rolph, Founder of PED. "Pineapple Express Delivery will complement the Fire & Flower business model and Hifyre will continue to add meaningful value to the business through its industry-leading technology platform and analytics. We believe this is a winning combination as our companies share an unwavering focus on supporting and empowering businesses, consumers and our communities. Together we will continue to grow and innovate, and this acquisition of Pineapple Express Delivery is a natural and timely fit given our broader expansion strategy."
As consideration for the purchase of Pineapple Express Delivery, Fire & Flower has assumed and repaid approximately $5.15 million in debt owed by Pineapple Express Delivery and issued a total of 1,153,142 common shares of Fire & Flower ("Common Shares"), of which a total of 313,708 have been released and the remainder have been placed into escrow pending completion of customary working capital adjustments and subject to achievement of certain performance-based milestones in the fiscal 2022 year. Haywood Securities Inc. acted as exclusive financial advisor to Pineapple Express Delivery.
To learn more about Pineapple Express Delivery, visit https://pineappleexpressdelivery.com/.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Pineapple Express Delivery Inc.
The Pineapple Express Delivery management team has over 10 years of experience offering same-day 60-minute delivery services in multiple industries across Canada with a record breaking 40,000 deliveries per month. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across the country. Pineapple Express Delivery has been providing a same day delivery option to the legal cannabis industry from October 17, 2018 and has provincial offices set up across Canada. Pineapple Express Delivery is a subsidiary of World-Class Extractions Inc. (CSE: PUMP) (FRA: WCF) (OTCQB: WCEXF). For more information please visit https://pineappleexpressdelivery.com/.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Nice words almost a Caesar salad. Anyway what are they going to sell, bongs?
More detailed reasons--->>>Fire & Flower Marijuana Retailer Prepares For NASDAQ Listing, Files 40-F With SEC
by Nina Zdinjak
January 19, 2022 12:41 pm
https://www.benzinga.com/markets/cannabis/22/01/25112214/fire-flower-marijuana-retailer-prepares-for-nasdaq-listing-files-40-f-with-sec
Fire & Flower Marijuana Retailer Prepares For NASDAQ Listing, Files 40-F With SEC
FFLWF announced the filing of its Form 40-F Registration Statement with the US Securities and Exchange Commission (SEC) in preparation for the company to list its shares on the Nasdaq Stock Market LLC.
"Fire & Flower's anticipated listing on the Nasdaq is strategically aligned with our expanded digital e-commerce offering and its planned entry into the U.S. cannabis market," Trevor Fencott, CEO of Fire & Flower said on Wednesday. "We have quickly demonstrated the success of our technology-driven retail model in Canada's cannabis market, becoming the first company to build a true cannabis consumer technology platform. Listing on the Nasdaq will allow us to expand our shareholder base and drive increased shareholder value as we continue to leverage our unique technology-driven business model to enter new targeted markets across North America. We are excited to share our vision for 'smart' cannabis retail to a broader audience of investors."
Listing of Fire & Flower’s common shares on Nasdaq remains subject to the approval of the Nasdaq and satisfaction of all applicable listing and regulatory requirements, including the effectiveness of Form 40-F. Following receipt of all required approvals, the company will issue a press release announcing its first trading date on Nasdaq.
Fire & Flower's common shares will continue to trade on the OTCQX under the ticker FFLWF until the commencement of trading on the Nasdaq. Its common shares will continue to trade on the Toronto Stock Exchange under the ticker symbol "FAF" following the completion of the proposed Nasdaq listing.
Sounds great Diogenes--->>> FIRE & FLOWER ANNOUNCES FILING OF FORM 40-F WITH SEC AS COMPANY PREPARES FOR NASDAQ LISTING
JANUARY, 19, 2022
FIRE & FLOWER ANNOUNCES PARTICIPATION IN UPCOMING JANUARY CONFERENCES
JANUARY, 12, 2022
https://investors.fireandflower.com/news/news-details/2022/FIRE--FLOWER-ANNOUNCES-PARTICIPATION-IN-UPCOMING-JANUARY-CONFERENCES/default.aspx
TORONTO, Jan. 12, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading, technology-powered, cannabis retailer, today announced that the Fire & Flower will participate at the following upcoming conferences this month at which Trevor Fencott, CEO of Fire & Flower, will present.
ATB Capital Markets 10th Annual Institutional Investor Conference is being held Thursday, January 13, 2022. Mr. Fencott will be participating on the panel "Retail and the Art of Data" at 2:00 pm Eastern. To register for this event please click here. (The link in the PR does not work.)
KCSA Cannabis Virtual Investor Conference at 12:30pm Eastern on Thursday, January 20, 2022. To register for this event please click here.
https://www.virtualinvestorconferences.com/events/event-details/kcsa-cannabis-virtual-investor-conference-0
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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, British Columbia and Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
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 market conditions and the business of the Company. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Watch --->>> Fire & Flower: We are celebrating our 100th store! Just like you, we’ve always enjoyed cannabis and believe it should be as simple as it is enjoyable. Whether you're a long-time veteran or just canna-curious we're happy to be there for you.
Link in bio for all our locations and don't forget to stop by for Boxing Week ??
https://www.facebook.com/fireandflowerco/videos/5048122941886404
Fire & Flower has a 221.5 per cent upside, says PI Financial
PI Financial analyst Jason Zandberg believes there’s smoke with Fire & Flower (Fire and Flower Stock Quote, Chart, News TSX:FAF), initiating coverage on December 9 with a “Buy” rating and target price of $20/share for a projected return of 221.5 per cent.
Founded in 2017 and headquartered in Toronto, Fire & Flower Holdings is an independent retailer of cannabis products and accessories through its 82 locations in Alberta, Manitoba, Ontario, Yukon and Saskatchewan, where the company also engages in the wholesale of regulated cannabis products and accessories. The company also has a proprietary cannabis retail and analytics platform Hifyre.
“We believe that FAF is undervalued as a cannabis retailer and very little value has been attributed to its cannabis retailing technology — Hifyre,” Zandberg said. “We feel Hifyre could be worth more than its retail stores.”
Originally known as Cinaport Acquisition Corp. II, Fire & Flower began trading on the TSX Venture Exchange in February 2019 and was rapidly expanding its retail footprint through a combination of acquisitions and organic store openings. A year into its public tenure, the company entered into an agreement with American Acres to license its Fire & Flower brand, store operating system and Hifyre technology platform for dispensaries in California, Arizona and Nevada.
In August, the company officially rebranded as Fire & Flower Holdings and opened its first branded store in Palm Springs, California.
Zandberg’s hype around the Hifyre business particularly revolves around its proprietary technology stack, called Hifyre IQ, that the analyst sees as giving Fire & Flower a competitive advantage in retail, as well as the ability to license the technology to provide a high-margin source of revenue. The system captures user behaviour data and applies predictive analytics to facilitate the retail business’ delivery of a personalized customer experience.
“The most exciting part about Hifyre is the company’s ability to generate highly profitable revenue by licensing the technology stack they have developed,” Zandberg said. “The platform has a wide list of customers including licensed producers, traditional CPG companies, government organizations and financial institutions.”
The Hifyre portfolio also includes Hifyre Reach, a digital advertising and retail media network offering for licensed producers, and Hifyre One, an online digital interface for cannabis dispensaries and branded e-commerce sites for licensed producers.
Since the release of Zandberg’s initiation, Fire & Flower also secured an additional $30 million debt facility from Alimentation Couche-Tard, a 22.4 per cent stakeholder in the company with options to increase ownership to a majority stake at 50.1 per cent, as well as being the second largest convenience store retailer in North America.
“Access to $30 million of non-dilutive debt financing is a strong show of support from our partner, Alimentation Couche-Tard. It also serves as a proof point on our alignment towards the future of cannabis retail,” said Trevor Fencott, Chief Executive Officer of Fire & Flower in the company’s December 13 press release. “Through their leadership, network and expertise, we are accelerating the dynamics of the retail shopping experience and creating a consumer-centric marketplace that leverages technology and data-driven insights to deliver a personalised collection of products to consumers and reaches them wherever they are at.”
Zandberg expects Fire & Flower’s financial picture to take greater root moving forward, projecting a jump to $184 million in revenue for 2021 for a potential year-over-year increase of 43.8 per cent, followed by a jump to a projected $227 million in 2022 for a potential year-over-year increase of 23.4 per cent, punctuated by a forecasted jump to $289 million in 2023 for a potential year-over-year increase of 27.3 per cent.
Looking at valuation, Zandberg projects the company’s EV/Revenue multiple to drop from the reported 3.1x in 2020 to a projected 2.1x in 2021, then dropping to a projected 1.7x in 2022 and 1.4x in 2023.
Meanwhile, after a reported loss of $14 million in 2020, Zandberg projects the company’s adjusted EBITDA to turn positive at $13 million for a margin of 7.1 per cent, with a projected increase to $25 million and a margin of 11 per cent in 2022, with a further expansion to a projected $47 million and margin of 16.3 per cent in play for 2023.
With the move to a positive adjusted EBITDA, Zandberg introduces the EV/EBITDA multiple in his 2021 forecast at 30.5x, then dropping to a projected 15.8x in 2022 and 8.4x in 2023.
Zandberg also projects the company to turn a positive EPS beginning in 2023 at $0.25/share; he also brings in a P/E multiple that year at a projected 25.6x.
Fire & Flower’s share price has not blossomed much as of late, producing a loss of 38.6 per cent for the year to date, peaking at $14.50/share on February 22 and bottoming out at $5.07/share on December 3.
PI Financial Reiterates FFLWF's $20 Price Target Following Q3 Results <<<--- Is this a load of BS?
December 15, 2021 3:39 PM
See red for a bad stat--->>>FIRE & FLOWER ANNOUNCES FISCAL THIRD QUARTER 2021 FINANCIAL AND OPERATIONAL RESULTS
DECEMBER, 14, 2021
Doing everything right --->>> FIRE & FLOWER TO ACQUIRE PINEAPPLE EXPRESS DELIVERY TO ADVANCE E-COMMERCE DIGITAL PLATFORM STRATEGY
GEEEZZZ I am hoping--->>>FIRE & FLOWER TO ANNOUNCE THIRD QUARTER 2021 FINANCIAL RESULTS
DECEMBER, 08, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-to-Announce-Third-Quarter-2021-Financial-Results/default.aspx
TORONTO, Dec. 8, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) and its wholly-owned subsidiary Hifyre™ Inc. ("Hifyre"), will release its financial and operational results for the third quarter of 2021 ended October 30, 2021 before financial markets open on December 14, 2021.
Fire & Flower (CNW Group/Fire & Flower Holdings Corp.)
Fire & Flower's third quarter financial and operational results will be available on SEDAR and on the Company's website at https://fireandflower.com/investor-relations.
Following the release of the results, Fire & Flower will host a conference call with Trevor Fencott, President and Chief Executive Officer, and Judy Adam, Chief Financial Officer at 8:30 a.m. EDT on December 14, 2021. The conference call will discuss Fire & Flower's third quarter financial and operational results.
Dial-In Information
Toll-Free (Canada): 1-833-950-0062
Toll-Free (United States): 1-844-200-6205
Access code: 621339
Webcast sign-up: https://event.on24.com/wcc/r/3560110/0E01D852F2FC2D317AF59ACB09B578DF
Replay Information (Available until January 4, 2022)
Toll-Free (Canada): 1-226-828-7578
Toll-Free (United States): 1-866-813-9403
Replay Code: 831677
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.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Hifyre
The Hifyre Digital Retail and Analytics Platform is a proprietary ecosystem of products that includes the Spark Perks member program, Hifyre ONE retail software platform and the Hifyre IQ cannabis data and analytics platform.
The Hifyre platform also supports Fire & Flower's advanced operations and provides a competitive advantage in providing a tailored digital experience and understanding consumer behaviours in the evolving cannabis market.
To learn more about Hifyre, visit www.hifyre.com.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for quarter ended July 31, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
1:10 reverse split completed, fflwd is the symbol
FIRE & FLOWER ANNOUNCES KEY RETAIL AND DIGITAL MILESTONES
DECEMBER, 02, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-Announces-Key-Retail-and-Digital-Milestones/default.aspx
Launch of PotGuide and Wikileaf Canadian E-Commerce Platforms Leverage a Milestone 100 Cannabis Retail Store Network with 360,000 Spark Perks™ Members
TORONTO, Dec. 2, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) and its wholly-owned subsidiary Hifyre™ Inc. ("Hifyre"), today announced significant, interconnected milestones driving the Company towards a leading position as an omni-channel, e-commerce and brick-and-mortar retailer.
Fire & Flower Logo (CNW Group/Fire & Flower Holdings Corp.)
Launch of PotGuide and Wikileaf E-Commerce
Canadian customers of PotGuide and Wikileaf can now shop for cannabis products online. Products are available for purchase and fulfilled by the entire Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox retail network. Purchases are available to be delivered to customers in Ontario, Manitoba, British Columbia and Saskatchewan, and will soon be available for delivery in Alberta, or available for Fastlane "Click-and-Collect" at retail stores.
Visit https://shop.potguide.com and https://shop.wikileaf.com for more information or to place an order for cannabis products.
100 Retail Store Milestone
Fire & Flower's 100th cannabis retail store opened earlier this week in Scarborough, Ontario, making the Company one of the largest cannabis retail chains in North America. As Fire & Flower looks to evolve its retail business, 100 cannabis retail stores provide brick-and-mortar consumer traffic opportunities as well as a network of dispensaries for e-commerce fulfillment.
360,000 Spark Perks™ Members
On average, active Spark Perks™ members spend 31% more per transaction than non-members. The milestone of 360,000 Spark Perks™ members demonstrates the Company's continued growth of the first cannabis membership program in Canada and cements our position as a leader in digital customer engagement. To the Company's knowledge, Spark Perks™ is the largest cannabis member and loyalty program in the world.
"Our milestone of exceeding 100 corporate-owned stores across our network allows us to serve customers in every Canadian cannabis market where private retail is permitted. As we evolve our business, we look to driving traffic to our stores through e-commerce and convenience retail. An omni-channel, convenience-oriented strategy offers a clear value proposition to our customers and is aligned with our strategic partner, Alimentation Couche-Tard, owner of Circle K," shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
"We have also recently announced the expansion of our store co-location program with Circle K and envision that the growth of this program will further amplify the ability to build a large and cost-effective retail network that is strategically placed adjacent to convenience hubs that generate high retail traffic. In addition, the co-location program will provide greater efficiencies in servicing customers who transact in e-commerce, the way they have traditionally purchased in the illegal market."
"As we enter the next stage of growth in our Company, we will build off these milestones and continue to innovate and deliver an experience that truly provides value to our customers," concluded Fencott.
Expanding upon one of the largest retail networks for cannabis in Canada, Fire & Flower is evolving to take a greater focus on digital engagement with customers and using its existing infrastructure to find unique ways to deliver products to new and existing customers across Canada. Utilizing its Hifyre platform, the Company's proprietary technology and data and analytics tool, Fire & Flower continues to implement a more personalized and consumer-centric retail experience by delivering real-time actionable insights and sophisticated analysis of what customers want and when they want it.
Earlier this year, Fire & Flower's acquisitions of PotGuide and Wikileaf enhanced Hifyre's asset-light approach and provided a scalable entry point to capture new customers and Spark Perks™ members in both Canada and the United States. Sparks Perks™ continues to aid the Hifyre IQ data and analytics platform in building a real-time understanding of cannabis consumer preferences and purchasing trends across North America to the benefit of Fire & Flower and its strategic partners.
Members of the Spark Perks™ program receive exclusive benefits including: Fastlane "Click and Collect" checkout, curbside pickup, Rapid Delivery where permitted, special deals, member-only events and exclusive offers. Spark Perks™ is free to join and no cannabis purchase is required to enroll in the program.
To receive Company updates and be added to the email distribution list please sign up here.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with over 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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, British Columbia and Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
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. 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: 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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended July 31, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
My misery isn't relieved by company.
This is just the beginning of some massive reverse stock splits. Expect RWB and several others to announce the same in the next several months.
Too bad--->>>FIRE & FLOWER ANNOUNCES SHARE CONSOLIDATION AS PART OF UPCOMING NASDAQ LISTING
NOVEMBER, 29, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-Announces-Share-Consolidation-as-Part-of-Upcoming-NASDAQ-Listing/default.aspx
NASDAQ listing is expected to provide greater exposure to U.S. markets
TORONTO, Nov. 29, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower", or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading, technology-powered, cannabis retailer today announced that, in connection with the potential additional listing of the common shares in the capital of the Company (the "Shares") on the Nasdaq, it has filed articles of amendment implementing a consolidation of the Shares on the basis of ten (10) pre-consolidation Shares for every one (1) post-consolidation Share (the "Consolidation"). The Consolidation was previously approved by the Company's shareholders at its annual and special meeting of shareholders held on June 9, 2021.
Fire & Flower (CNW Group/Fire & Flower Holdings Corp.)
Trevor Fencott, Chief Executive Officer of Fire & Flower commented, "The share consolidation is an important step in our U.S. expansion strategy. It enables Fire & Flower to qualify for a listing on the NASDAQ and expand its shareholder base which, in turn, provides the Company with increased flexibility and enhanced liquidity to accelerate its strategic growth plans."
"We have built an industry-leading cannabis consumer technology platform and, as demand for our technology platform continues to build in the U.S., now is the right time to advance our NASDAQ listing and make our shares more accessible to a larger investor audience."
"Along with our previously announced acquisitions of trusted cannabis strain information destination, Wikileaf (www.wikileaf.com) and best-in-class dispensary, culture and cannabis marketplace, PotGuide in Denver, Colorado (www.potguide.com), the share consolidation is the next important step in our U.S. expansion strategy. We look forward to completing the listing in the upcoming weeks as we announce continued growth of our cannabis consumer technology platform and execution on our asset-light business model," said Trevor Fencott, CEO of Fire & Flower.
Notice of the Consolidation has been provided to the Toronto Stock Exchange ("TSX"). The Shares will continue to be listed on the TSX under the symbol "FAF", and the Shares are expected to begin trading on a post-Consolidation basis on the TSX on or about December 1, 2021. Following the Consolidation, the new CUSIP number for the Shares is 318108305 and the new ISIN for the Shares is CA3181083054.
As a result of the Consolidation, the 358,146,179 Shares issued and outstanding prior to the Consolidation have been reduced to approximately 35,814,617 Shares (disregarding the treatment of any resulting fractional shares). Each shareholder's percentage ownership in the Company and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any resulting fractional Shares. The Company will not be issuing fractional post-Consolidation Shares. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional Share, the number of post-Consolidation Shares issued to such shareholder will be rounded down to the nearest whole number of Shares.
The Company's transfer agent, Computershare Investor Services Inc. ("Computershare"), will act as the exchange agent for the Consolidation. In connection with the Consolidation, Computershare has sent a letter of transmittal to registered shareholders holding their Shares in certificated form to exchange their old Share certificates for new Share certificates, in accordance with the instructions provided in the letter of transmittal. Registered shareholders will be able to obtain additional copies of the letter of transmittal through Computershare. Until surrendered, each certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.
Registered holders holding their Shares by way of a Direct Registration System Advice/Statement, and non-registered beneficial holders holding their Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) will not need to complete a letter of transmittal. Non-registered beneficial holders holding their Shares through an intermediary should note that such intermediaries may have specific procedures for processing the Consolidation. Shareholders holding their Shares through such an intermediary and who have any questions in this regard are encouraged to contact their intermediary.
The exercise or conversion price and the number of Shares issuable under any of the Company's outstanding warrants, convertible debentures, stock options and other securities exercisable for or convertible into Shares will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
The Company's proposed listing on the Nasdaq remains subject to satsifying all of the listing standards of the Nasdaq and there is no assurance that such listing will be completed.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 95 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre Inc., to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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 British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit https://fireandflower.com.
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 information in this news release includes, but is not limited to, when the Shares will commence trading on a post-Consolidation basis and the Shares qualifying for a listing on the Nasdaq and the timing of any such listing.
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. 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: regulatory and other approvals or consents.
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 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for quarter ended July 31, 2021 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Light up your day with The Wild Florist! We’ve partnered with top licensed producers to create handcrafted cannabis strains just for you.
https://www.facebook.com/watch/?v=3194759444085850&aggr_v_ids[0]=3194759444085850¬if_id=1637200586801656¬if_t=watch_follower_video&ref=notif ;
Understand.
Our Tru has that part down in spades.
It's only too bad that FFLWF isn't capitalizing yet on their brain-power.
Great article. Confirms my research that price and quality are the two most important issues.
And that vapes are rapidly overtaking flower as the primary profit driver in most dispensaries in Florida anyway.
Top end flower still commands premium pricing, and what’s worth noting is that premium flower sells out exceptionally quickly.
Thanks again, Funman, you are on top of this.
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