The Company has received its Retail Store Authorization from the Alcohol and Gaming Commission of Ontario and has completed all regulatory requirements in connection with opening the store.
The Toronto-Parkdale location will open on September 27, 2020 and is located at 4 Brock Avenue, Toronto, Ontario. Fire & Flower will host a grand opening on October 2, 2020.
“Our Toronto-Parkdale location is the second Fire & Flower to open in the major urban market of Toronto and the fourth Fire & Flower to open in the Province of Ontario. As part of our Ontario plan, we completed construction at this location well in advance in preparation for licensing,” shared Trevor Fencott, Chief Executive Officer of Fire & Flower. “The opening of this store demonstrates our organic growth capabilities in Ontario and we look forward to the ability to open additional already built-out locations as we anticipate the Province’s licensing program picking up speed. We believe that increased licensing of additional retail stores across the province of Ontario is critical to servicing customers that want convenient access to legal, regulated cannabis.”
Additional details on the Toronto-Parkdale cannabis retail store and other Fire & Flower stores across the province of Ontario can be found on the Company’s website at https://fireandflower.com.
About Fire & Flower
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer poised to capture significant Canadian market share. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital platform and SparkTM program connect cannabis consumers with the latest cannabis products and deliver cutting edge insights into evolving consumer behaviours. The Company’s leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations.
Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc., a licensed cannabis retailer that owns cannabis retail store licences in the provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through its strategic investment with Alimentation Couche-Tard Inc., the Company has set its sights on the global expansion as new cannabis markets emerge.
Media Relations media@fireandflower.com 780-784-8859
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements, including with respect to the closing of the Acquisition. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s annual information form dated April 29, 2020 and the heading “Risks and Uncertainties” in the management discussion and analysis for the thirteen weeks ended May 2, 2020 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Fire & Flower 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.
Cannabis stores have spread rapidly across Edmonton since legalization in 2018, bringing the total to 93 shops, according to the Alberta Gaming, Liquor and Cannabis Commission.
With all these options in a metro area of around one million people, it can be difficult for stores to stand out, said John Carle, executive director of the Alberta Cannabis Council, an industry group.
“It’s still a young industry, so I don’t think we’ve seen every possible model of cannabis shop,” he said.
At a basic level, successful retailers — including those selling cannabis — tend to have a desirable product offered in an environment that draws people in.
But, according to Carle, smaller stores may lack the resources to set up elaborately designed interiors.
“I think that the small mom-and-pop pot shops really do have the opportunity to take the personal, customer service to a whole new level,” he said.
Here are five stores around Edmonton that have consistently positive online customer reviews on places like Google and Weedmaps and are otherwise well regarded by pot aficionados.
Fire and Flower Cannabis Co. Rice Howard Way
Located in the core of downtown Edmonton, this location, at 10141 100a St., serves a diverse crowd, said Isaac Watson, Fire and Flower’s vice president of operations. It’s a small, but efficient space, around 1,500 square feet, but it stocks a hearty line of goods. The location regularly serves people working or living downtown, and people who want to enjoy the restaurants, events and natural spaces (where permitted), Watson said.
Strainbows Cannabis
Located just northwest of downtown at 10573 114 St., Strainbows Cannabis‘ yellow storefront offers a pop of colour into an otherwise fairly beige road. Inside, the shop is equally vibrant, with multicoloured lights playing off a clean white surface.
The business’s website offers a blog where new-comers can learn some of the finer points of cannabis consumption and science. The store’s staff are also incredibly knowledgeable about the topic, and the store is itself proud to be a local business. Strainbows also comes well-reviewed on sites like Google, Leafly and Weedmaps.
NUMO Cannabis – Oliver
Last Canada Day, NUMO opened its Oliver location at 10235 124 St. and new customers were greeted by what company founder Daniel Nguyen calls the “infinity forest.” The entryway to the shop — which has two sister shops around town — is an art installation, created by Vignettes, a local art and design group.
The installation uses real birch trees and other plants and mirrors on all four walls to create a trippy experience before customers enter the store proper. “Cannabis is a plant grown like any other,” he said. “[The infinity forest] is a space for people to step back into nature.”
Plantlife Cannabis
The Plantlife Cannabis shop in Edmonton’s Jagare Ridge neighbourhood, 14130 28 Avenue SW, is among the most southerly dispensaries in town — losing only to a Nova Cannabis shop. The Albertan business offers daily specials on different products. Its website hosts a wealth of knowledge on the basics of cannabis and tips for identifying quality bud.
The Ganja Hut
The Ganja Hut opened a little over a year ago, and operates out of a small, 875-foot-square shop in an industrial area in Edmonton’s southeast, C-7507 50 St. According to Raj Sharma, the store’s owner, the Ganja Hut has put more emphasis on service, progressive hiring policies and product knowledge — knowing about the products themselves, but also their subjective effects on consumers.
“So they don’t have to look at a book. They just know all those things,” he said.
The small space the Ganja Hut operates out of also comes with a lower rent, which has helped him keep all his employees on throughout the pandemic — with the help of the federal wage subsidy, he said.
Wishing the ink attracted more eyeballs ... Fire & Flower to Accelerate Ontario Retail Cannabis Presence with Acquisition of Friendly Stranger November 2, 2020 at 6:16 am Published by NCV Newswire
Fire & Flower to Acquire Leading Ontario Cannabis Retailer Friendly Stranger Holdings Corp. The Acquisition Will Increase Fire & Flower’s Issued and In-Queue Ontario Store Count to up to 27 – Solidifying a Clear National Leadership Position
TORONTO, Nov. 2, 2020 /CNW/ – Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) (“FFHC”) and its wholly-owned subsidiary Fire & Flower Inc. (collectively, “Fire & Flower” or the “Company”) today announced that it has entered into a definitive share purchase agreement (the “Share Purchase Agreement”) that will result in the Company acquiring all of the issued and outstanding shares of Friendly Stranger Holdings Corp. (“Friendly Stranger”), which, at closing, is expected to own and operate 11 licensed cannabis retail stores across the province of Ontario with 4 additional cannabis stores in queue to be licensed and operational by the end of the fourth quarter of 2020 (the “Transaction”).
Upon closing, Fire & Flower is expected to have 66 stores including 18 in Ontario and an additional 9 stores in queue for licensing, giving the Company the largest footprint in both Ontario and Canada.
Pursuant and subject to the terms of the Share Purchase Agreement, as consideration the Company will issue to the shareholders of Friendly Stranger up to an aggregate of 31,117,750 common shares of FFHC (the “Consideration Shares”).
The acquisition of Friendly Stranger is transformative for Fire & Flower and is a product of our financially disciplined approach to aggregation in the sector. It will immediately put us in a leading position in the major Ontario market, and it allows us to increase the potential of the acquired stores using the proprietary capabilities of our Hifyre™ digital retail and analytics platform.
The acquisition will bring some of Ontario’s longest established Cannabis brands into the Fire & Flower portfolio, transforming us into a multi-banner operator that appeals to a larger cross-section of cannabis customers. We are also excited to add Friendly Stranger’s demonstrated expertise in the high-margin accessories business to our team.
“We look forward to continuing to welcome Friendly Stranger customers into these stores and to our Spark Perks™ customer engagement program that already counts more than 150,000 members across the country.”
Friendly Stranger is very pleased to be joining Fire & Flower, the leader in cannabis retail across the country. Friendly Stranger will benefit from the best practices set by the market leader including their technology-enabled approach and the scale brought from their operations.
Through multiple brands in the Ontario market, Fire & Flower will benefit from the ability to serve diverse customer segments in the growing cannabis market.
Upon closing of the Transaction, it is expected that the Company will acquire licenses to operate 11 cannabis retail stores currently operating in the province of Ontario under the “Friendly Stranger”, “Hotbox” and “Happy Dayz” brand, including four in the key urban market of Toronto. The stores will continue to operate under the Friendly Stranger, HotBox and Happy Dayz brands.
Pursuant to the terms of the Share Purchase Agreement, an aggregate of 8,339,557 Consideration Shares will be held in escrow following closing and will, subject to certain conditions, be issued to the former shareholders of Friendly Stranger upon receipt of all applicable authorizations at additional cannabis retail store locations in each of Dundas, Midland and Cambridge, Ontario.
Closing of the Transaction is subject to the satisfaction or waiver of certain conditions, including the receipt of all required third-party and regulatory approvals (including the approval of the Toronto Stock Exchange and the Alcohol and Gaming Commission of Ontario, as applicable). The Transaction is expected to close in the fourth quarter of 2020.
Concurrently with the entering into of the Share Purchase Agreement, the Company entered into a loan agreement with Friendly Stranger (the “Loan Agreement”). Pursuant to the terms of the Loan Agreement, Friendly Stranger may borrow from the Company up to an aggregate of $2,000,000 (the “Loan”), such amount to be used for the purchase of certain licensed cannabis retail stores operating in the province of Ontario and as contemplated in the Share Purchase Agreement. Subject to the terms of the Loan Agreement, the Loan matures on the earlier of March 31, 2021 and the date there is a change of control of Friendly Stranger (which will occur upon the completion of the Transaction). The Loan is secured against the assets of Friendly Stranger and bears interest at a rate of 1.0% per annum, which rate will be increased to 13.0% per annum in the event the Share Purchase Agreement is terminated prior to the closing of the Transaction.
Advisors
Stifel GMP is acting as financial advisor to Fire & Flower and Dentons Canada LLP is acting as its legal advisor. Broderick Capital is acting as financial advisor to Friendly Stranger and Chitiz Pathak LLP is acting as legal advisor.
About Fire & Flower
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer poised to capture significant Canadian market share. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital platform and SparkTM program connect cannabis consumers with the latest cannabis products and deliver cutting edge insights into evolving consumer behaviours. The Company’s leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations.
Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc., a licensed cannabis retailer that owns cannabis retail store licences in the provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through its strategic investment with Alimentation Couche-Tard Inc., the Company has set its sights on the global expansion as new cannabis markets emerge.
More information on Fire & Flower can be found at www.fireandflower.com.
About Friendly Stranger
A long-standing retail champion of cannabis culture and iconic brand, Friendly Stranger Holdings Corp. is dedicated to ongoing long-term contribution within the Canadian cannabis market through the launch of numerous retail locations across the country. With strategic investments, such as acquiring the other iconic cannabis culture brand Happy Dayz, FSHC has built a portfolio of brands that resonate with cannabis consumers.
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