/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES/
EDMONTON, May 24, 2019 /CNW/ - Fire & Flower Holdings
Corp. ("Fire & Flower") (TSXV: FAF), today announced its
financial and operational results for the fiscal year ended
February 2, 2019.
As of the end of its fiscal year, the Fire & Flower was
known as Cinaport Acquisition Corp. II. On February 13, 2019, Fire & Flower completed
its Qualifying Transaction by way of a three-cornered amalgamation,
pursuant to which 11048449 Canada Inc., a wholly-owned subsidiary
of Fire & Flower amalgamated with Fire & Flower Inc. ("Pre
QT F&F") to form the company now known as Fire & Flower
Inc. ("Post QT F&F"). All references herein to the "Company"
refer to Fire & Flower, Pre QT F&F, Post QT F&F and all
subsidiaries thereof on a consolidated basis.
Fire & Flower's financial statements and management
discussion and analysis for the period are available on Fire &
Flower's SEDAR profile at www.sedar.com and on Fire &
Flower's website at www.fireandflower.com/investor-relations/.
Financial and Operating Highlights for fiscal year ended
February 2, 2019
- The Company reported total revenue of approximately
$13,000,000 at a gross margin of
38%;
- As of the end of the Company's fiscal year, it operated nine
licensed cannabis retail stores across the provinces of
Alberta and Saskatchewan;
- Since the end of the Company's fiscal year, it has opened six
additional licensed cannabis retail stores in Alberta and Saskatchewan and has entered into consulting
service and license agreements with two Fire & Flower branded
stores in the province of Ontario;
and
- The Company launched Open Fields Distribution, a wholesale
cannabis and accessory business serving more than 20 external
customers.
"Fire & Flower has successfully achieved it's strategic
milestones targeted over the past fiscal year in the dynamic and
rapidly evolving cannabis retail consumer market," shared
Trevor Fencott, Chief Executive
Officer of Fire & Flower. "Our demonstrated track record of
delivering on our objectives positions Fire & Flower to be a
leading, best-in-class cannabis retailer."
About Fire & Flower
Fire & Flower is a leading
purpose-built, independent adult-use cannabis retailer poised
to capture significant Canadian market share. Fire & Flower
guides consumers through the complex world of cannabis through
education-focused, best-in-class retailing while the HiFyre digital
platform connects consumers with cannabis products. Fire &
Flower'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 licenced cannabis retailer in
the provinces of Alberta and
Saskatchewan and is a consultant
and licensor to Fire & Flower-branded retail locations in
province of Ontario.
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 risks and uncertainties, many of which are beyond
the control of the 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. No
assurance can be given that the expectations reflected in
forward-looking statements will prove to be correct.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Fire & Flower Holdings Corp.