/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES WIRE
SERVICES/
EDMONTON, Oct. 8, 2019 /CNW/ - Fire & Flower Holdings
Corp. ("FFHC") (TSX: FAF) today announced that its wholly-owned
subsidiary, Fire & Flower Inc. ("Fire & Flower" or the
"Company") has closed the acquisition of certain assets from
wholly-owned subsidiaries of Cannabis Cowboy Inc. (the "Vendor")
pursuant to asset purchase agreements as previously announced on
September 4, 2019, collectively (the
"Transaction").
The Transaction has resulted in the Company acquiring 8
additional retail stores at the following locations across
Alberta:
- #1114 – 1108 4th Street SW, Calgary, Alberta;
- #112 and #116 Sage Hill Valley Common NW, Calgary, Alberta;
- #212, 11245 Valley Ridge Drive NW, Calgary, Alberta;
- #120, 6802 50 Avenue, Red Deer,
Alberta;
- #201, 191 Edwards Way NW, Airdrie,
Alberta;
- #401 and #403, 235 Milligan Drive, Okotoks, Alberta;
- #3, 40 Hewlett Park Landing, Sylvan
Lake, Alberta; and
- #6, 5221 46 Street, Olds,
Alberta.
Fire & Flower will announce the opening dates and times of
the 8 additional retail stores at its earliest opportunity, upon
satisfaction of all licensing requirements.
In connection with the Transaction the Vendor has received an
aggregate purchase price of $5,650,000 consisting of $4,520,000 in cash and 826,930 common shares of
FFHC.
About Fire & Flower
Fire & Flower is a leading
purpose-built, independent adult-use cannabis retailer poised to
capture significant Canadian market share. The Company guides
consumers through the complex world of cannabis through
education-focused, best-in-class retailing while the
HifyreTM digital platform connects consumers with
cannabis products. The Company's leadership team combines extensive
experience in the cannabis industry with strong capabilities in
retail operations.
Fire & Flower Holdings Corp. owns all issued and outstanding
shares in Fire & Flower Inc., a licensed cannabis retailer that
owns or has interests in cannabis retail store licences in the
provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through the strategic investment of Alimentation Couche-Tard
(ATD.A, ATD.B), the Company has set its sights on the global
expansion as new cannabis markets emerge.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release contains certain
forward-looking information within the meaning of applicable
Canadian securities laws ("forward-looking statements"). All
statements other than statements of present or historical fact are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as
"anticipate", "achieve", "could", "believe", "plan", "intend",
"objective", "continuous", "ongoing", "estimate", "outlook",
"expect", "project" and similar words, including negatives thereof,
suggesting future outcomes or that certain events or conditions
"may" or "will" occur. These statements are only
predictions.
Forward-looking statements are based on the opinions and
estimates of management of FFHC at the date the statements are made
based on information then available to FFHC. Various factors and
assumptions are applied in drawing conclusions or making the
forecasts or projections set out in forward-looking statements.
Forward-looking statements are subject to and involve a number of
known and unknown risks and uncertainties, many of which are beyond
the control of FFHC, which may cause FFHC's actual performance and
results to differ materially from any projections of future
performance or results expressed or implied by such forward-looking
statements. Applicable risks and uncertainties include, but are not
limited to, risks that the transactions contemplated may be delayed
in closing or may not close, regulatory risks relating to issuance,
renewal, extension or transfer of cannabis retail store licences
and/or municipal development permits, risks relating to obtaining
required third party consents, risks relating to the cost and
timing of construction, changes in laws, market risks,
concentration risks, operating history, competition and the other
risks identified under the headings "Risk Factors" in FFHC's Annual
Information Circular dated July 29,
2019 and "Risks and Uncertainties" in FFHC's management
discussion and analysis for the thirteen and twenty-six weeks ended
August 3, 2019, each as filed on
SEDAR at www.sedar.com. Investors are cautioned not to put
undue reliance on forward-looking statements. No assurance
can be given that the expectations reflected in forward-looking
statements will prove to be correct.
FFHC assumes no obligation to publicly update or revise
forward-looking statements to reflect new information, future
events or otherwise, except as expressly required by applicable
law.
SOURCE Fire & Flower Holdings Corp.
