Market Overview

Fire & Flower Increases Alberta Retail Footprint, Acquires 8 Retail Store Locations

Share:
Fire & Flower Increases Alberta Retail Footprint, Acquires 8 Retail Store Locations

Fire & Flower Holdings Corp. (TSX: FAF) (OTC: FFLWF) said Wednesday it has signed a purchase agreement via its subsidiary Fire & Flower Inc. with subsidiaries of Cannabis Cowboy Inc. to acquire eight retail stores in Alberta.

Two of the stores are fully built, and one needs some construction for completion before licensing, according to Fire & Flower. The rest of the stores are still under development.

After the acquisition, Fire & Flower said it will work on obtaining cannabis retail stores licenses for each location.

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

"This acquisition will increase Fire & Flower's retail footprint across the province of Alberta, including three additional high-traffic locations in the major urban market of Calgary," CEO Trevor Fencott said in a statement. "Adding these additional retail locations is a demonstration of our company continuing to execute on our growth strategy in key markets."

Upon the completion of the acquisition, Cannabis Cowboy Inc. will be paid an aggregate purchase price of $5.65 million, consisting of $4.52 million in cash and 826,930 common shares of Fire & Flower Holdings Corp.

Fire & Flower is an adult-use cannabis retailer wholly-owned by Fire & Flower Holdings Corp. 

The over-the-counter stock was trading higher by 2% at $1 at the time of publication Wednesday. 

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter

Posted-In: Cannabis News Penny Stocks Contracts Markets

 

Related Articles (FAF + FFLWF)

View Comments and Join the Discussion!

Cannabis Movers

Sign up for our secret cannabis newsletter!
Never miss out on the breaking news in the Cannabis Industry!

Clearside Biomedical Shares Rebound On Microinjector Licensing Deal With Regenxbio

Uber, Lyft Near All-Time Lows: A Look At The Stocks