/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
EDMONTON , May 28, 2019 /CNW/ - Fire & Flower Holdings Corp. (the "Company") (FAF.V) is pleased to announce that its wholly-owned subsidiary, Fire & Flower Inc. ("Fire & Flower") has completed the purchase of certain assets (the "Acquisition") of 1011173 British Columbia Ltd. (the "Vendor") in relation to the operation of two licensed retail cannabis stores in Vancouver, British Columbia (the "Acquired Locations").
The Acquired Locations have received development permits and the required Board of Variance approvals from the City of Vancouver to operate cannabis retail stores. Fire & Flower intends to submit its applications for cannabis retail store licences to the Liquor & Cannabis Regulation Branch of the Province of British Columbia at its earliest opportunity.
"We are excited to bring the Fire & Flower brand and retail experience to the Vancouver market and the province of British Columbia ," shared Trevor Fencott , Chief Executive Officer of the Company. "Establishing two of Fire & Flower's British Columbia locations in the heart of the province's largest city is a key step in the continued successful execution of our growth strategy."
The Vancouver Fire & Flower stores will be located at:
- 2231 Granville Street , Vancouver, British Columbia , and
- 2570 Granville Street , Vancouver, British Columbia .
In conjunction with the Acquisition, the Vendor has received $4,500,000 in cash and 2,692,308 common shares of the Company.
Today, the Company further announces that it has appointed Matthew Anderson as Corporate Secretary. Mr. Anderson also currently serves as Fire & Flower's Vice President, Business and Legal Affairs. Prior to joining Fire & Flower, Mr. Anderson carried on a commercial and regulatory law practice at Duncan Craig LLP and Osler , Hoskin & Harcourt LLP.
About Fire & Flower
Fire & Flower is a leading purpose-built, independent licensed adult-use cannabis retailer currently in the provinces of Alberta and Saskatchewan and is a consultant and licensor to Fire & Flower-branded retail locations in province of Ontario . 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. 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.
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 the Company 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 the Company, which may cause the Company'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.
The Company 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.
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