/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
EDMONTON , May 29, 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 acquisition of all issued and outstanding shares (the "Acquisition") of 2103430 Alberta Ltd., the developer of a proposed cannabis retail store in the Town of Banff, Alberta (the "Banff Location").
The Banff Location has received one of four development permits issued by the Banff Municipal Planning Commission. Fire & Flower intends to transfer one of its existing applications with the Alberta Gaming, Liquor and Cannabis Commission to the Banff Location.
In addition, the Acquisition also includes rights of first refusal and last offer in favour of Fire & Flower in respect of two locations under development in Revelstoke and Fernie, British Columbia .
"The Rocky Mountains are an international tourism destination. Our location in Banff , in addition to our Canmore and Hinton, Alberta stores, establishes Fire & Flower as a leading cannabis retail brand in the region," shared Trevor Fencott , Chief Executive Officer of Fire & Flower. "We look forward to serving members of these communities and showcasing the Fire & Flower brand and best-in-class retail experience to international travellers visiting the Rockies."
In conjunction with the Acquisition the Company has issued 2,645,703 common shares and has paid $1,000,000 in cash in satisfaction of the purchase price.
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.
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SOURCE Fire & Flower Holdings Corp.
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