Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), today announced that its strategic licensing partner, "American Acres Managers" ("American Acres"), has officially changed its name to "Fire & Flower U.S. Holdings" and has opened its first Fire & Flower branded store in Palm Springs, California located at 4810 E Camino Parocela, Palm Springs, California.
Fire & Flower announced its strategic entry into the U.S. cannabis market in February 2021 when it signed a licensing agreement with American Acres to license its Fire & Flower brand, store operating system and Hifyre™ technology platform for dispensaries in California, Arizona and Nevada. Through this licensing arrangement, American Acres is expanding Fire & Flower's retail footprint in the U.S. with the rollout of new Fire & Flower stores in targeted, high-growth markets to deliver best-in-class technology and retail functionality to U.S. cannabis consumers.
"We have reached a significant milestone for our Company as we have officially planted our roots in the U.S. cannabis market through our strategic partner, American Acres," stated Trevor Fencott, Chief Executive Officer of Fire & Flower. "Our Hifyre cannabis digital retail and analytics platform has propelled our growth and leadership position in Canada allowing us to successfully capture consumer buying behaviors and apply predictive and real-time analytics unlike any of our competitors. As we have continued to demonstrate the value of our technology through the rapid expansion of our multi-banner retail network of over 85 stores throughout Canada, the expansion of our brand and technology into the U.S. is the next step in our evolution. We are pleased to now be delivering the same omni-channel, convenience-oriented cannabis retail experience to U.S. consumers and pave the way for the future of cannabis retail in the U.S as legislation continues to develop."
In connection with the entering into of the licensing agreement with American Acres, Fire & Flower received an option exercisable to acquire American Acres at a discount to fair market value. The acquisition is anticipated to occur upon the federal legalization of adult-use cannabis in the United States or when otherwise permitted by the policies of the Toronto Stock Exchange or any other stock exchange on which the Company's securities are listed for trading.
About Fire & Flower
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer focused on the Canadian market and international expansion opportunities. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyreä 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 is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands.
Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on the global expansion as new cannabis markets emerge.
To learn more about Fire & Flower, visit www.fireandflower.com.
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, including with respect to the closing of the Transaction on the terms described herein or at all. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of 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. Such factors, among other things, include: final regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release.
Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and other disclosure documents filed on the Company's issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.