@N00bI was not aware of the Fire and Flower news release today! Thank you for posting it.
This is actually huge because Aphria owns 9.8% of Fire and Flower from an investment made way back in July 2018.
Currently, Fire and Flower has 50 stores, two of which are in Ontario.
They have many more retail stores planned for Ontario including a "showstopper" flagship store in Yorkville. This premium location has been leased by FAF since last year.
Anyway, my point is this. FAF gives Aphria preferential treatment so the home delivery exposure that was announced today for the G.T.A. is a boon for our beloved Aphria.
Thanks,
Prof
Investment in Fire & Flower Inc.
Aphria is also investing $10 million in Fire & Flower Inc. ("F&F") The Company is acquiring unsecured convertible debentures bearing interest at 8% per annum compounded, accrued and paid semi-annually in arrears (the "Debentures"). The Debentures mature on the earlier of a public liquidity event or July 31, 2019 at which time they automatically convert into common shares of F&F at the rate of $1.15 per share, subject to certain downside protection on a future dilutive transaction. The Debentures may also be converted into a loan on July 31, 2019 bearing interest at 12%, at the holder's option. The closing of the investment remains subject to customary conditions and is expected to close in the next several business days.
Fire intends to use the proceeds to finance the expansion and build-out of its retail outlets in Alberta and Saskatchewan.
"Fire & Flower welcomes the investment by Aphria, a recognized global leader in the legal cannabis market," shared Trevor Fencott, Chief Executive Officer of Fire & Flower. "Aphria's investment reinforces our position as the leading independent retailer of cannabis in Canada and they share in our vision for the socially responsible introduction of legal cannabis through consumer education. We are proud to work with Aphria to provide top quality, safe cannabis products to Canadians upon federal legalization."