Fire & Flower Holdings Corp FFLWF

FAF TO ACQUIRE BLAZE CANNABIS SOTRE AT 717 COLLEGET ST TORON

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Fire & Flower Enters into Agreement to Acquire College Street Cannabis Store
     
by @newswire on 30 Nov 2020, 06:00

TORONTO, Nov. 30, 2020 /CNW/ - Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) and its wholly-owned subsidiary Fire & Flower Inc. (collectively, "FFHC", "Fire & Flower" or the "Company"), a leading Canadian recreational cannabis retailer, is pleased to announce that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Quad Nine Investments Inc., which owns and operates a licensed cannabis retail store at 717 College Street, Toronto, Ontario currently operating as "Blaze Cannabis", the ("Acquisition").

Completion of the acquisition will add Fire & Flower's eighth fully owned, open and operating location in the province of Ontario. The Company continues to focus on the opening of additional cannabis retail stores in the province that have already completed construction.

"This proposed acquisition will represent Fire & Flower's continued strategy to further grow our omni-channel, technology-enabled retail network in the province of Ontario and across the country, both through acquisition plus organic growth."

said Trevor Fencott, Chief Executive Officer of Fire & Flower. "This additional store expands our operating base and brings us closer to our goal of positive operating EBITDA."

The acquisition includes a current Retail Operator License and Retail Store Authorization from the Alcohol and Gaming Commission of Ontario (the "AGCO"), which has issued a no-objection letter in respect of the Acquisition.

The total purchase price in connection with the Acquisition is $900,000 plus the net working capital of the business (including inventory) at the date of closing in cash plus 124,069 common shares of FFHC.

The Acquisition is subject to customary closing conditions, including the receipt of a no-objection letter from the AGCO and approval from the Toronto Stock Exchange, each of which has already been received.

More information on the grand opening dates and times of the store, once transitioned to the Fire & Flower brand, will be announced on the Company's website at https://fireandflower.com/.

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