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Stéphane Trudel, currently Senior Vice President of Operations for Alimentation Couche-Tard Inc., to assume the role of Chief Executive Officer of Fire & Flower Holdings Corp.
TORONTO, June 1, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer technology and retail platform, today announced that Stéphane Trudel has been appointed as Chief Executive Officer of the Company, effective June 1, 2022.
Mr. Trudel is currently Senior Vice President of Operations for Alimentation Couche-Tard Inc. ("ACT"). Mr. Trudel was initially appointed as a director of the Company in June 2020 and serves as a member of the audit committee and corporate governance and compensation committee of the Company's board of directors.
In connection with the appointment of Mr. Trudel, effective June 1, 2022 Trevor Fencott will be stepping down from his role as CEO. "Over the past four years we built Fire & Flower from the ground-up into one of the world's largest licensed cannabis retailers, powered by our unique Hifyre retail and consumer technology platform. We also secured and deepened our strategic partnership with Alimentation Couche-Tard, one of the world's largest retailers, to provide us with capabilities to expand globally" said Trevor Fencott. "Now that the foundations have been built and tested, it is time for the company to really scale its model and operations. Having worked closely with Stéphane over the past three years, I believe he is absolutely the right person to lead the company into this next exciting phase of its growth."
Mr. Fencott has also resigned from the Company's board of directors, and Mr. Trudel has resigned from his roles as a member of the audit committee and corporate governance and compensation committee of the Company's board of directors and will resign from his roles with ACT upon completion of his transitional duties.
"We are excited to welcome Stéphane as our new Chief Executive Officer", said Donald Wright, Chair of the board of directors. "Stéphane is a seasoned executive with extensive experience in the retail sector that we believe will be invaluable to the Company as we embark on our next phase of growth as a leader in technology-driven cannabis retail."
"The board of directors would like to thank Trevor for his excellent leadership and dedication to establishing a strong foundation for Fire & Flower," continued Mr. Wright. "Under his leadership, Trevor has positioned the Company to capitalize on growth opportunities to be a Canadian and global powerhouse in technology-driven cannabis retail. We wish him the best in his future endeavours."
"I am delighted to be assuming the role of Chief Executive Officer of the Company and to continue building the leading platform in the cannabis retail and technology sectors", said Mr. Trudel. "This is an important time in the development of our Company and I am looking forward to working with the rest of the management team and the Board to drive the Company's growth and shareholder value. In Canada, the Company continues to innovate and build market share and we plan to increase our focus on international opportunities to further accelerate our growth, while further leveraging our strategic partnership with ACT. I would also like to thank Trevor whose dedication helped lead Fire & Flower to the forefront of our industry."
Prior to his appointment as CEO of the Company, Mr. Trudel served as Senior Vice President of Operations for ACT since January 2018, leading ACT's operations in Canada as well as its investment in the cannabis industry. His previous roles have also included serving as Senior Vice President of Growth and Strategy at CST Brands, Inc. ("CST"), an international convenience retailer acquired by ACT in 2017.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
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.
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. 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: 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 26, 2022 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended January 29, 2022 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press 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.
SOURCE Fire & Flower Holdings Corp.
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