New option to purchase drives global retail expansion of the Fire & Flower brand & Hifyre technology platform with planned strategic entry into the high-growth California, Arizona and Nevada markets
TORONTO, Feb. 22, 2021 /CNW/ – Fire & Flower Holdings Corp. (“Fire & Flower” or the “Company”) (TSX: FAF) (OTCQX: FFLWF), today announced that it has entered into agreements (the “Strategic Agreements”) with a Canadian private company, operating as “American Acres Managers” (“American Acres”) including an agreement to license its Fire & Flower brand, store operating system and Hifyre™ technology platform for dispensaries in California, Arizona and Nevada as the Company aims to deliver its best-in-class technology and retail functionality in these competitive, high growth markets.
The Strategic Agreements provide Fire & Flower with a discounted path to corporately-owned cannabis retail stores in major markets in the United States. Under the Strategic Agreements, in recognition of the value of the Fire & Flower license, Fire & Flower will have the option to acquire American Acres at a discount to fair market value. The acquisition is expected 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.
“Since becoming Canada’s largest retail network for legal cannabis products and services, we have strongly positioned our brand, operating system and technology to successfully enter key international markets where we believe our platform would be strongly valued. Due to the rapid success of our operational model in Canada, the Fire & Flower brand is poised to become a key player in the U.S. cannabis industry, where the demand for incorporating technologically advanced systems in cannabis retail has never been greater. Our Hifyre technology