Editor & Associate Publisher, Convenience Store News Canada
Alimentation Couche-Tard is increasing its ownership of Canadian cannabis retailer Fire & Flower Holdings Corp. through the exercise of warrants.
Fire & Flower Holdings Corp., a cannabis consumer retail and technology platform, announced today that 2707031 Ontario Inc., an indirect wholly-owned subsidiary of Alimentation Couche-Tard Inc., has confirmed its intention to exercise warrants to acquire 8,288,067 common shares of Fire & Flower.
In turn, ACT's ownership of common shares of Fire & Flower will more than double to 35.32% from 14.49%.
Since then, Fire & Flower has opened more than 100 corporate stores in its network. The multi-banner cannabis retail operator 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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and the Yukon territory.
Earlier this month, Fire & Flower announced that its wholly-owned subsidiary, Open Fields Distribution, has entered into a one-year cannabis distribution agreement with Manitoba Liquor & Lotteries to offer distribution of recreational cannabis products from licensed producers to retailers in the province of Manitoba at the direction of the MBLL. Open Fields also offers wholesale and distribution services in Saskatchewan.
Fire & Flower will release its financial and operational results for the quarter and fiscal year ended January 29, 2022 before financial markets open on April 26, 2022.