Fire & Flower Acquires Downtown Toronto Cannabis Retail Store Location, Establishing the Brand as the Largest Urban Market in Canada
Fire & Flower Holdings Corp. (TSX: FAF) today announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of 11522302 Canada Inc., which owns and operates a licensed cannabis retail store at 378 Yonge Street, Toronto, Ontario.
"As we begin to execute on our Ontario expansion strategy, Fire & Flower is thrilled to be acquiring this flagship location on Toronto's high traffic Yonge Street," shared Trevor Fencott, Chief Executive Officer of Fire & Flower.
Retail locations in the province of Ontario will maximise revenue and margin opportunities for our businessTrevor Fencott, Chief Executive Officer of Fire & Flower
The Vendor is a wholly-owned subsidiary of Meta Growth Corp. and the Acquisition includes a current Retail Operator License and Retail Store Authorisation from the Alcohol and Gaming Commission of Ontario.
The total purchase price in connection with the Acquisition is $750,000, plus the net working capital of the business (including inventory) at the date of closing. The Acquisition is subject to customary closing conditions, including the receipt of a no-objection letter from the AGCO which has already been received. It is anticipated the transaction will close on or about August 31, 2020, subject to all parties satisfying the remaining conditions.
The location will continue to remain open until such time as the store has fully transitioned to the Fire & Flower brand.
To find out more about Fire & Flower, check out their company HQ here.
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