Paper Portfolio I Fire & Flower Stock Up 480% Since March 2020 Nadir

Additionally, the company also recently announced plans to list its shares on the NASDAQ exchange in the US. 

The Canadian cannabis retailer, Fire & Flower Holdings (TSE:FAF), has been outperforming expectations in 2021, as the stock reached a new high of 1.38 after bottoming out at 0.32 in March 2020.

This represents a share price boost of 480% and comes after the company posted strong Q3 financial results last month, which was followed by the announcement of a planned $52 million debt-to-equity conversion which will significantly improve the company's balance sheet.

On the proposed conversion date, Fire & Flower will issue an aggregate of approximately 59,231,328 common shares—amounting to the remaining $28.5 million from the company's April 2020 Debentures—along with all accrued and unpaid interest.

"These conversions will significantly improve our balance sheet, reduce interest costs and support enhanced access to non-dilutive financing with our banking partner, ATB Financial," Fire & Flower CEO Trevor Fencott said. 

"We are very pleased with the support of our partners and welcome ACTs increased 19.9% ownership stake. We look forward to continuing to aggressively pursue our growth strategy in both Canada and the United States."

Additionally, the company also recently announced plans to list its shares on the NASDAQ exchange in the US. 

The move to list on the NASDAQ comes as part of a wider expansion strategy which is focused on broadening the brand's reach to further international markets.

Fire & Flower management anticipates that the listing will attract both institutional and retail investors who are willing to back the company's ongoing expansion ambitions.

"We are firmly committed to building Fire & Flower into one of the leading cannabis retailers in the world. Our ability to deliver a superior cannabis product and customer experience, along with our cutting-edge technology, has driven our success in Canada and strongly positions our Company for continued expansion in new high-growth markets.

"Our focus on building a leadership position within the cannabis industry goes hand in hand with driving increased value for our shareholders. This application to list on Nasdaq is a major step forward in expanding our shareholder base in the United States."

"We will continue to pursue domestic and international opportunities for accelerated growth in the years ahead and look forward to updating our broadening shareholder base as we move ahead."

Disclaimer: Past performance is not an indicator of future performance.

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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.