CLOSE

Subscribe to email alerts

Fire & Flower 27/05/2019

Fire & Flower Holdings Corp. Announces Results for the 2019 Fiscal Year

Edmonton, Alberta (May 24, 2019) – Fire & Flower Holdings Corp. (“Fire & Flower”) (TSXV: FAF), today announced its financial and operational results for the fiscal year ended February 2, 2019.

As of the end of its fiscal year, the Fire & Flower was known as Cinaport Acquisition Corp. II. On February 13, 2019, Fire & Flower completed its Qualifying Transaction by way of a three-cornered amalgamation, pursuant to which 11048449 Canada Inc., a wholly-owned subsidiary of Fire & Flower amalgamated with Fire & Flower Inc. (“Pre QT F&F”) to form the company now known as Fire & Flower Inc. (“Post QT F&F”). All references herein to the “Company” refer to Fire & Flower, Pre QT F&F, Post QT F&F and all subsidiaries thereof on a consolidated basis.

Fire & Flower’s financial statements and management discussion and analysis for the period are available on Fire & Flower’s SEDAR profile at www.sedar.com and on Fire & Flower’s website at www.fireandflower.com/investor-relations/.

Financial and Operating Highlights for fiscal year ended February 2, 2019

  • The Company reported total revenue of approximately $13,000,000 at a gross margin of 38%;
  • As of the end of the Company’s fiscal year, it operated nine licensed cannabis retail stores across the provinces of Alberta and Saskatchewan;
  • Since the end of the Company’s fiscal year, it has opened six additional licensed cannabis retail stores in Alberta and Saskatchewan and has entered into consulting service and license agreements with two Fire & Flower branded stores in the province of Ontario; and
  • The Company launched Open Fields Distribution, a wholesale cannabis and accessory business serving more than 20 external customers.

“Fire & Flower has successfully achieved it’s strategic milestones targeted over the past fiscal year in the dynamic and rapidly evolving cannabis retail consumer market,” shared Trevor Fencott, Chief Executive Officer of Fire & Flower. “Our demonstrated track record of delivering on our objectives positions Fire & Flower to be a leading, best-in-class cannabis retailer.”


About Fire & Flower

Fire & Flower is a leading purpose-built, independent adult-usecannabis retailer poised to capture significant Canadian market share. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HiFyre digital platform connects consumers with cannabis products. Fire & Flower’s leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations.

Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc., a licenced cannabis retailer in the provinces of Alberta and Saskatchewan and is a consultant and licensor to Fire & Flower-branded retail locations in province of Ontario.

For More Information Contact:

Investor Relations
Chris Bolivar, Vice President, Brand and Marketing
investorrelations@fireandflower.com
1-833-680-4948

Media RelationsNathan Mison, Vice President, Government and Stakeholder Relations
nmison@fireandflower.com
780-953-1106

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 risks and uncertainties, many of which are beyond the control of the 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. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. 

Fire & Flower assumes no obligation to publicly update or revise forward-looking statements to reflect new information, future events or otherwise, except as expressly required by applicable law.

SOURCE  Fire & Flower Holdings Corp.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Back to News

Related Articles

Fire & Flower

Fire & Flower Announces Strategic Investment by Alimentation Couche-Tard, Sets Sights on Global Cannabis Market and Conditional Approval to Uplist to the Toronto Stock Exchange

25/07/2019 Read more
Fire & Flower

Fire & Flower Receives Cannabis Retail Store Licence for Lethbridge, Alberta

04/07/2019 Read more
Fire & Flower

Fire & Flower Announces First Quarter 2019 Financial and Operational Results

27/06/2019 Read more
Fire & Flower

Fire & Flower Announces Increase in Bought Deal Private Placement to
$25 million

07/06/2019 Read more

CLOSE

Subscribe to email alerts