Canadian Cannabis Retailer Fire & Flower Reports Sales of $13 Million for Fiscal 2019

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

EDMONTON, May 24, 2019 /CNW/ – 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.

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-use cannabis 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.

Original Press Release

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Published by NCV Newswire
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