Fire & Flower Holdings Inc.’s (OTCMKTS:FFLWF) wholly-owned subsidiary Fire & Flower Holdings Corp received Approval in Principle (AIP) for two cannabis retail locations Vancouver from the British Columbia Liquor and Cannabis Regulation Branch.
Fire & Flower almost securing two retail store licenses in British Columbia
The AIP receipt is among the final steps necessary to receive a cannabis retail store license in British Columbia. Therefore, the AIP’s receipt clears the path for Fire & Flower to enter the cannabis retail market in the province. Trevor Fencott, the CEO of the company, said they are delighted to enter the British Columbia market more so in Vancouver. Fencott stated that the expansion of operations in British Columbia has been part of its growth strategy for some time. He added that it is exciting to see the province approve more cannabis retail store licenses, and the issuance of licenses is a step closer to eradicating black market sales, which is good news for the legal cannabis sector.
Fire & Flower will continue pursuing more licensing opportunities for more stores and already has secured real estate in main markets within the province. The new stores that have been approved are located at 2231 and 2570 Granville Street in Vancouver, B.C.
Fire & Flower amends strategic agreement with Alimentation Couche-Tard
The company has also announced the signing of an amended agreement with respect to some amendments to the securities issued to Alimentation Couche-Tard Inc.’s wholly-owned subsidiary. Alimentation Couche-Tard made an equity investment of around $19 million that resulted in a 15% interest in Fire & Flower that supports the company’s continuing expansion.
Fencott said that they were pleased with the amendment to the Alimentation Couche-Tard strategic investment, adding that the move will enhance the strategic relationship between the companies. The CEO affirmed that the strong relationship with Alimentation Couche-Tard, which includes the co-located pilot outlets, removal of short-term debt maturities, the path towards profitability, and strong cash position means the company is well placed to drive growth in the cannabis sector.