Fire & Flower Holdings Corp (OTCMKTS:FFLWF) inked a deal to purchase all of the outstanding and issued common shares of 11522302 Canada Inc for $750,000. The company will also provide working capital for operating the business. It will take control of a Toronto, Ontario based licensed cannabis retail store, which belongs to 11522302 Canada. Store at a high traffic location.
Fire & Flower’s first store is situated at a high traffic intersection of Gerrard Street and Yong Street in downtown Toronto. It allows the company to establish its Fire & Flower brand in the biggest urban market of the nation.
CEO of Fire & Flower, Trevor Fencott said the company is excited to take over a cannabis retail store at the high traffic Yong Street in Toronto as part of its expansion strategy in Ontario. It will improve revenues and margins for the company.
Will complete the transaction on August 31, 2020
As part of the takeover, the company gains a retail store authorization from AGCO (Alcohol and Gaming Commission of Ontario) and the existing retail operator license. Fire & Flower expects to close the transaction on August 31, 2020.
Will convene a special meeting of investors
Fire & Flower will convene a special meeting of the shareholders on September 15, 2020. As part of this meeting, the company submitted a management information letter on August 10, 2020.
At this meeting, the shareholders will approve $28 million at 8% SCB (secured convertible debentures) and its securities granted to an indirect auxiliary of ACT (Alimentation Couche-Tard Inc) – 2707031 Ontario Inc.
Fire & flower will report Q2 2020 results before the opening of the market on September 15, 2020. Trevor will attend the conference after publishing the results to discuss operational and financial results and an update on the business strategy for the rest of the year.
Ropes in WeedMD for the manufacture of Revity products
Fire & Flower entered a pact with WeedMD in August 2020. As per the terms of the deal, WeedMD will produce, package, and transport Revity products for Fire & Flower at its CX Industries. Revity products will hit the shelves of Fire & Flower in Saskatchewan province on August 14, 2020.
 Takes Over 11522302 Canada Inc: Will Hold A Special Conference Of The Investors On September 15, 2020){kind=link}