Over the course of the past one week, the Fire & Flower Holding Corp (OTCMKTS:FFLWD) has come into considerable focus among investors and during that period, the company’s stock has managed to clock gains of as much as 23%.
On Thursday, FFLWD stock ended lower by 3.45% to $4.76 with 7.8k shares, compared to its average volume of 11k shares. The stock has moved within a range of $4.7241 – 5.0200 after opening trade at $5.02.
Acquire Pineapple Express Delivery to Advance E-Commerce Digital Platform Strategy
In light of such considerable gains clocked by the Fire & Flower stock, it may be a good idea for investors to take a closer look at the announcement made by the company yesterday. The company announced yesterday that its fully owned subsidiary company Hifyre Inc had inked a definite agreement yesterday with regards to the acquisition of Pineapple Express Delivery Inc.
It was a significant development for the company considering the fact that Pineapple Express Delivery is the biggest logistics and delivery company in Canada that services the cannabis sector. In this context, it may be a good idea to keep in mind that once the acquisition is completed it is expected to be a major coup for Fire & Flower. After the completion of the deal, Fire & Flower will have all the necessary tools by way of which it is going to be able to deliver a full service experience to its consumers.
“The Acquisition of Pineapple Express will complete our proprietary technology stack and allow us to deliver a seamless customer experience from online customer acquisition and discovery at our top-of-funnel sites such as PotGuide.com and Wikileaf.com, through a personalized online or in-store shopping experience powered by Hifyre and our Spark Perks™ program and now culminating in best-in-class fulfillment service right to our customers’ doors through Pineapple Express. To our knowledge, this complete cannabis consumer technology platform is the first of its kind in the legal cannabis industry and will power our asset-light retail strategy, not just in Canada but across North America. We see this as an example of the advantages of building, testing and hardening technology and systems in the federally legal Canadian market before deploying them to the U.S. and other emerging markets,” said Trevor Fencott, Chief Executive Officer of Fire & Flower.
FFLWD stock is trading below the 50-Day and 20-Day Moving averages of $5.01 and $5.79. Moreover, the stock is trading is the neutral zone with RSI stands at 43.