Fire & Flower has closed a deal to acquire all shares of a licensed retail cannabis operator in Regina, Saskatchewan.
Through its subsidiary, Fire & Flower Inc, Fire & Flower Holdings Corp. acquired the store from Mera Cannabis Corp.
The Regina retail cannabis store opened on Friday, October 18, and is located at 680 E Victoria Avenue.
“We are very pleased to be opening a Fire & Flower location in the key urban market or Regina and this store continues to strengthen our position within the Saskatchewan market,” said Trevor Fencott, Fire & Flower’s chief executive officer.
“Saskatchewan continues to be a key market for Fire & Flower because of our ability to buy directly and efficiently from licensed producers through our wholesale business, Open Fields Distribution. This province provides a test market for cannabis products through the Hifyre digital cannabis retail and analytics platform.”
In connection with the acquisition, Mera Cannabis Corp. received $1.5 million in cash and 2,268,191 common shares of Fire & Flower Holdings Corp.
The acquisition of the Regina store follows the announcement that the company has purchased eight cannabis retail stores throughout Alberta from Cannabis Cowboy Inc.
The Alberta stores are located in Calgary, Red Deer, Airdrie, Okotoks, Sylvan Lake and Olds.
In exchange for the locations, Cannabis Cowboy Inc. received $5,650,000, consisting of $4,520,000 in cash and 826,930 common shares of Fire & Flower Holdings Corp.
Fire & Flower Inc., owns or has interests in cannabis retail store licenses in the provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory.
Through a recent $ 26 million investment from Alimentation Couche-Tard Inc., the company plans to expand globally, as new cannabis markets emerge.
“Combining Couche-Tard’s expertise in scaling retail stores with Fire & Flower’s retail experience and proprietary Hifyre digital platform positions our company extremely well to capitalize on new cannabis markets as they emerge,” Fencott said.