Combined Retailer will be Ontario’s Largest Cannabis Retailer with 30 stores open by 4.20.2021
Toronto, Ontario (November 2, 2020) - /CNW/ – Fire & Flower Holdings Corp. (TSX: FAF OTCQX: FFLWF) and its wholly-owned subsidiary Fire & Flower Inc. (collectively, “FFHC”, “Fire & Flower” or the “Company”) today announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Friendly Stranger Holdings Corp (“FSHC” or the “Company”).
Friendly Stranger Holdings Corp. announced earlier this year that they were on track to have 15 licensed cannabis retail stores open by the end of 2020 with five more by April 20, 2021. “Just like Fire & Flower we started this year with a strong growth mindset and the goal of being one of the largest cannabis retail players in Ontario,” says James Jesty, President of Friendly Stranger Holdings Corp. “Fire & Flower believe in our three iconic brands Friendly Stranger, Hotbox Shop (“HotboxTM”) and Happy Dayz and their ability to pull in the legacy consumer.
“It’s a great win,” says Robin Ellins, Founder of Friendly Stranger Cannabis Culture Shop. “Having the resources and global thinking from an innovative company like Fire & Flower will allow the stores to keep growing and truly make a difference in the cannabis industry worldwide.” Jesty added “Fire & Flower will help carry on the legacy that our founders started over 26 years ago and we’ll remain focused on offering one of the best cannabis retail environments in the country, promoting education, innovation and normalization of cannabis.”
“Although sooner than anticipated,” said Matt Shalhoub, Managing Partner, of Green Acre Capital ("GAC") the original investment fund into the Friendly Stranger Holdings Corp business. “Fire & Flower has shown itself to be a leader in cannabis retail across Canada through their omni-channel, technology-enabled network and expertise. Adding the FSHC brands to their portfolio will allow them to target another important consumer in the cannabis sector and is a clear evolution.”
Details are still being sorted out but Jesty says “it’s business as usual for us and our stores. We will continue to operate with greater resources, expanded data capabilities and further efficiencies.”
ABOUT FRIENDLY STRANGER HOLDINGS CORP:
A long-standing retail champion of cannabis culture, Friendly Stranger Holdings Corp (“FSHC”) is dedicated to an ongoing long-term contribution within the Canadian cannabis market through the launch of numerous retail locations across Ontario. With strategic investments, such as acquiring iconic cannabis culture stores such as Friendly Stranger Cannabis Culture Shop, HotboxTM and Happy Dayz under their umbrella, FSHC continues to evolve and execute their ongoing growth strategy.
For further information:
Friendly Stranger Holdings Corp,
James Jesty, President, email@example.com
Lexi Pathak, firstname.lastname@example.org; 647.330.2973