Fire & Flower Holdings (TSXV: FAF) said that its Fire & Flower subsidiary acquired 2103430 Alberta Ltd., the developer of a cannabis retail store in the Town of Banff, Alberta.
The company bought all issued and outstanding shares of 2103430 Alberta. The purchase price consists of 2,645,703 common shares and $1,000,000 in cash.
The Banff location has received one of four development permits issued by the Banff Municipal Planning Commission. Fire & Flower intends to transfer one of its existing applications with the Alberta Gaming, Liquor and Cannabis Commission to the Banff location.
In addition, the acquisition also includes rights of the first refusal and last offer in favor of Fire & Flower in respect of two locations under development in Revelstoke and Fernie, British Columbia.
“The Rocky Mountains are an international tourism destination. Our location in Banff, in addition to our Canmore and Hinton, Alberta stores, establishes Fire & Flower as a leading cannabis retail brand in the region,” Trevor Fencott, the CEO of Fire & Flower, stated.
Fire & Flower is a purpose-built, independent licensed adult-use cannabis retailer currently in the provinces of Alberta and Saskatchewan and is a consultant and licensor to Fire & Flower-branded retail locations in the province of Ontario.