TORONTO, August 10, 2021 – PRESS RELEASE – Fire & Flower Holdings Corp. has announced that its strategic licensing partner, “American Acres Managers,” has officially changed its name to “Fire & Flower U.S. Holdings” and has opened its first Fire & Flower branded store in Palm Springs, Calif., located at 4810 E Camino Parocela, Palm Springs, Calif.
Fire & Flower announced its strategic entry into the U.S. cannabis market in February 2021 when it signed a licensing agreement with American Acres to license its Fire & Flower brand, store operating system and Hifyre technology platform for dispensaries in California, Arizona and Nevada. Through this licensing arrangement, American Acres is expanding Fire & Flower’s retail footprint in the U.S. with the rollout of new Fire & Flower stores in targeted, high-growth markets to deliver best-in-class technology and retail functionality to U.S. cannabis consumers.
“We have reached a significant milestone for our company as we have officially planted our roots in the U.S. cannabis market through our strategic partner, American Acres,” stated Trevor Fencott, chief executive officer of Fire & Flower. “Our Hifyre cannabis digital retail and analytics platform has propelled our growth and leadership position in Canada allowing us to successfully capture consumer buying behaviors and apply predictive and real-time analytics unlike any of our competitors. As we have continued to demonstrate the value of our technology through the rapid expansion of our multi-banner retail network of over 85 stores throughout Canada, the expansion of our brand and technology into the U.S. is the next step in our evolution. We are pleased to now be delivering the same omni-channel, convenience-oriented cannabis retail experience to U.S. consumers and pave the way for the future of cannabis retail in the U.S as legislation continues to develop.”
In connection with the entering into of the licensing agreement with American Acres, Fire & Flower received an option exercisable to acquire American Acres at a discount to fair market value. The acquisition is anticipated to occur upon the federal legalization of adult-use cannabis in the United States or when otherwise permitted by the policies of the Toronto Stock Exchange or any other stock exchange on which the company’s securities are listed for trading.
