Alta.-based cannabis company buys four shops in Sask.
Fire and Flower was one of the six cannabis stores that opened in Edmonton on Wednesday, October 17, 2018.
Alberta-based cannabis company Fire & Flower has purchased four cannabis retailers in Saskatchewan.
Fire & Flower is taking over operation of Prairie Sky Cannabis Inc., which runs stores in North Battleford, Estevan, Martensville and Moosomin as Jimmy’s Cannabis Shop.
“The acquisition of four additional retail cannabis stores in the province of Saskatchewan is the first in Fire & Flower’s aggressive acquisition strategy for 2019. In conjunction with our Open Fields wholesale distribution platform in the province, it cements our leadership position in this strategic market. Along with our existing portfolio of organic growth opportunities, the acquisition puts us in a good position to meet our growth goals for the year,” Trevor Fencott, Fire & Flower CEO, said in a news release.
The company says it wants to strengthen its brand presence in Saskatchewan through this purchase.
“Fire & Flower are exemplary operators of cannabis retail stores and we are pleased that our customers will be well served by the Fire & Flower team,” said John Thomas, president of Prairie Sky Cannabis Inc. “Fire & Flower has demonstrated its commitment to the province of Saskatchewan and we wish the company success in its pursuit as Canada’s leading cannabis retailer.”
Fire & Flower will pay $13 million total for the four stores — $6.5 million cash and $6.5 million in company shares.