Alimentation Couche-Tard announced Wednesday it has agreed to buy a 9.9 per cent stake of cannabis retailer Fire & Flower for about $26 million in debentures.
Based in Edmonton, Alberta, Fire & Flower operates or licenses 23 cannabis retail stores in Alberta, Saskatchewan and Ontario, a wholesale distribution division in Saskatchewan, and the HiFyreTM digital retail platform.
“Couche-Tard is excited to make this strategic investment in one of the fastest growing cannabis ‘pure-play’ retailers,” said Brian Hannasch, President and CEO of Couche-Tard. “This investment in Fire & Flower, with a path to a controlling stake, will enable us to leverage their leadership, network and advanced digital platform to accelerate our journey in this new and flourishing sector.”
Fire & Flower will use the capital to accelerate their expansion strategy.
More to come …