Fire & Flower Holdings Corp (OTCMKTS:FFLWF) has posted robust revenues of $51.1 million in 2019. It is an increase of 293% when compared to previous year revenues. The company has reported revenues of $16.8 million in Q4 2019. It has surged by 22.62% when compared to the previous quarter.
Operates 45 retail stores
Fire & Flower has inaugurated and operates 45 retail stores across the provinces of Ontario, Manitoba, Saskatchewan, Alberta, and the Yukon Territory as of January 13, 2020. It has reached the schedule before the set target to open and operate record retail stores across various provinces.
Alimentation Couche-Tard Inc acquires controlling stake
Alimentation Couche-Tard Inc has invested $25.9 million in Fire & Flower in exchange for securities. If all the securities are exchanged, Alimentation would hold a controlling stake in Fire & Flower.
Fire & Flower has reported several acquisitions, which are related to the cannabis retail stores in Saskatchewan, Alberta, and BC. In June 2019, the company has mobilized funds of over $27 million through a private financing agreement.
Introduces the Spark Perks Members program
Hifyre Inc, a wholly-owned subsidiary of Fire & Flower, introduced the Spark Perks Members program that offers benefits like access to member-only events, exclusive deals, and Fastlane ‘click-and-collect’ checkout. The company has enrolled over 60,000 members by the end of 2019. Fire & Flower has generated high margin revenues by commercializing Hifyre™ Digital Retail and Analytics Platform.
To further commercialize Hifyre™ Digital Retail and Analytics Platform in global markets and Canada, Hifyre has signed a strategic license accord with Cova Software Solutions. Fire & Flower has restructured its retail operations to improve its profitability across its retail platform.
Activities post-February 22, 2020
Fire & Flower has implemented safety operating procedures quickly and maintains business continuity during the coronavirus pandemic. The company continues to serve the customers through its Hifyre Digital retail and analytics platform. It has introduced home delivery service, curbside pickup, and ‘click and collect service’ in select locations. Fire & Flower has mobilized funds of $28 million by closing two private placements.
CEO of Fire & Flower, Trevor Fencott, said the operational and financial results for Q4 and the entire 2019 show that it is meeting the set targets.