Fireplace & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) has bought an Ontario-based cannabis retailer from Meta Progress Corp. in downtown Toronto for $750,000.
The worth tag consists of the enterprise’ web working capital.
The acquisition’s finalization is predicted to happen on Aug. 31, as soon as all events fulfill the situations.
In accordance with Thursday, the retail place is situated , within the neighborhood of Yonge-Dundas sq..
Below the acquisition settlement, Fireplace & Flower would receive the present Retail Operator License in addition to Retail Retailer Authorization from the Alcohol and Gaming Fee of Ontario.
The shop — situated at 378 Yonge Road — will proceed working whereas it transitions to the Fireplace & Flower model.
The Toronto-based firm stated it could announce the grand re-opening of the shop on its web site.
“As we start to execute on our Ontario enlargement technique, Fireplace & Flower is thrilled to be buying this flagship location on Toronto’s excessive site visitors Yonge Road,” stated Fireplace & Flower CEO Trevor Fencott.
He expects that their give attention to Ontario-based retail areas would “maximize income and margin alternatives for our enterprise.”
Earlier this month, the corporate teamed up with cannabis producer and distributor WeedMD Inc. (TSX-V: WMD) (OTCQX: WDDMF), which agreed to supply, package deal and ship Fireplace & Flower’s CBD product line.
The corporate confirmed that its product providing could be accessible within the province of Saskatchewan by mid-August, underneath the Revity model identify.
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