- Expanding the Hifyre Platform into Colorado
- Additional two markets to be opened by Q4 2022
TORONTO, Aug. 25,
2022 /PRNewswire/ -- Fire & Flower US
Holdings Inc. (formerly American Acres Managers) (the
"Company"), is pleased to announce that it has
completed a non-brokered private placement of unsecured convertible
debentures (the "Debentures") in the principal
amount of approximately $5,000,000 to
the existing shareholders of the Company (the
"Offering"). The net proceeds from the Offering
will be used for acquisition capital, capital expenditures and
general working capital. With operations already in
California, operating as Fire and
Flower and utilizing the Hifyre platform, this unique
partnership allows expansion to additional states including
Colorado, bringing with it the
incomparable Hifyre technology optimizing the
personalized connection to customers. They are anticipating
accessing two additional states in Q4 of 2022.
"Our team is excited to expedite the deployment of resources to
expand both the Fire & Flower brand and the Hifyre platform to
additional states, improving overall customer experience," stated
Joe Gullia, National Director of
Retail.
The Debentures bear interest at 8% per annum and mature on
August 2, 2024. The Debentures
may be converted, in whole or in part at the option of the Company,
into common shares in the capital of the Company ("Common
Shares") at a minimum conversion price of $1.00 per share at any time prior to the maturity
date. If Fire & Flower Holdings Corp. (TSX: FAF) acquires the
Company under its purchase option previously announced on
January 31, 2022, then the Debentures
will automatically convert into Common Shares in accordance with
their terms immediately prior to the closing of the
acquisition.
About Fire & Flower US Holdings
Inc.:
Through its various US subsidiaries and investments, the Company
owns and operates retail assets across three states. Through its
licensing agreement with Fire and Flowers Holdings Corp. the
Company leverages Fire and Flower Holdings Corp's branding and
technology stack across it's operations offering a differentiating
approach to the US retail market.
Fire & Flower Holdings Corp. ("FAF") holds an option
to acquire the Company, which acquisition is expected 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 (the "TSX") or
any other stock exchange on which FAF's securities are listed for
trading.
Media Contact: Katherine Gillis,
katherine@merchdevgroup.com
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SOURCE Fire & Flower US