Cannabis consumer retail and technology platform Fire & Flower Holdings Corp. FAF FFLWF announced on Tuesday updates to its U.S. market entry through its strategic arrangement with Fire & Flower U.S. Holdings Inc.
As previously announced, the company has entered into an amended and rested option agreement pursuant to which Fire & Flower has an option to acquire Fire & Flower U.S. and an amended licensing agreement to deploy the Hifyre technology platform in the United States.
In addition to an initial licensing agreement in Palm Springs, California, Fire & Flower's Hifyre technology will be deployed in a leading Denver, Colorado dispensary.
Hifyre will receive digital revenue from the deployment of its software in this market and anticipates receiving these revenues in the company's third quarter and subsequent quarters through recurring software-based revenue.
Fire & Flower U.S. is also in the final stages of submitting applications for five cannabis retail store locations in the state of New Mexico. In addition, the company also operates a cannabis retail store in Palm Springs, California, which utilizes the full ensuite of Hifyre technology.
"Fire & Flower views the U.S. market as a major opportunity and we are thrilled to see President Biden pardon all prior federal offenses of simple cannabis possession and instruct an expeditious review of how cannabis is scheduled under the Federal Controlled Substances Act," Stéphane Trudel, the company's CEO, said. "Initiation of this review is a meaningful and welcome step forward towards U.S. federal legalization of cannabis for adult use."
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FFLWF Price Action
Fire & Flower’s shares traded 1.57% lower at $1.25 per share at the time of writing on Tuesday morning.
Photo: Courtesy of Cova Software on Unsplash
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