TORONTO — Fire & Flower Holdings Corp. has signed a deal to buy Friendly Stranger Holdings Corp., the longtime cannabis advocate.
Under the agreement, Fire & Flower will issue 31.1 million shares to acquire the brand making the proposal worth about $23 million based on Fire & Flower’s share price of 74 cents on Friday.
Friendly Stranger was a cannabis activist long before the legalization in Canada.
It is expected to own and operate 11 licensed cannabis retail stores in Ontario at closing with an additional four stores in the queue to be licensed and operational by the end of the fourth quarter of 2020.
The stores operate under the Friendly Stranger, Hotbox and Happy Dayz banners and are expected to continue under the same brands.
Upon closing, Fire & Flower says it is expected to have a total of 66 stores including 18 in Ontario and nine additional stores in the queue for licensing.
This report by The Canadian Press was first published Nov. 2, 2020.