Canadian retail chain FIKA Cannabis won a recent auction for retailer Fire & Flower Holdings. The companies have entered into a subscription agreement with a September 8, 2023 closing date, subject to court approval, according to a news release from Fire & Flower.
The Fire & Flower assets to be acquired by FIKA and the value of the bid were not disclosed. The company says it, “intends to appear before the Court as soon as possible to seek an order approving the transactions contemplated by the Subscription Agreement.”
In the same news release, Fire & Flower also announced that John Chou has resigned as Chief Financial Officer and John Rim has been appointed Interim CFO.
Fire & Flower Filed for Creditor Protection
Fire & Flower Holdings owns and operates Fire & Flower, Friendly Stranger, and Firebird Delivery Brands with stores in BC, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon Territory.
In June, Fire & Flower announced that the company and its subsidiaries had filed for creditor protection in Ontario.
In July, the Ontario Supreme Court approved the proposed sale and investment solicitation process of Fire & Flower by a Couche-Tard affiliate. In doing so, an Ontario judge rejected the counterproposal from a syndicate of stakeholders that opposed the sale.
FIKA was founded in 2020 and describes itself as the ‘lifestyle brand redefining cannabis retail.’ The brand’s first flagship FIKA Herbal Goods location opened in the heart of Toronto’s historic Distillery District in August 2021. Today, they operate 19 stores across Ontario, including the first cannabis store in Toronto’s Union Station.
FIKA created their stores for the modern cannabis consumer, with a focus on design customized with the guest experience front-of-mind.
Image Credit: FIKA