Fire & Flower Holdings (TSX: FAF) quietly announced Friday evening that it undergoing a strategic review.
The Canadian cannabis retailer has reportedly engaged a financial advisors to assist it with reviewing “strategic options including financing options.” The engagement follows the firm revealing two weeks ago in regulatory filings that it requires additional financing, which it is actively pursuing, to fund its operations and to continue to operate.
As of March 31, Fire & Flower reportedly had a cash position of $8.2 million, compared to accounts payable and accrued liabilities of $18.0 million. Total current assets sat at $38.0 million, versus total currently liabilities of $50.8 million, including $2.4 million in debentures that are to be paid back in June, and a further $11.6 million that must be paid back in December.
Cash declined by $4.2 million in the most recent quarter.
Fire & Flower last traded at $0.85 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
