Fire and Flower Holdings (TSX: FAF) is officially in the delivery business. The firm this morning indicated it has closed on the previously announced purchase of Pineapple Express Delivery Inc.
With the purchase of the delivery service, the company now has what it refers to as a “full consumer technology platform” for the cannabis sector. The company currently offers cannabis delivery services across Ontario, Manitoba, and Saskatchewan, and is claimed to be the largest such service in the country.
Fire & Flower currently intends to expand the market presence of the service, hinting that it is not only looking to expand across Canada, but the United States as well. Commenting on the acquisition of the company, founder of Pineapple Express Delivery Randy Rolph stated, “By joining Hifyre and Fire & Flower, PED will continue to build one of the largest cannabis delivery platforms in Canada and the U.S.”
The delivery service was acquired via the settlement of $5.15 million in debt, and the issuance of 1.2 million shares of the company.
Fire & Flower Holdings last traded at $4.57 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.
