Fire & Flower Latest Pubco To Take Ownership Of Pineapple Express Delivery

It appears that ownership of Pineapple Express Delivery is changing once again. It was announced this morning that Fire and Flower Holdings (TSX: FAF) would be the latest public entity to own the firm. The firm previously was partially owned by Namaste Technologies, now Lifeist Wellness (TSXV: LFST), as well as World Class Extractions (CSE: PUMP).

The arrangement will see the cannabis delivery firm acquired by a subsidiary of Hifyre, the firms tech platform that is used by a number of retail stores already. Pineapple Express reportedly conducts more than 40,000 deliveries each month, which will now be integrated with the firms tech platform to provide a rounded platform for retailers.

The firm expects to deploy the tech not just in Canada, but in US and European markets as well, as they emerge.

Fire and Flower intends to use its retail network as “last-mile fulfillment outposts” as a means of further enhancing its delivery services. Certain distribution centers of Pineapple Express meanwhile will obtain retail licenses in major urban centers to enhance their offerings.

Consideration for the purchase of the delivery service amounts to roughly $12.3 million, which comes in the form of the assumption of $5.3 in debt owed by the firm, as well as the issuance of 1.1 million shares valued at roughly $7.0 million.

Fire & Flower Holdings last traded at $6.22 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.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Fire & Flower Releases Ontario Expansion Plan

Fire & Flower Holdings (TSX: FAF) this morning announced the firms Ontario strategy as Canada’s...

Monday, March 2, 2020, 08:31:09 AM

Fire & Flower Submits Application For Nasdaq Listing

Fire & Flower Holdings (TSX: FAF) is the latest firm working towards a NASDAQ listing....

Tuesday, February 16, 2021, 07:10:51 AM

Fire & Flower Sees Couche-Tard Exercise $37.8 Million Worth of Warrants

Fire & Flower Holdings (TSX: FAF) has seen Alimentation Couche-Tard (TSX: ATD.b) up its stake...

Friday, April 29, 2022, 08:23:39 AM

Fire & Flower To Acquire Friendly Stranger For $23.0 Million

Fire & Flower Holdings Corp (TSX: FAF) this morning announced that it is acquiring that...

Monday, November 2, 2020, 08:17:46 AM

Fire & Flower Announces Fiscal Q2 2021 Financials: $43.3 Million In Revenue, $3.1 Million Adjusted EBITDA

Fire & Flower Holdings Corp. (TSX: FAF) reported this morning its financial results for the...

Tuesday, September 14, 2021, 11:38:00 AM