Fire & Flower Holdings Corp (OTCMKTS:FFLWF) improved its growth by 157% YoY to $43.2 million in Q4 2021. Its full-year revenues are $128 million (up 150% YoY).
Fire & Flower reported robust profits of $16.429 million in Q4 2020. Its expenses in Q4 2020 dropped marginally to $21.276 million (down 15.88%). The company’s cash balance improved to $30.6 million.
Acquires cannabis retail operator
Hifyre (Hifyre Digital Retail and Analytics Platform) accounted for sequential QoQ growth of 110.4%. The company acquired cannabis retail operator – Friendly Stranger Holdings Corp., based in Ontario.
Fire & Flower operates 73 stores at the end of 2020. Its store count increased to 13 in Q4 2020 compared to 3 stores in Q3 2020.
The company raised a capital of $28 million. Fire & Flower commenced curbside pickup, click and collect service, and same-day home delivery during the coronavirus pandemic by rolling out Hifyre.
Developments after January 2021
Fire & Flower signed a licensing accord with American Acres. It also has an acquisition option for American Acres.
American Acres plans to operate dispensaries in Arizona, California, and Nevada. It will first inaugurate a store under the Fire & Flower brand in Palm Springs, CA, in 2021.
Fire & Flower seeks to list its common shares on the NASDAQ. The company added 250,000 Spark Perks members across its retail networks.
CEO of Fire & Flower, Trevor Fencott, said the company successfully executed its growth strategy in 2020 despite the coronavirus pandemic. The company significantly improved its store count to 80 stores as of today from 21 stores in 2019.
The strategic partnership and an option to take over American Acres help the company an entry into the cannabis market of the US. It lowered the debt and strengthened the balance sheet in 2020. Fencott said Hifyre is identified as a key tool to support growth across the cannabis industry.
The newly appointed COO – Nadia Vattovaz, is responsible for promoting retail growth besides supporting ongoing operations. As part of this new role, she will oversee marketing, construction, real estate, retail operations, distribution, and merchandising.
Fire & Flower chose Judy Adam as a new CFO with effect from May 17, 2021.