Canada’s leading cannabis retail chain is bringing its first two stores to the West Coast — just blocks away from each other in Vancouver’s bustling South Granville area.
In a statement Thursday, Fire & Flower Holdings Corp. (TSX: FAF) said it received approval in principle from British Columbia’s Liquor and Cannabis Regulation Branch for two stores: one at 2231 Granville St. and the other at 2570 Granville St.
South Granville is a popular shopping district with a mix of restaurants and businesses geared towards middle-class as well as luxury consumers that pour in from the nearby Shaugnessy area. It’s currently home to one other legal weed store, Muse Cannabis at 3039 Granville St.
When asked about the close proximity of the upcoming locations, CFO and EVP of operations Nadia Vattovaz noted the busyness of the South Granville hub.
“One of the locations is a smaller footprint location where customers are able to conveniently and quickly pick up their cannabis,” she told Mugglehead in an email. “The second location is larger and will have a wider breadth of product offering with a more experiential feel.”
Receiving the approval in principle is one of the last steps for licensing retail stores in the province, and Fire & Flower says it presents a “clearer path” for entering the new market. The company was deemed fit to receive final licensing upon inspection of the finished stores.
Company stock rose 11 per cent on the day to $0.95 on the Toronto Stock Exchange.
On its website, Fire & Flower lists having 41 stores in its home province of Alberta, 10 in Saskatchewan, one in Manitoba, one in the Yukon and two in Ontario, where it has indicated plans to open several more locations.
CEO Trevor Fencott said his company is pleased to enter the key urban market of Vancouver.
“We have been poised to launch stores in the province for some time as part of our national growth strategy,” he said in the statement. “It is encouraging to see the province of British Columbia move forward with additional cannabis retail licences. The issuance of additional licences is a key step in the eradication of the illicit cannabis market and licensing in the province is an important step in the growth of the legal cannabis industry.”
Opening times for the stores will be listed on Fire & Flower’s website and social media channels when available. The firm says it’s secured real estate in other key markets in B.C. with the goal of licensing additional stores.