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Saturday, Dec 3, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Fire & Flower set to launch its Hifyre tech in Colorado

The company also said it is in the final stages of submitting applications for five cannabis retail store locations in New Mexico

Fire & Flower set to launch its Hifyre tech in Colorado
Photo via Hifyre

Cannabis leading retailer Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) has amended a deal to send its Hifyre technology platform to one more state once cannabis regulations start in the United States.

On Tuesday, the firm announced the amendment deal to add its analytics platform to a dispensary in Colorado. Under the deal, Hifyre will receive digital revenue from the software and expects to be receiving them as soon as the third quarter and subsequent quarters.

Fire & Flower entered the U.S. cannabis market in February 2021 when it signed a licensing agreement with American Acres to license its Fire & Flower brand, store operating system and Hifyre platform for pot shops in California, Arizona and Nevada.

The company also said it is in the final stages of submitting applications for five cannabis retail store locations in New Mexico. Fire & Flower U.S. also currently operates a cannabis retail store in Palm Springs, California.

Read more: Fire & Flower launches delivery in British Columbia

Read more: Fire & Flower reports 7% Q1 revenue drop to $40.9M

“Fire & Flower views the U.S. market as a major opportunity and we are thrilled to see President Biden pardon all prior federal offenses of simple cannabis possession and instruct an expeditious review of how cannabis is scheduled under the Federal Controlled Substances Act,” CEO Stéphane Trudel said in a statement.

“Initiation of this review is a meaningful and welcome step forward towards U.S. federal legalization of cannabis for adult use.”

“We look forward to the results of this review which could provide a major opportunity for Fire & Flower to exercise our option to acquire Fire & Flower U.S. Our option to acquire Fire & Flower U.S. provides us with a U.S. market entry avenue that we believe is unique to any Canadian cannabis retailer.”

Company stock went up by 4.65 per cent on Tuesday to $1.8 on the Toronto Securities Exchange.

 

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