I came across a presser from Fire & Flower ($FAF) this morning, which says that they just picked up a cannabis store in downtown Toronto for $700k. It’s the first for $FAF in Hogtown.
What caught my eye was that the seller of that permitted store in downtown Toronto (which has inventory and is presumeably operating) was none other than $META.
Odd timing. This news comes less than a week after the announcement of $HITI acquiring $META – pretty much for the sole purpose of keeping them both alive long enough to expand into Ontario.
Could be the location wasn’t seen as strategic, too expensive, perhaps $META is broke and can’t capitalize their business plan for it. $700k is in the middle of what we’ve seen cannabis stores in Alberta/Sask/BC go for – and on the face of it – this one came out of the bargain bin.
We’ll hear much more out of $FAF over the next couple of quarters I’m sure. They’ll become more urgent in tone now that there’s a better defined enemy. I’d really like to know the story behind this sale, and have asked Raj about it on his AMA today. I doubt we’ll get much….but to poorly paraphrase Shakespear: “O’ what is lost but for want of asking”.
The preceding is the opinion of the author, and is in no way intended to be a recommendation to buy or sell any security or derivative. The author holds a position in $HITI.
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