Fire & Flower Holdings Corp. is acquiring 11522302 Canada Inc., which operates a cannabis business at 378 Yonge Street in Toronto. 

The acquisition will expand the Fire & Flower brand into the largest urban market in Canada, according to a press release from Fire & Flower Holdings Corp. 

"As we begin to execute on our Ontario expansion strategy, Fire & Flower is thrilled to be acquiring this flagship location on Toronto's high traffic Yonge Street," Trevor Fencott, chief executive officer of Fire & Flower, said. "This location demonstrates our strategy of focusing on retail locations in the province of Ontario that will maximize revenue and margin opportunities for our business."

Canada Inc. is a owned subsidiary of Meta Growth Corp. Fire & Flower's acquisition of the company will include a retail operator license and retail store authorization from the AGCO (Alcohol and Gaming Commission of Ontario). 

"The total purchase price in connection with the Acquisition is $750,000, plus the net working capital of the business (including inventory) at the date of closing," Fire & Flower said. "The Acquisition is subject to customary closing conditions, including the receipt of a no-objection letter from the AGCO which has already been received. It is anticipated the transaction will close on or about August 31, 2020, subject to all parties satisfying the remaining conditions."

Canada Inc. will stay opened through its transition to Fire & Flower band. Fire & Flower will announce when the re-opening of the store with its new branding will be held on its website. 

Fire & Flower is an adult-use cannabis retailer in the Canadian market. It gives consumers education in cannabis, while offering a digital platform to let consumers connect with cannabis products and services.