Understanding Fire & Flower's Bet To Compete With The Largest Cannabis Tech Companies
Fire & Flower Holdings Corp. (TSX: FAF) (OTC: FFLWF) and its wholly-owned subsidiary Hifyre Inc. recently announced a proposed acquisition of PGED Corp., the operator of PotGuide.com
Following the company’s $7.5 million purchase agreement to acquire another online cannabis platform Wikileaf Technologies Inc. (CSE: WIKI), Fire & Flower’s retail and analytics platform, Hifyre, will compete with the largest and highest valued cannabis technology companies.
With a goal of creating white-labeled online dispensaries and converting the traffic into cannabis and accessory purchases, Fire & Flower will use the assets acquired through PotGuide and Wikileaf to reach new consumers. This model, already proven successful in the Canadian market, will provide significant scalability through the white-labeling e-commerce platform and exposure to the U.S. cannabis marketplace.
Commenting on the deals, CEO Trevor Fencott told Benzinga, “As a Cannabis retailer, the acquisitions of PotGuide and Wikileaf will only further our position atop the market. By combining these resources with Hifyre, we’ll reach consumers through new methods allowing for increased sales and brand knowledge in the marketplace. The expanded reach Fire & Flower now possesses through both acquisitions allows us to reach digital consumers, an important factor in our business model of creating a seamless, safe cannabis shopping experience.”
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