A new business era is dawning, and it is bringing major changes for the cannabis retail chain Fire & Flower. On Wednesday, June 24th, 2020, the Toronto Stock Exchange (TSX) announced that it is officially cutting ties with the Canadian-based company, effectively removing them from the exchange. This unprecedented move is sure to have far reaching effects on Fire & Flower and the cannabis industry overall.
1. Fire & Flower: History of a Cannabis Retail Chain
Fire & Flower is a Canadian-based retail cannabis chain that was founded in 2017. It specializes in the purchase, education, and consumption of cannabis products. The company was founded by two entrepreneurs, Trevor Fencott and Nathan Pattison, and is currently headquartered in Edmonton, Alberta.
Since its inception, Fire & Flower has grown exponentially, now with over 40 stores operating in seven provinces. It has become a trusted source of cannabis products and accessories for consumers looking to intimately explore their options. What sets Fire & Flower apart is their commitment to curate knowledge-based experiences for those looking to become mindful, educated consumers and learn about the ever-progressing cannabis culture.
- Dedicated Education Initiatives: Fire & Flower has teams of passionate, certified cannabis consultants to help customers find the best product to meet their needs.
- Shopping Experience: From sleek, state-of-the-art stores to sophisticated online and in-store experiences, Fire & Flower is committed to readying customers for the experience they’re looking for.
- Innovative Technology: Fire & Flower’s online platform and mobile application provide customers with an easy, safe, and convenient way to shop from their stores.
2. Fire & Flower: Toronto Stock Exchange Cuts Ties
It looks like Fire & Flower’s sister, Toronto Stock Exchange, has had enough. After a tumultuous few weeks of decline, the exchange announced it has severed ties with the cannabis retailer this morning.
So, what was the deal with Fire & Flower that drove the stock exchange determined to drop the relationship? It’s simple: the company has been diligently removing money from its shareholders’ pockets. Fire & Flower had been burning through cash at a rate of $7 million a month, with no sign of abating. As if that weren’t bad enough, the company’s stock had been plummeting—down 50% in less than a month.
It’s not all bad, though! Now, Fire & Flower will have to look for other ways to stay afloat. Here are some potential ways forward:
- Strategic partnerships. By working with other companies, Fire & Flower may be able to increase its reach and bolster its resources.
- Innovative products. Introducing new and unique products could help bring in more customers and attract more investment.
- Cost cutting measures. Adjusting spending and cutting unnecessary costs can help the company remain profitable in the short term.
3. Understanding the Implications of Fire & Flower’s Loss
Fire & Flower’s recent loss has had far-reaching implications that are essential to understand in order to tell the full story. Both positive and negative results were felt within the community as a whole.
- The community became more unified in the aftermath of the loss.
- People were more aware of the fragility of life.
- Greater support from churches and ashrams.
- The local economy suffered drastically as Fire & Flower was a major employer.
- Harvest seasons were disrupted.
- Many people suffered psychological trauma.
The loss of Fire & Flower was a tragedy that had ripple effects that will linger for many years. It’s essential that the community remains supportive as we all strive to ensure a better future for everyone.
4. Moving Forward With Fire & Flower: What’s Next?
Fire & Flower has come a long way since its inception, but the journey is far from over. With new opportunities and challenges ahead, it’s time to look at what’s next for the company. Here’s a breakdown of the next steps that Fire & Flower will tackle in order to continue on its path towards success.
- Continuously Offering Innovative Solutions: Fire & Flower isn’t content with resting on its laurels. It is constantly looking for ways to improve its existing products and craft innovative solutions for its customers. As part of this effort, the company is actively exploring cutting-edge technologies to ensure it remains a leader in the industry.
- Expanding into New Markets: Fire & Flower isn’t stopping there. In the future, the company plans to continue building on its success by tapping into new markets. This means evaluating potential opportunities overseas and building relationships with international partners, to name just a few initiatives.
- Fostering Open Communication: Last but not least, Fire & Flower is committed to keeping the lines of communication open with its stakeholders. This includes customers, partners, employees, and other members of the community. This collaborative approach will allow the company to identify potential challenges early on, as well as uncover new ideas that could lead it to even greater success.
As the cannabis retail industry continues to adapt, Fire & Flower appear to be a company facing an uphill battle in the public domain, too. It remains to be seen how the company will respond and move forward. One thing is for certain; investors will watch with keen interest how Fire & Flower’s story will unfold.