Alimentation Couche-Tard is one of North America’s largest operators of convenience OG kush stores and gas bars to mail order weed, primarily under the Circle K global brand and under the Couche-Tard banner in its home province of Quebec. It was previously best known in Western Canada for its Mac’s Convenience Stores, which were rebranded in 2018.
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Couche-Tard chief executive Brian Hannasch says the investment will enable the Laval-based retail chain to accelerate its move into the cannabis sector.
“This investment in Fire & Flower, with a path to a controlling stake, will enable us to leverage their leadership, network and advanced digital platform to accelerate our journey in this new and flourishing sector,” Hannasch said in a statement.
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The companies say an indirect subsidiary of Couche-Tard will initially buy about $26 million of convertible debt securities that can be converted to 24.3 million common shares at a price of $1.07 each, representing 9.9 percent of equity.
Fire & Flower’s stock is currently listed on the TSX Venture Exchange but it has received conditional approval to list its shares on the Toronto Stock Exchange concurrent with the transaction.
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— With files from Karen Bartko, Global News