/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES WIRE
SERVICES/
Stéphane Trudel, currently Senior Vice President of
Operations for Alimentation Couche-Tard Inc., to assume the role of
Chief Executive Officer of Fire & Flower Holdings
Corp.
TORONTO, June 1, 2022
/CNW/ - Fire & Flower Holdings Corp. ("Fire &
Flower" or the "Company") (TSX: FAF) (OTCQX:
FFLWF), a leading cannabis consumer technology and retail platform,
today announced that Stéphane Trudel has been appointed as Chief Executive
Officer of the Company, effective June 1,
2022.
Mr. Trudel is currently Senior
Vice President of Operations for Alimentation Couche-Tard Inc.
("ACT"). Mr. Trudel
was initially appointed as a director of the Company in
June 2020 and serves as a member of
the audit committee and corporate governance and compensation
committee of the Company's board of directors.
In connection with the appointment of Mr. Trudel, effective June
1, 2022 Trevor Fencott will be stepping down from his role
as CEO. "Over the past four years we built Fire & Flower
from the ground-up into one of the world's largest licensed
cannabis retailers, powered by our unique Hifyre retail and
consumer technology platform. We also secured and deepened our
strategic partnership with Alimentation Couche-Tard, one of the
world's largest retailers, to provide us with capabilities to
expand globally" said Trevor
Fencott. "Now that the foundations have been built and
tested, it is time for the company to really scale its model and
operations. Having worked closely with Stéphane over the past three
years, I believe he is absolutely the right person to lead the
company into this next exciting phase of its growth."
Mr. Fencott has also resigned from the Company's board of
directors, and Mr. Trudel has
resigned from his roles as a member of the audit committee and
corporate governance and compensation committee of the Company's
board of directors and will resign from his roles with ACT upon
completion of his transitional duties.
"We are excited to welcome Stéphane as our new Chief Executive
Officer", said Donald Wright, Chair
of the board of directors. "Stéphane is a seasoned executive
with extensive experience in the retail sector that we believe will
be invaluable to the Company as we embark on our next phase of
growth as a leader in technology-driven cannabis retail."
"The board of directors would like to thank Trevor for his
excellent leadership and dedication to establishing a strong
foundation for Fire & Flower," continued Mr. Wright. "Under his
leadership, Trevor has positioned the Company to capitalize on
growth opportunities to be a Canadian and global powerhouse in
technology-driven cannabis retail. We wish him the best in
his future endeavours."
"I am delighted to be assuming the role of Chief Executive
Officer of the Company and to continue building the leading
platform in the cannabis retail and technology sectors", said Mr.
Trudel. "This is an important time in the development of our
Company and I am looking forward to working with the rest of the
management team and the Board to drive the Company's growth and
shareholder value. In Canada, the Company continues to innovate and
build market share and we plan to increase our focus on
international opportunities to further accelerate our growth, while
further leveraging our strategic partnership with ACT. I
would also like to thank Trevor whose dedication helped lead Fire
& Flower to the forefront of our industry."
Prior to his appointment as CEO of the Company, Mr. Trudel served as Senior Vice President of
Operations for ACT since January
2018, leading ACT's operations in Canada as well as its investment in the
cannabis industry. His previous roles have also included serving as
Senior Vice President of Growth and Strategy at CST Brands, Inc.
("CST"), an international convenience retailer acquired by ACT in
2017.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use
cannabis retailer with more than 100 corporate-owned stores in its
network. The Company leverages its wholly-owned technology
development subsidiary, Hifyre, to continually advance its
proprietary retail operations model while also providing additional
independent high-margin revenue streams. Fire & Flower guides
consumers through the complex world of cannabis through
education-focused, best-in-class retailing while the Hifyre digital
retail and analytics platform empowers retailers to optimize their
connections with consumers. The Company's leadership team combines
extensive experience in the technology, cannabis and retail
industries.
Through the strategic investment of Alimentation Couche-Tard
Inc. (owner of Circle K convenience stores), the Company has set
its sights on global expansion as new cannabis markets emerge and
is poised to expand into the United
States when permitted through its strategic licensing
agreement with Fire & Flower U.S. Holdings upon the occurrence
of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator
that owns and operates the Fire & Flower, Friendly Stranger,
Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns
all issued and outstanding shares in Fire & Flower Inc. and
Friendly Stranger Holdings Corp., licensed cannabis retailers that
own and operate cannabis retail stores in the provinces of
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit
www.fireandflower.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release contains certain forward-looking
information within the meaning of applicable Canadian securities
laws ("forward-looking statements"). All statements other than
statements of present or historical fact are forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "achieve",
"could", "believe", "plan", "intend", "objective", "continuous",
"ongoing", "estimate", "outlook", "expect", "project" and similar
words, including negatives thereof, suggesting future outcomes or
that certain events or conditions "may" or "will" occur. These
statements are only predictions.
Forward-looking statements are based on the opinions and
estimates of management of Fire & Flower at the date the
statements are made based on information then available to the Fire
& Flower. Various factors and assumptions are applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking statements. Forward-looking statements are
subject to and involve a number of known and unknown, variables,
risks and uncertainties, many of which are beyond the control of
Fire & Flower, which may cause Fire & Flower's actual
performance and results to differ materially from any projections
of future performance or results expressed or implied by such
forward-looking statements. Such factors, among other things,
include: regulatory and other approvals or consents; fluctuations
in general macroeconomic conditions; fluctuations in securities
markets; the impact of the COVID-19 pandemic; the ability of the
Company to successfully achieve its business objectives and
political and social uncertainties.
No assurance can be given that the expectations reflected in
forward-looking statements will prove to be correct. Although the
forward-looking statements contained in this news release are based
upon what management of the Company believes, or believed at the
time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release.
Additional information regarding risks and uncertainties relating
to the Company's business are contained under the heading "Risk
Factors" in the Company's annual information form dated
April 26, 2022 and the heading "Risks
and Uncertainties" in the management discussion and analysis for
the quarter ended January 29, 2022
filed on its issuer profile on SEDAR at www.sedar.com .
The forward-looking statements contained in this press release are
made as of the date of this press release, and the Company does not
undertake to update any forward-looking statements that are
contained or referenced herein, except in accordance with
applicable securities laws.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
SOURCE Fire & Flower Holdings Corp.