Cannabis retailer Fire & Flower Holdings Corp. says it has received a court order for creditor protection under the Companies’ Creditors Arrangement Act.
The company had been pursuing additional financing to raise capital to fund its operations.
It says the board determined that it was in the best interests of the company to file an application for creditor protection following a review of its strategic options and a consideration of all of its available alternatives.
OBJ360 (Sponsored)
SnowBall: A Cool Winter’s Eve to Keep Ottawa Kids Warm This Winter
As Ottawa’s winter chill sets in, the warmth of community spirit takes centre stage at SnowBall: A Cool Winter’s Eve, The Snowsuit Fund’s sought-after gala happening at the Ottawa Art
Adapting to hybrid Work: How IAV Is simplifying office technology with BYOD solutions
You may have heard of BYOB, but have you heard of BYOD? BYOD, also known as “Bring your own device” is becoming a common practice for companies following hybrid work
Fire & Flower operates under several banners including the Fire & Flower, Friendly Stranger and Firebird Delivery brands and has one Ottawa storefront at 129 York St.
The company says its board will remain in place and management will remain responsible for the day-to-day operations, under the oversight of a court-appointed monitor while it works to streamline operations and conduct a sales process for the business.
In order to fund the CCAA proceedings and other short-term working capital requirements, Fire & Flower says it has signed an agreement with an affiliate of Alimentation Couche-Tard Inc. for a $9.8-million debtor-in-possession loan.
