Canadian marijuana retail company Fika Cannabis bid 36 million Canadian dollars ($26.6 million) at auction to acquire retail chain Fire & Flower Holdings, according to a report filed by Fire & Flower’s court-appointed insolvency monitor.
The $36 million purchase price “is CA$12.3 million more than the value of the stalking horse bid” put forward by Fire & Flower’s majority shareholder, Alimentation Couche-Tard, according to the Aug. 26 report by monitor FTI Consulting Canada.
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That stalking-horse bid was opposed by a group of other Fire & Flower shareholders, although a judge rejected their counterproposal in July.
Fika’s winning bid for Fire & Flower was announced earlier this month, but the value was not disclosed.
FTI Consulting called Fika’s offer “the best outcome for (Fire & Flower’s) business” and said it left money on the table for some of the insolvent retailer’s creditors.
The CA$36 million bid
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