Canadian retail chain Fika Cannabis won an auction for insolvent retailer Fire & Flower Holdings.
Fika and Fire & Flower have undertaken a subscription agreement with a Sept. 8 closing date, subject to court approval, Fire & Flower announced in a Thursday news release.
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The exact Fire & Flower assets to be acquired by Fika after the Tuesday auction were not disclosed, nor was the value of the winning bid.
Both companies are headquartered in Toronto.
Fire & Flower is a major presence on Canada’s legal cannabis retail scene, operating more than 90 stores.
In June, the money-losing retailer went into creditor protection.
Fire & Flower took a debtor-in-possession loan from its largest shareholder, convenience store and gas station operator Alimentation Couche-Tard, to fund operations during the sale process under Canada’s Companies’ Creditors Arrangement Act (CCAA).
The sale grew contentious as a group including Fire
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