Fire & Flower: Jumps on U.S. cannabis market entry

American Cannabis

22/02/2021 16:50

** Shares in cannabis co  FAF.TO  up ~5% at C$1.46, set for
a second straight session of gains 
    ** Fire & Flower enters U.S. cannabis market through a
strategic licensing partnership and acquisition option with
American Acres
    ** Fire & Flower will have the option to acquire American
Acres at a discount to fair market value, as part of the deal
    ** Acquisition is expected to occur upon federal
legalization of adult-use cannabis in the U.S. or when otherwise
permitted by the policies of the Toronto Stock Exchange
 urn:newsml:reuters.com:*:nCNWRSJq8a
    ** FAF anticipates the first branded store to be open in
Palm Springs, California, during the first half of its fiscal
2021 year
    ** Brokerage Stifel views the announcement as a positive
catalyst for the stock and leading to a valuation re-rating as
more details emerge
    ** ATB Capital Markets says these agreements position FAF
well for a fast-tracked entry into the U.S. market once
permitted by regulations
    ** Stock up ~60% YTD, as of last close

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))