Fire & Flower Holdings Corp (OTCMKTS:FFLWF) agreed to license its store operating system, Hifyre technology platform, and Fire & Flower brand for the dispensaries based in California, Nevada, and Arizona to American Acres Managers. It helps the company to improve retail functionality in these high growth and competitive markets.
An option to take over American Acres
As per the terms of the pact, Fire & Flower can take over American Acres at a reduced rate to the prevailing market price. It is subject to adult-use cannabis legalization in the US or with the permission of TSE policies.
CEO of Fire & Flower, Trevor Fencott, said the company is strongly positioned its technology, brand, and operating system to enter the vital global markets. It is on the backdrop of establishing the biggest retail network for legalized cannabis products in Canada.
Hyfire technology elevates margins and streamlines customer experiences. It keeps Fire & Flower in a unique position to stand ahead in the competitive cannabis markets in the US.
Fencott further said an agreement with American Acres prepares it with technology-activated stores in the US to clinch the emerging opportunities in the legalization of adult-use cannabis. The company anticipates the inauguration of its first branded store in Palm Springs, California, in H1 2021.
Adds 200,000 members to its Spark Perks program
Fire & Flower achieved the target of 200,000 members in its Spark Perks program across the retail network. The Spark Perks Program members receive benefits like members-only events, special deals, Rapid Delivery, curbside pickup, and click and collect checkout. Anyone can join the Spark Perks Program for free, and no need to make the purchase.
Fencott said the program allows it to measure feedback directly from 200,000 cannabis customers, who spend a lot on each transaction. The company reported a 30% increase in members QoQ. It can understand the customer preferences and offer tailor-made products to suit their needs.
The customers in the Fastlane mode spend 53% compared to non-members. President of Hifyre, Matthew Hollingshead, said Fire & Flower’s Digital Retail and Analytics platform provides a significant value proposition in both global and domestic markets.