- Owns or has interests in 24 cannabis retail stores throughout Canada, 65 stores expected by July 2020
- Creates personalized shopping experience through Hifyre platform, new Spark Perks membership program
- Looking to promising markets for international expansion
Fire & Flower Holdings Corp. (TSX: FAF) (OTC: FFLWF) is a leading, purpose-built, independent, adult-use cannabis retailer that provides a guided and informed experience that challenges preexisting cannabis stereotypes. Fire & Flower owns or has interests in cannabis retail-store licenses in the Canadian provinces of Alberta, Saskatchewan, Manitoba, and Ontario as well as the Yukon territory. The company currently has 24 retail stores operating in Canada with the expectation to have a total of 65 stores open by July 2020.
Fire & Flower is tackling the complex world of cannabis through education-focused, best-in-class retailing. In-store staff members called cannistas work with consumers to maximize their cannabis experience. These experts share inspiring insights, easy-to-follow advice and as much or as little education as the customer desires. The experience is heightened through the use of Hifyre(TM), a digital platform that connects visitors with cannabis products. The goal is to provide the perfect personalized experience and product every time.
Best-in-class retailing goes beyond the variety and quality of the product offered: Fire & Flower retail stores pride themselves on creating a personalized shopping experience and using technology as part of its growth strategy. The Hifyre platform is used to better understand the needs of customers and to communicate more effectively with vendor partners. Hifyre Inc. is a wholly owned subsidiary of Fire & Flower.
As a digital retail and analytics platform, Hifyre supports Fire & Flower’s advanced operations by providing a competitive advantage in understanding consumer behaviors in the rapidly changing cannabis market. Data from this platform is used to continually improve the customer experience and help guide vendor partners in curating the type of products customers want to purchase.
In September, Fire & Flower launched a new cannabis-members program throughout the company’s retail network and the Hifyre platform (http://cnw.fm/p1O2j). Called Spark Perks(TM), this new program provides members with exclusive benefits that include faster checkout, exclusive deals and content, and members-only events. As of October 28, 2019, Fire & Flower reported Spark Perks had grown to more than 38,000 members, with 33 percent of those members making more than one purchase.
Canada is set to experience a surge in derivative product launches by mid-December since “legalization 2.0” is now officially in effect. The market in Canada is changing rapidly, and with those changes comes new terminology, accessories, acceptance and culture. Fire & Flower is working to guide consumers through these changes in an enjoyable, stress-relieving way.
Keeping time with the evolving market, Fire & Flower CEO Trevor Fencott refers to the company’s business model as “retail 2.0” and reported that “since the launch of the Spark Perks program, Fire & Flower has seen an increase in customer engagement and basket size of members across our retail network. The launch of the Spark Perks member program demonstrates Fire & Flower’s continued commitment to be a leading data-driven, ‘retail 2.0’ company.”
Derivatives are a more intriguing way to reach a younger generation of consumers and could provide Fire & Flower with products that come with significantly higher margins. A spending breakdown of derivatives shows that dried flower, already a main component of Fire & Flower’s retail, is projected to remain the leading source of sales at 43 percent, followed by vape pens at 23 percent, edibles and beverages at 13 percent, concentrations at nine percent and pre-rolls at seven percent (http://cnw.fm/JIyF7). For now, Fire & Flower online retail consists of dried flowers, cannabis oil, accessories and apparel.
As the cannabis industry continues to grow, Fire & Flower has its eyes on the global market. Fencott, who is looking at Canada as “a microcosm of the global scene,” has a 24-month execution plan to max out the opportunity share in Canada and is considering other promising markets as international expansion prospects (http://cnw.fm/rZ823).
For more information, visit the company’s website at www.FireandFlower.com
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