Fire & Flower Holdings Corp, also known as Hifyre Inc., has acquired certain subsidiaries of Wikileaf Technologies Inc., an online platform for cannabis fanatics and consumers alike, as part of its innovative new digital strategy focused on enhancing the company’s proprietary data-driven retail platform. It was an all-stock deal valued at $7.5 million. The site along with associated domain names, e-mail subscriber database, social media channels, content generation platforms, trademarks, and technology stacks powering the Wikileaf platform generates significant online cannabis user traffic.
With the significant traffic that Wikileaf generates through engaging content and domain name strength, Fire & Flower Holdings plans to transform the Wikileaf website into a virtual online dispensary for marijuana and smoking accessories. The plan is to utilize the same e-commerce technology that powers the Fire & Flower retail network. The main goal for the new digital approach is to create white-labeled online dispensaries that can be expanded to other cannabis dispensaries and delivery channels in the U.S. and Canada. Wikileaf’s Chair and Interim CEO Connor Cruise said,” We firmly believe this transaction is in the best interest of Wikileaf shareholders.”
He continued, “The combination of Wikileaf’s digital assets and Hifyre’s proprietary cannabis digital retail and analytics platform offers the strongest opportunity to realize the value of Wikieaf’s operations to drive continued growth for our online platform. Wikileaf has pursued internally generated as well as the evaluation of merger and acquisition opportunities to monetize the value of the Assets. Through the continued process of internal monetization development of the Assets, it was identified that significantly more financial resources and technical expertise would be required. Wikileaf has actively pursued potential merger and acquisition opportunities to monetize the value of the Assets and determined that the sale of the Assets to Fire and Flower represents the best opportunity to maximize the value of the Assets.”
Cruise concluded, “Wikileaf intends to retain the Fire & Flower shares for investment purposes at this time and will consider options on what to do with the investment after the transaction is completed.” With this acquisition, both parties are not only able to come to a lucrative agreement, but the marijuana community also gets to benefit from the new platform that’s to be creative as a result of the agreement.