By The Canadian Press

Edmonton

Alberta-based company buys four cannabis retail outlets in $13 million deal

May 2, 2019 | 12:28 PM

Four cannabis retail outlets in Saskatchewan have been purchased by an Alberta-based company.

Fire and Flower is taking over the operations of Prairie Sky Cannabis Inc., which has stores in North Battleford, Estevan, Martensville and Moosomin under the name Jimmy’s Cannabis Shop.

The Edmonton company says it wants to strengthen its brand presence in Saskatchewan.

The purchase price of $13 million includes $6.5 million in cash and $6.5 million in company shares.

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Fire and Flower CEO Trevor Fencott says in a release that the Saskatchewan acquisition is the first in what he calls an aggressive acquisition strategy for 2019.

Fire and Flower announced early last year that it was moving its headquarters to Edmonton, with plans to open 30 stores in Alberta.