This press release is just another example of the rapid growth of cannabis retail in 2022 and the impending fight ahead between the major MSO’s in North America..
Fire & Flower opens 100th store, has 360,000 loyalty members
One of Canada’s largest cannabis retailers, Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF), has become the country’s second company to open 100 pot shops.
In a statement Thursday, the firm said it opened its 100th store in Scarborough, Ont. Competitor High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA) opened its 100th store in September in Windsor, Ont.
On top of its large bricks-and-mortar footprint, Fire & Flower has been aggressively expanding its presence online. In August, the company said it was buying websites PotGuide for US$8.5 million and Wikileaf for C$7.5 million.
“Fire & Flower is evolving to take a greater focus on digital engagement with customers,” reads a statement.
Now, the firm says Canadian customers can shop for weed products via those websites, with orders fulfilled by its retail network that includes Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox stores.
Purchases are available for delivery in B.C., Ontario, Manitoba and Saskatchewan. Alberta is also set to hand over delivery and online sales to private sellers.
Fire & Flower is also reporting strong participation in its Sparks Perks loyalty program, with 360,000 members. The company says that members spend on average 31-per-cent more than non-members.
The milestone of exceeding 100 corporate-owned stores allows Fire & Flower to serve customers in every Canadian market where private cannabis retail is allowed, CEO Trevor Fencott said in a statement.
As we evolve our business, we look to driving traffic to our stores through e-commerce and convenience retail. An omni-channel, convenience-oriented strategy offers a clear value proposition to our customers and is aligned with our strategic partner, Alimentation Couche-Tard, owner of Circle K.”
In October, the company revealed a deal to add Fire & Flower stores near Canadian Circle K locations.
It’s since expanded that co-location program, which Fencott says will amplify the ability to build a large, cost-effective network that’s strategically placed near convenience hubs to generate high retail traffic.
It also has an in-house data platform, Hifyre, which the firm says allows it a more personalized and customer-centric retail experience, by building a real-time understanding of consumer preferences.
With a Fire & Flower-branded store opening in California in August, the company plans to enter the U.S. via a licensing deal. On Monday, the firm said it was consolidating its shares to list on the Nasdaq.