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Thanks to increased investment and legalization, there is so much energy and excitement in the cannabis industry, resulting in expansion and growing retail businesses. Since its founding in 2014, Fiore Cannabis Ltd (OTCMKTS: FIORF) has encountered diverse unmet needs from consumers, promoting a need for an enlarged portfolio of branded products. As a result, the company has invested heavily in developing recreational, medical, and wellness cannabis products. Its current brands include Diamante Labs, The Weekender, Fiore Cannabis, Surfer, and PureCloud 9.
For the last couple of summer months, Fiore Cannabis has been planning and strategizing on its direction. And once of the accomplishments is the completion of the sale of its Celista, BC asset. The company’s CEO, Erik Anderson, says that this is one of the wins for them to clean up their balance sheet. This will also enable the company to refocus on allocating its key markets, including Nevada and California. Meanwhile, preparation of operations is underway in Las Vegas and Desert Hot Springs in California’s Coachella Valley.
The Acquisition of a California Cannabis Delivery Firm
At the cost of US$1.2 million payable in a stock and cash transaction, Fiore Cannabis Ltd. has acquired a cannabis delivery business, California Patients Club (CPC). The acquisition will play a significant role in the integration of its service offering in California.
Speaking about this partnership, CPC’s owner John Jacobs says that having developed a top-tier e-commerce business, they have the scale and ability to expand it beyond its current market. And there is no other better opportunity than now, given the significant increase in the California cannabis market.
Marijuana Business Daily has it that this particular market topped US$4.4 billion in sales in 2020. Besides, the regulations in California are so supportive of the delivery business. Meanwhile, the acquisition’s closure should happen in 90 days as both parties take one step towards realizing its objective.
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