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by Stockwatch Business Reporter
The TSX Venture Exchange gained 6.12 points to 622.05 Tuesday. Donald Wright, Avi Grewal and John O'Sullivan's second capital pool shell, Cinaport Acquisition Corp. II, has closed its qualifying transaction and launched a marijuana retailer, Fire & Flower Holdings Corp. (FAF: $1.34). For its QT, the shell rolled back 1 for 10.648148, leaving it with 1,446,260 issued shares, then it issued 100,988,153 shares to its target's shareholders. Fire & Flower today traded 7.29 million shares at prices ranging from $1.12 to $1.60. It closed at $1.34.
Fire & Flower operates seven stores in Alberta and two in Saskatchewan. It plans to add stores in these two provinces, as well as Manitoba, Ontario and British Columbia. Its ambition is to boost the number of its stores to 65 by mid-2020. Among its suppliers are TerrAscend Corp. (TER: $8.75) and Emblem Corp. (EMC: $1.57).
In the nine months ended Nov. 3, 2018, Fire & Flower lost $29.22-million on revenue of $2.52-million. Before that, it had no revenue. The company has cash. Last spring, it sold a $19-million private placement at 80 cents. Then in November, it sold a $36.5-million private placement at $1.50. Fire & Flower also has debt, specifically $25.8-million worth of debentures that are convertible into about 25.3 million shares.
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