Mr. Stephane Trudel reports

FIRE & FLOWER AND ALIMENTATION COUCHE-TARD ENTER INTO A MASTER LICENSING AGREEMENT

Fire & Flower Holdings Corp. has made advancements in the relationship between the company's strategic partner, Alimentation Couche-Tard Inc., and Fire & Flower through the completion of a master licence agreement with MC Cannabis Inc., an indirect wholly owned subsidiary of Couche-Tard.

Overview of the master licensing agreement:

• Fire & Flower will have the exclusive right of first opportunity to negotiate with Couche-Tard with respect to entering new retail cannabis businesses and franchise arrangements in Canada, as well a potential retail expansion to additional legal cannabis markets outside of Canada.
• Couche-Tard has exclusively committed to developing Fire & Flower branded retail cannabis stores in Ontario under the master licensing agreement.
• The first five Fire & Flower branded retail cannabis stores will be recently opened co-located stores, adjacent to Circle K convenience stores in the Greater Toronto Area that are currently operating as MC Cannabis and will be rebranded to Fire & Flower.

Benefits of the master licensing agreement:

• Leverages Couche-Tard real estate footprint and resources to develop licensee stores;
• Gives Fire & Flower the opportunity to expand its system sales, brand presence and the Hifyre digital retail platform in Canada and, through the exclusive right of first opportunity, to participate alongside Couche-Tard in a potential expansion to additional legal cannabis markets outside of Canada;
• Expands reach of the Spark Perks membership program and industry-first Spark Marketplace app.

"With the signing of this agreement, we have achieved another important step forward with our strategic partner, Couche-Tard. We continue to work closely together to build a sustainable growth engine, leveraging Couche-Tard's high-quality real estate assets, retail operations expertise and capital, accelerating our path to profitability and goal of free cash flow," shared Stephane Trudel, chief executive officer of Fire & Flower. "Successful retail is built on delighting our customers with great locations, people and products. Today, we have expanded our ability to grow the Fire & Flower network, in Canada and other international legal cannabis markets, by adding this scalable building block that we can further refine together in the first federally legal cannabis market in the world."

"Couche-Tard is pleased to have entered into a master licence agreement with Fire & Flower. The Hifyre digital retail platform, including the Spark Perks membership program and the Spark Marketplace app, will bring a distinct competitive advantage to our cannabis stores. The current co-located cannabis stores adjacent to Circle K locations and anchored by convenience stores, fuel and car wash offerings are showing growth and we look forward to combining this with the recognized Fire & Flower brand and technology-enabled shopping experience to make it easy for customers," shared Steve Pitts, vice-president of operations, Central Canada, of Couche-Tard.

"As we look to markets opening in the United States and Europe, we will work alongside our strategic partner to expand Fire & Flower to international markets," shared Mr. Trudel, chief executive officer of Fire & Flower.

About Fire & Flower Holdings Corp.

Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 90 cannabis retail stores operating in its network through the Fire & Flower, Friendly Stranger, Happy Dayz, Firebird Delivery and Spark Perks brands. The company leverages its wholly owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.

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