18:09:44 EDT Sat 21 May 2022
Enter Symbol
or Name

Login ID:
Fiore Cannabis Ltd
Symbol FIOR
Shares Issued 155,952,035
Close 2022-05-13 C$ 0.03
Recent Sedar Documents

Fiore closes Colorado merger with Unified Global

2022-05-13 19:54 ET - News Release

Mr. Paul Lufkin reports


Fiore Cannabis Ltd. has closed its Colorado merger with Unified Global, which was previously announced in a press release dated April 18, 2022.

Unified Global has become an operating division of Fiore with the combined team focused on closing up to 41 retail cannabis retail locations and cultivation facilities in Colorado, Oregon and Alberta to create the first Canadian-American multistate operator. This transaction enables the combined company to be a powerhouse platform for consolidating profitable operators with enhanced opportunities for cannabis entrepreneurs, investors and stakeholders.

Leadership and board changes

Prior to the closing of the transaction, Erik Anderson tendered his resignation as the company's president and chief executive officer. Marcel LeBlanc, who is a long-time director of Fiore, has been appointed interim CEO.

Paul Lufkin, Unified Global's founder, is also executive chairman and CEO of Unified Global, which is now a subsidiary of Fiore. Mr. Lufkin became a director of Fiore as previously announced on April 18, 2022.

Kevin Cornish has been reappointed as chief financial officer. Mr. Cornish returns to the company with his cross-border cannabis finance leadership, ability to scale businesses toward greater growth and deep knowledge of the company's operations.

David Evelyn has been appointed as chief operating officer for the company to further reinforce his key role in operations and expansion strategy. Mr. Evelyn has been a senior operations executive with Unified Global and has been directly involved in the cannabis sector since legalization of the Canadian adult-use (non-medicinal) market in 2018. He was part of a team at a previous company, which also included Mr. Cornish, that opened 90 Canadian retail cannabis stores in 30 months.

"I'm very excited we have merged Unified Global with Fiore and will be leveraging the leadership from the talented Unified Global team that has over 100 combined years of cannabis experience when combined with Fiore's team. Unified Global has built out an amazing acquisition program and integration infrastructure, and is currently working with a $200-million (U.S.) pipeline of [merger-and-acquisition] opportunities," said Paul Lufkin, executive chairman and chief executive officer of Unified Global, a subsidiary of Fiore.

"I am also pleased to have Kevin back with Fiore and to congratulate David on his expanded responsibilities. Their proven past leadership in scaling cannabis operations will be key along with the rest of team as we focus on executing with velocity to unify the multiple organizations, drive fast profitable growth and enhance shareholder value."

Expansion of secured convertible note offering

In light of the demand, the Fiore board also approved an increase in its previously announced secured convertible note offering to $3-million (U.S.). The upsized convertible note offering provides for a 12-per-cent APR, convertible at 10 U.S. cents.

2021 financial results

Fiore recently released fourth quarter and year-end 2021 financial results that support the company's turnaround efforts, show the improved performance in its revenue-generating operations in Nevada and California, and had positioned the company for the transaction with Unified Global to aggregate up to $50-million of revenue opportunities, assuming that all of the acquisitions planned and previously announced by Unified Global are completed. Fiore's financial statements and corresponding management's discussion and analysis for the quarter and year ended Dec. 31, 2021, are available on the company's SEDAR profile.

About Fiore Cannabis Ltd.

Fiore intends to become a vertically integrated Canadian-American multistate operator by acquiring and consolidating cannabis operations in select mature cannabis markets. The Fiore and Unified Global combination has cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California, and plans to roll in assets from Colorado, Oregon and Alberta. Fiore is led by an experienced team with significant cannabis operating expertise from the United States and Canada.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.