Canadian marijuana retailer Fire & Flower seeks Nasdaq listing

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Fire & Flower Holdings, a Canadian marijuana retail chain with an eye on international growth, applied to list its shares on the Nasdaq exchange in the United States.

“The company anticipates that the Nasdaq listing will assist in attracting retail and institutional investors interested in Fire & Flower’s international growth ambitions as well as provide the company with increased access to strategic partners, deal-flow and value creation opportunities,” Fire & Flower noted in a news release issued Tuesday.

“We will continue to pursue domestic and international opportunities for accelerated growth in the years ahead and look forward to updating our broadening shareholder base as we move ahead,” Fire & Flower CEO Trevor Fencott said in the release.

Additionally, the uplisting could “advance discussions with strategic partners and other U.S. initiatives,” Stifel analyst Justin Keywood wrote in a note to clients.

The company reported revenue of 33.1 million Canadian dollars ($26 million) for its most recent quarter, with a net loss of CA$25.7 million.

Fire & Flower owns and operates cannabis stores in Alberta, Manitoba, Ontario, Saskatchewan and Yukon Territory.

Canada-based international convenience store operator Alimentation Couche-Tard is an investor in the company.

Fire & Flower recently acquired competing store operator Friendly Stranger.

Shares of Fire & Flower trade on the Toronto Stock Exchange as FAF.