The Securities Commission granted an order for Fire & Flower Holdings Corp. (the Issuer) to cease being a reporting issuer and fully revoked a previous failure-to-file cease trade order. The Issuer had been cease traded due to not filing required interim financial documents. After undergoing reorganization under the Companies’ Creditors Arrangement Act (CCAA), the Issuer sought to revoke the cease trade order and cease being a reporting issuer in all jurisdictions where it was recognized as such.
The Issuer completed a sale and investment solicitation process, resulting in a successful bid by FIKA Cannabis, which led to the issuance of new common shares and the redemption and cancellation of old common shares. As a result, the Issuer’s securities were delisted from the Toronto Stock Exchange and OTCQX, and it became a privately held company with FIKA as the sole securityholder.
The Commission’s decision was based on the Issuer’s compliance with relevant securities legislation, including the Securities Act (Ontario), National Policy 11-206, and National Policy 11-207, as well as the Issuer’s lack of intention to seek public financing or maintain a market for its securities. The Issuer was not in default of any securities legislation requirements except for the failure to file specific interim financial documents.
The order was issued on October 3, 2023, by Lina Creta, Manager of Corporate Finance at the Ontario Securities Commission.