Couche-Tard Inc. is planning to acquire cannabis shops in New Brunswick and become a leader in the North American cannabis industry. More than 13 months after the legalization of recreational cannabis use, New Brunswick has just issued a call for tenders to privatize Cannabis NB. Couche-Tard would have liked to develop a global cannabis sales showcase in Quebec but laws have made it difficult.
Quebec convenience store Couche-Tard has already shown interest in the cannabis sector and has now set its sights on cannabis shops in New Brunswick.
Couche-Tard is one of the largest operators of convenience stores and gas stations in North America, primarily under the global Circle K brand and the Couche-Tard banner in its Quebec home province.
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Alimentation Couche-Tard Inc., a convenience store chain operator, has made a strategic investment in Fire & Flower Holdings Corp., using the funds to grow its Hifyre online retail platform and broaden its cannabis distribution network.
Alimentation Couche-Tard does not hide its intention to acquire cannabis shops in New Brunswick, recently put up for sale.
“This is indeed interesting news for us. Alimentation Couche-Tard has already expressed its desire to become a leader in the North American cannabis industry,” said Couche-Tard spokeswoman Laurence Leroux yesterday.
More than 13 months after the legalization of recreational cannabis use, New Brunswick has just issued a call for tenders to privatize Cannabis NB, a subsidiary of the New Brunswick Liquor Corporation.
Cannabis NB has a network of 20 stores. Cannabis NB’s strategy is to find a buyer to become responsible for the exploitation, distribution, and sale of cannabis for recreational purposes on its territory.
Couche-Tard is intending to file an offer through Fire & Flower of which it is a major shareholder. Fire & Flower, headquartered in Edmonton, license 33 retail and online cannabis stores in Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon.
Fire & Flower’s stock is currently listed on the TSX Venture Exchange but has been given conditional approval to list its shares simultaneously with the deal on the Toronto Stock Exchange.
According to Couche-Tard’s management, Fire & Flower represents “its development vector in the cannabis market, both in New Brunswick and the rest of Canada, to reach new consumers as markets develop.”
By the end of 2021, Fire & Flower expects to have a network of 135 stores across the country.
Couche-Tard’s co-founder, Alain Bouchard, would have liked to develop a global cannabis sales showcase in Quebec for his network of convenience stores in more than 25 countries.
Couche-Tard had hired a lobbying firm to make representations to elected officials. However, the Couche-Tard offer was never considered by the former Liberal government.
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(Featured image by Beltz via Wikimedia )
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First published in Le Journal de Quebec, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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