- Fiore Cannabis (FIOR) has closed its previously announced acquisition of Unified Spinco, a spin-out entity of Unified Global CO Inc.
- Unified Global has become an operating division of Fiore
- The company also announced a number of senior management changes
- Fiore has increased its Secured Convertible Note Offering to US$3 million
- Fiore has released fourth-quarter and year-end 2021 financial results
- Fiore Cannabis is focused on becoming a Canadian-American Multi-State Operator
- Fiore Cannabis Ltd. (FIOR) opened trading at C$0.03 per share
Fiore Cannabis (FIOR) has acquired Unified Spinco, a spin-out entity of Unified Global CO Inc.
Unified Global has become an operating division of Fiore. This transaction will allow Fiore to be a platform for consolidating profitable operators with opportunities for cannabis entrepreneurs, investors and stakeholders.
Following Erik Anderson’s resignation as Fiore’s President and CEO, Marcel LeBlanc, 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.
Kevin Cornish has been re-appointed as Chief Financial Officer.
David Evelyn has been appointed as Chief Operating Officer.
Paul Lufkin, Executive Chairman and CEO of Unified Global commented on the news.
“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 US$200 million pipeline of M&A opportunities.”
“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,” he added.
Fiore has increased its previously announced Secured Convertible Note Offering to US$3 million. The upsized convertible note offering provides for a 12 per cent APR, convertible at US$0.10.
Fiore has released fourth-quarter and year-end 2021 financial results that support the company’s turnaround efforts, highlighting the improved performance in its revenue-generating operations in Nevada and California. The acquisition of Unified Global will position Fiore to generate an aggregate of up to C$50 million of revenue opportunities.
Fiore Cannabis is focused on becoming a Canadian-American Multi-State Operator by acquiring and consolidating cannabis operations in select cannabis markets.
Fiore Cannabis Ltd. (FIOR) opened trading at C$0.03 per share.
