FIRE & FLOWER ANNOUNCES COMMENCEMENT OF COURT-APPROVED SALE AND INVESTMENT SOLICITATION PROCESS

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/

TORONTO, June 21, 2023 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX:FAF.TO) (OTCQX:FFLWF) and its subsidiaries, Fire & Flower Inc., 13318184 Canada Inc., 11180703 Canada Inc., 10926671 Canada Ltd., Friendly Stranger Holdings Corp., Pineapple Express Delivery Inc. and Hifyre Inc. (collectively, the "Fire & Flower Group") today announced that they have received approval from the Ontario Superior Court of Justice (Commercial List) (the "Court") under the Companies' Creditors Arrangement Act (the "CCAA") for (i) the implementation of a sale and investment solicitation process to be conducted by FTI Consulting Canada Inc., as Court-appointed monitor of the Fire & Flower Group (the "Monitor"), with the assistance of the Company (the "SISP"); and (ii) a stalking-horse agreement (the "Stalking Horse Agreement") between the Company and 2707031 Ontario Inc. (the "Stalking Horse Bidder"), an affiliate of Alimentation Couche-Tard Inc. ("ACT"), pursuant to which the Stalking Horse Bidder would act as stalking-horse bidder under the SISP.