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

EDMONTON, May 31, 2019 /CNW/ - Fire & Flower Holdings Corp. and its wholly-owned subsidiary Fire & Flower Inc. (collectively, "Fire & Flower" or the "Company") (TSXV: FAF), today announced its near-term schedule for opening additional licensed cannabis retail stores across the province of Alberta.

The announcement comes following the Alberta Gaming, Liquor and Cannabis Commission's (the "AGLC") announcement that it has seen a sufficient enough increase in cannabis inventory available to lift its previously announced mortarium on issuing new retail licences.

The AGLC has announced it will resume issuing five licences on a weekly basis to approved retailers on its licensing queue on a first-in, first-out basis. More information on the lift of the moratorium can be found on the AGLC's website at the following address: https://aglc.ca/news/retail-cannabis-licence-moratorium-lifted.

Fire & Flower currently has six fully built locations on AGLC's current licence queue. The Company is preparing to open these additional stores at its earliest opportunity once licensed. The Company is also continuing to build out additional stores in Alberta which it expects to open in the third and fourth quarters of 2019.

"Fire & Flower applauds the AGLC and the Government of Alberta for their leadership of Alberta's growing adult-use cannabis industry. The AGLC's work in securing reliable and diverse product supply reinforces Alberta's forward-looking environment for retail adult-use cannabis," shared Trevor Fencott, Chief Executive Officer of Fire & Flower. "Having built out stores across the province of Alberta in anticipation of a resumption of licensing validates Fire & Flower's first-to-market growth strategy."

Fire & Flower will announce the opening dates and operating hours of additional licensed locations at its earliest opportunity.

About Fire & Flower

Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer poised to capture significant Canadian market share. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing that is centered around its proprietary HiFyre digital platform. The Company's leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations.

Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc., a licenced cannabis retailer in the provinces of Alberta and Saskatchewan and is a consultant and licensor to Fire & Flower-branded retail locations in province of Ontario.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct.

The Company assumes no obligation to publicly update or revise forward-looking statements to reflect new information, future events or otherwise, except as expressly required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Fire & Flower Holdings Corp.

For further information: Investor Relations, Chris Bolivar, Vice President, Brand and Marketing, [email protected], 1-833-680-4948; Media Relations, Nathan Mison, Vice President, Government and Stakeholder Relations, [email protected], 780-953-1106