Canadian cannabis company Fire & Flower Holdings Corp. said Tuesday it’s postponing its efforts to list its stock on the Nasdaq in the face of challenging market conditions. It’ll instead focus its capital to achieve business growth under its new CEO Stéphane Trudel, who previously worked at Canadian convenience store giant Alimentation Couche-Tard as senior vice president of operations. Alimentation Couche-Tard in April increased its stake in Fire & Flower Holdings to 35% through a warrant transaction. Fire & Flower said its first-quarter net loss narrowed to C$9.9 million ($7.66 million), or 27 cents a share, from a loss of C$61.6 million, or C$2.06 a share, in the year-ago quarter. Revenue fell to C$40.9 million from C$44.1 million. The company fell short of the analyst target for a loss of 15 cents a share and revenue of C$46.5 million, according to a FactSet survey. “Competitive pressures, license expansion outpacing market growth, and a growing value-oriented customer base have created challenging market conditions for the industry as a whole,” CEO Trudel said. Shares of Fire & Flower shares have fallen 40.5% in 2022 compared to a loss of 52.9% by the Cannabis ETF .
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