Fire & Flower Holdings Corp. , a cannabis retailer with a proprietary digital retail and data platform, today announced that its wholly-owned indirect subsidiary, Hifyre Inc., has entered into a strategic agreement with BDS Analytics Inc. (BDSA) to incorporate Hifyre’s Canadian digital retail and analytics into BDSA’s existing online U.S.-based market research platform. As part of the agreement, BDSA will offer Hifyre IQ™ Canadian cannabis data to its U.S.-based clients and Hifyre™ will be able to provide U.S. data from BDSA to its Canadian clients, allowing both companies to offer enhanced, crossborder data to their respective consumer bases.
Matthew Hollingshead, President of Hifyre, Inc., commented, “A key aspect of Fire & Flower’s growth strategy is to strategically incorporate alternative high-margin revenue streams into our business model in order to drive profitability, while building a leadership role in key cannabis markets around the world. Our Hifyre IQ™ analytics platform has proven successful in Canada as it has presented one of the strongest avenues of high-margin growth for our business and is recognized by licensed cannabis producers, equity research analysts, investment banks, hedge funds and consulting firms as a leading cannabis data platform in the country. Extending this platform into the U.S. is an excellent opportunity to accelerate this revenue stream.”
Hollingshead continued, “Our unique Hifyre IQ™ platform has generated widespread demand from other leading cannabis companies looking to efficiently capture consumer data and meet customer demand. BDSA’s extensive U.S. cannabis database and ability to quickly adapt to changing regulations in the U.S. makes them a prime partner. Through this agreement, both Fire & Flower and BDSA anticipate enlarging our respective consumer bases while supporting each other’s continued growth in the cannabis industry.”
Strategic Agreement Highlights
- The Hifyre IQ™ Canadian cannabis data platform will be made available for subscription to customers of BDSA through its existing cannabis data products.
- BDSA’s U.S. cannabis consumer data will be made available for subscription to customers of Hifyre IQ™.
- Hifyre and BDSA will work collaboratively on the development of additional products and services using data available from Canada and the U.S.
“We are very pleased to be working with Hifyre under this strategic agreement and bringing their leading Canadian cannabis data to our clients in the U.S. who are keen to understand insights from the Canadian market and how they may apply to consumers in the United States,” said Micah Tapman, Chief Executive Officer of BDSA. “The offering of BDSA’s U.S. data to Hifyre’s Canadian cannabis customers will further expand our presence in the Canadian market.”
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer focused on the Canadian market and international expansion opportunities. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the HifyreTM digital platform connects consumers with cannabis products. The Company’s leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations. Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. To learn more about Fire & Flower, visit www.fireandflower.com.
The Hifyre Digital Retail and Analytics Platform is a proprietary ecosystem of products that includes the Spark Perks member program, Hifyre ONE retail software platform and the Hifyre IQ cannabis data and analytics platform. The Hifyre platform also supports Fire & Flower’s advanced operations and provides a competitive advantage in providing a tailored digital experience and understanding consumer behaviours in the evolving cannabis market. To learn more about Hifyre, visit www.hifyre.com.
BDSA helps businesses improve revenues, reduce innovation risk, and prioritize market expansion with accurate and actionable cannabis market intelligence, consumer research and advisory services. The company provides a holistic understanding of the cannabis market by generating insights from point-of-sale data, consumer research, and market-wide industry projections. Retailers, manufacturers, brands, wholesalers and investors can now make better strategic decisions that drive profitability, increase revenues and market share, and reduce expenses. BDSA is headquartered in Boulder, Colorado. To learn more please visit www.bdsa.com.