Global cannabis investment company MMJ Phytotech has acquired a minority stake in Canadian cannabis retailer Fire & Flower.

The move by the company is in line with the Canadian government’s announcement of legalising and regulating marijuana for recreational use in the country.

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As part of the deal, MMJ has invested C$1m ($782,120) to purchase 1.25 million shares in the Canadian cannabis retail chain.

“Fire & Flower is a retail investment with an experienced management team and significant potential that further diversifies our portfolio.”

MMJ Phytotech chief executive Jason Conroy said: “Fire & Flower is a retail investment with an experienced management team and significant potential that further diversifies our portfolio ahead of the expected federal legalisation of cannabis later this year in Canada.”

The Canadian cannabis retailer will also open 37 retail stores in Alberta, following the successful legalisation of the use of recreational marijuana, which will take effect in summer of this year.

Fire & Flower is a corporate retail store offering cannabis products through education-based programming in Canada.

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Based in Perth, Australia, MMJ Phytotech invests in cannabis-related sectors, such as cultivation, processing, technology and infrastructure, equipment, R&D, hemp food products, retail and healthcare products.

In October last year, the company announced plans to become an incubator for strategic investments in cannabis value chain.

The investment firm currently owns a minority stake in Harvest One, a full ownership of Israeli-based R&D division PhytoTech Therapeutics, along with strategic holdings in e-Sense Lab and Canadian-based WeedMe.