The Globe and Mail reports in its Tuesday, May 30, edition that ATB Capital Markets analyst Frederic Gomes has lowered his recommendation on Fire & Flower Holdings to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gomes knocked his share target back by a loonie to $1.50. Analysts on average target the shares at $3.63. Mr. Gomes thinks it is increasingly unlikely Alimentation Couche-Tard will exercise its warrants on almost 18 million Series C shares of Fire & Flower Holdings which would have provided much-needed financing for the Toronto-based cannabis retailer. On Friday, Fire & Flower announced it has "engaged a financial advisor to assist the company with reviewing strategic options including financing options." Mr. Gomes says in a note: "We believe the announcement is negative and a signal indicating a higher probability that Alimentation Couche-Tard Inc.'s Series C warrants may not be exercised. ... Fire & Flower's balance sheet was a near-term overhang, but we had previously assumed that it was more likely than not that the company would obtain capital via the exercise of the warrants before their expiration in June."