Wow! thank You SpiritLeaf. Inner Spirit Holdings Opens Additional Spiritleaf Stores in Ontario and Newfoundland and Labrador to Achieve 60-Store Milestone Across the Country
October 5, 2020
CALGARY, Alberta (October 5, 2020) – Inner Spirit Holdings Ltd. (“Inner Spirit” or the “Company”) (CSE:ISH), a Canadian company that has established a national network of Spiritleaf retail cannabis stores, today announced the continued expansion of its network with Spiritleaf franchised store openings in Ontario and in Newfoundland and Labrador. The Company celebrated the opening of its 59th and 60th Spiritleaf locations over the weekend with stores in the Parkdale community on the west side of Toronto and in the Goulds neighbourhood just southeast of St. John’s.
“We are very pleased to continue the expansion of the Spiritleaf brand and to reach the 60-store milestone as Canada’s leading recreational cannabis retail store network. Two years into legalization, the Spiritleaf retail experience across the country is vibrant with Spiritleaf serving a record number of guests in September and now boasting over 125,000 members in its Collective customer benefits program. We will continue to do our part to educate and bring the benefits of legal recreational cannabis to more communities and customers through our stores,” said Darren Bondar, President and CEO of Inner Spirit.
The interest in Spiritleaf franchises continues to remain strong across the country. Additional store locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Newfoundland and Labrador have all been secured and would bring the Company to over 100 Spiritleaf locations which are expected to open through 2021. This targeted growth includes the anticipated doubling of Spiritleaf corporate stores from 11 to 22 through the planned opening of corporate stores in Alberta, Saskatchewan, Manitoba and Ontario by the end of 2021.
In Alberta, the Company has enjoyed great success and is the top retailer in terms of licensed stores in the province. A licence cap in place for Alberta which limits any single business entity from exceeding 15% of the overall market is being removed as of November 1, 2020. It’s expected this will open up further growth opportunities for Spiritleaf locations. In Manitoba, the Liquor, Gaming and Cannabis Authority of Manitoba has issued the Company a conditional license for a location on McPhillips Street in Winnipeg with additional franchise and corporate stores under development in this new market segment.