Inner Spirit Holdings Ltd. INSHF

CALGARY, Alberta (July 14, 2020) INDUSTRY NEWS:

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CONTINUED EXPANSION OF SPIRITLEAF STORE NETWORK:In Alberta, the Company celebrated the opening of its 54th Spiritleaf store conveniently located in Red Deer’s Gasoline Alley on Highway 2, the province’s busiest and longest highway, on July 9. An additional franchise store in Calgary’s Southland community located at the Brick Plaza on Macleod Trail is expected to open on July 20 and a franchise location in Fish Creek Village is now fully built and awaiting final licensing. The Company has also conditionally secured five additional franchise locations in Calgary and two additional corporate store locations in Edmonton in anticipation of the Alberta Gaming, Liquor & Cannabis (the “AGLC”) increasing the licensing cap to over 45 permitted stores per operator later this fall.

In Ontario, the Company announced that two franchised stores and a corporate-owned store have secured Retail Store Authorizations from the Alcohol and Gaming Commission of Ontario to begin operations. Franchise stores will be opening in the suburban community of Stittsville near Ottawa on July 18 and in London’s Masonville neighbourhood on July 27. The corporate-owned store in Nepean just south of Ottawa is expected to open on July 27 bringing the total number of stores expected to be operating by the end of July to 58.

These stores follow on recent Spiritleaf store openings in Toronto, Ottawa and Guelph as well as the acquisition of the Spiritleaf store in Kingston (corporate) that previously operated under a licensing agreement with one of the province’s lottery winners. By the end of July, the Company anticipates having nine Spiritleaf stores serving customers in Canada’s most populous province with an additional 16 locations under various phases of development.