2020-03-23 16:41 ET - News Release
Mr. Darren Bondar reports
INNER SPIRIT HOLDINGS APPOINTS MANJIT MINHAS AS STRATEGIC ADVISOR
Inner Spirit Holdings Ltd. has appointed Manjit Minhas as strategic adviser to the board of directors. During the current COVID-19 pandemic, the company has been maintaining operations with the majority of its Spiritleaf cannabis retail stores open and working with new customer service processes such as Spiritleaf Select & Collect in place to ensure the safety of employees and customers.
Ms. Minhas and the company will work together to further define the organization's house-brand cannabis products, determine best-available distribution channels for the company's products and services, and further develop its government relations approach. Ms. Minhas is expected to be included in the slate of directors for election by shareholders at the company's annual general meeting on May 15, 2020, once approvals are granted by the appropriate regulatory authorities.
"Manjit is a well-recognized business visionary in Canada with a strong track record of building retail brands and expanding their growth opportunities. We look forward to her insights on our white labelling and licensing of house-branded cannabis to benefit the Spiritleaf network. She also has knowledge and insights for the distribution of our products, which will be very valuable as we look to optimize our product strategy. We anticipate working with her to find ways to manage most effectively during this unprecedented time, increase our profitability and develop new revenue sources for the company. We're excited to now have the support of two of Canada's most experienced and popular Dragon entrepreneurs as the company added a major investment from a company owned by Brett Wilson earlier this month," said Darren Bondar, president and chief executive officer of Inner Spirit.
Ms. Minhas has become well known in Canadian business circles due to her role on the CBC series Dragons' Den. Calgary born and raised, she is the co-founder and co-owner of Minhas Breweries, Distillery and Wineries. Though trained as a petroleum engineer, she has become a specialist in brand development, marketing, sales management and retail negotiations. Personal accolades include Profit Magazine's top growth entrepreneur, top 100 women entrepreneurs in Canada, Canada's top 40 under 40, Chatelaine Magazine's top entrepreneurial women of the year 2011, and Ernst and Young's entrepreneur of the year for the prairie region. Ms. Minhas also serves as a director of ATB Financial, Alberta's largest homegrown financial institution.
In consideration for her services, the company will be paying Ms. Minhas a consulting fee and granting her 500,000 stock options at an exercise price of 10 cents per common share in accordance with the company's stock option plan.
The Spiritleaf retail cannabis store network currently includes 46 open and operating franchised, licensed and corporate-owned stores in Alberta, British Columbia, Saskatchewan and Ontario. The company recently announced an expansion program for Spiritleaf retail cannabis stores in Ontario, which includes having submitted applications for 24 new stores and an agreement to acquire the licensee-owned Spiritleaf store in Kingston, Ont. Please visit the company's website for up-to-date information on store locations and operating hours. Note that operating hours have been reduced at certain locations to accommodate revised Spiritleaf staffing levels.
About Inner Spirit Holdings Ltd.
Inner Spirit has established a growing network of recreational cannabis stores across Canada under its Spiritleaf brand. The Spiritleaf network includes franchised and corporate-owned stores as well as an Ontario retail partnership, all operated with an entrepreneurial spirit and with the goal of creating deep and lasting ties within their local communities.
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