Inner Spirit Holdings Announces Additional Spiritleaf Store Openings in Alberta To Bring Total Number of Open Retail Cannabis Stores to 46 Across Canada

February 20, 2020

Leading retail cannabis brand continues to open stores in Alberta market as it readies for expansion push into Ontario 

CALGARY, Alberta (February 20, 2020) – Inner Spirit Holdings Ltd. (“Inner Spirit” or the “Company”) (CSE:ISH), a Canadian company establishing a national network of retail cannabis stores under its Spiritleaf brand, today announced that franchised stores in Sherwood Park and Spruce Grove, Alberta will be opening this week, making Spiritleaf the largest cannabis retail store brand in the province. The Company also announced that its franchise partners have begun construction on four additional Spiritleaf stores in Alberta and that it is awaiting final licensing approval for a store in Kelowna, British Columbia. 

“We are delivering on the Company’s growth plan by opening additional Spiritleaf cannabis retail stores and obtaining more licences. We will soon have 46 Spiritleaf stores open and serving communities with a premium recreational cannabis shopping experience. We’re pleased with our success in opening stores and will be pursuing further expansion in Alberta, British Columbia, Saskatchewan and Ontario. With the Ontario and Saskatchewan governments announcing late last year that they are moving to an open licensing system, we are in the process of applying for additional retail operator licenses and securing locations in those markets,” said Darren Bondar, President and CEO of Inner Spirit.

New store opportunities in the Ontario market specifically represent growth potential for the Company. Inner Spirit has previously noted it has more than 20 potential store locations qualified for provincial licensing in Ontario and is projecting to open up to 30 Spiritleaf locations in the province by the end of the year. It’s anticipated that expansion into this market will have a positive impact on future business performance. The launch of Cannabis 2.0. products are also benefiting retail performance as the new products broaden the product portfolio for existing consumers and provide ready-made options for new consumers. Product advancements are expected in multiple markets throughout the coming year with cannabis vape products only entering the Alberta market this week. 

For those interested in Canada’s cannabis industry, the Spiritleaf team is providing experiential tours of its Banff, Alberta store on February 20 and Bondar will be speaking at The Gathering of Cult Brands business summit in Banff on February 21. Spiritleaf will also be exhibiting at the Canadian Franchise Association’s Franchise Canada show in Toronto, Ontario on February 22 and 23 as the Company looks to attract additional franchise partners to satisfy new market opportunities. 

The Spiritleaf retail cannabis store network will include 46 franchised, licensed and corporate-owned stores in Alberta, British Columbia, Saskatchewan and Ontario as of February 21. The 44th Spiritleaf store opened in Cold Lake, Alberta on January 24. Please visit www.spiritleaf.ca for further information on store locations and operating hours. 

About Inner Spirit

Inner Spirit Holdings Ltd. (CSE:ISH) 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. Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis by offering a premium consumer experience and quality curated cannabis products. The Company is led by passionate advocates for cannabis who have years of retail, franchise and consumer marketing experience. Key industry partners and shareholders include Auxly Cannabis Group Inc. (TSX.V:XLY), HEXO Corp (TSX:HEXO) and Tilray, Inc. (NASDAQ:TLRY). Learn more at www.innerspiritholdings.com and www.spiritleaf.ca. 

Forward-Looking Information

This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking information can be identified by terms such as “projecting”, “expected”, “will”, “anticipate”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to: additional franchised Spiritleaf retail cannabis stores being set to open this week; the Company readying for an expansion push into Ontario; the Company pursuing further expansion in Alberta, British Columbia, Saskatchewan and Ontario; the Company applying for additional retail operator licenses in the Ontario and Saskatchewan markets; the Company projecting that it will open up to 30 Spiritleaf locations in the Province of Ontario; the anticipation that expansion into the Ontario market will have a positive impact on future business performance; and the expectation of product advancements in multiple markets throughout the coming year. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including but not limited to: the risk that the Spiritleaf retail cannabis stores intended to be opened this week do not open as anticipated or at all; the risk that the Company or its franchisees do not receive retail cannabis licences or are not able to open additional retail cannabis stores, including in Saskatchewan and Ontario;  the risk that Cannabis 2.0 products do not become available as anticipated, and if they do become available, the risk that the actual benefits from Cannabis 2.0 products will not be as anticipated; the risk that product advancements will not materialize in multiple or any markets throughout the year, and if they do materialize,  the risk that the actual benefits from such product advancements will not be as anticipated; and other factors and risks outside of the Company’s control. Readers are cautioned that the foregoing list of factors and risks is not exhaustive. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

For further information

Darren Bondar, President and CEO 

Email: [email protected] 

Phone: 1 (403) 930-9300