CSE: ISH

Inner Spirit Holdings Announces Opening of 34th Spiritleaf Retail Cannabis Store in Town of Banff

October 1, 2019

Spiritleaf now operating stores and serving customers in both of Alberta’s major national parks

CALGARY, Alberta (October 1, 2019) – 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 the opening of its newest franchise store in Banff, Alberta which represents the Company’s 34th operating location. The Banff store is the first recreational cannabis outlet to be opened in the town centre and is located at 203B Bear Street. Please visit www.spiritleaf.ca for operating hours and additional information.

“Opening a store in the Town of Banff located within the Banff National Park is a special event for our Spiritleaf brand. Similar to our store in Jasper, we expect the Banff location will be a busy outlet providing high-quality recreational cannabis and a great in-store shopping experience for the local community as well as for tourists from around the world who are visiting these historic parks,” said Darren Bondar, President and CEO of Inner Spirit.

The Company has also received additional licences from Alberta Gaming, Liquor and Cannabis (the “AGLC”) for store locations making the Spiritleaf brand the top licence holder in Alberta with 29 licences. Please visit www.spiritleaf.ca for information including opening dates and operating hours.

The Spiritleaf retail cannabis store network includes locations in Alberta, British Columbia, Saskatchewan and Ontario. With today’s opening, Spiritleaf has 34 retail cannabis stores open and operating with more than 40 projected to be open by the end of 2019.

Later this week Darren Bondar will be presenting at the Arcview Investor Forum in New York City on October 2 to 4 and attending the Franchise Canada Show in Toronto on October 5 and 6.

About Inner Spirit

We are trailblazers leading the charge in a brand new industry. 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 statements

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 statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “poised”, “set”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, “potential”, 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 the objectives and business plans of the Company; the receipt of necessary licences and permits to open Spiritleaf retail cannabis stores and the timing thereof; and the expected opening of Spiritleaf retail cannabis stores and the timing thereof. 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 additional stores may not open due to national retail cannabis supply issues; the risk that the licensed Spiritleaf retail cannabis stores intended to be opened in Alberta do not open as anticipated or at all; the risk that the Company or its franchisees do not receive additional retail cannabis licenses or are not able to open additional retail cannabis stores in Canada; and other factors 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 statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

For further information

Email: invest@spiritleaf.ca

Phone: 1 (403) 930-9300

www.innerspiritholdings.com