CSE: ISH

Inner Spirit Holdings Leads Canada’s Cannabis Industry with 37 Spiritleaf Stores Now Open

November 5, 2019

Inner Spirit Holdings Leads Canada’s Cannabis Industry with 37 Spiritleaf Stores Now Open

Company announces recent openings of two additional Spiritleaf stores
to give it the most locations and largest retail footprint across the country

CALGARY, Alberta (November 5, 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 openings of new franchised retail cannabis stores in Edmonton (Clareview Crossing) and Sexsmith, Alberta and also that it has received a cannabis retail store licence from Alberta Gaming, Liquor and Cannabis (the “AGLC”) for a franchised location in Cochrane, Alberta. Please visit www.spiritleaf.ca for more information, including opening dates and operating hours.

“Our Spiritleaf brand is now leading Canada’s cannabis industry with the most retail stores in the country. We’re very pleased to have 37 Spiritleaf stores serving their communities with a premium recreational cannabis shopping experience supported by our knowledgeable and talented staff. We are continuing to build our presence in Edmonton with the Clareview Crossing location and to add to our presence in northern Alberta with a store in Sexsmith. We’re experiencing significant operating success as we further build out the industry-leading Spiritleaf network,” said Darren Bondar, President and CEO of Inner Spirit.

The Spiritleaf retail cannabis store network includes franchised and corporate-owned locations in Alberta, British Columbia, Saskatchewan and Ontario. In Alberta alone, the Company has 31 stores open with the Cochrane location now fully licensed and expected to open next week. Applications for the remaining 10 stores needed to achieve the AGLC’s stated maximum of 42 locations have been submitted to the AGLC, with the locations all currently in final development stages.

On November 8, 2019, Bondar will be appearing on the Midas Letter show to update investors on Spiritleaf’s growth strategy with the interview being made available at www.midasletter.com. Also on November 8, the 2019 Canadian Cannabis Awards are being held in Toronto, Ontario to celebrate the people, companies and products driving the Canadian cannabis industry forward. Inner Spirit has been nominated for two major awards with Bondar nominated for Entrepreneur of the Year and Mona Pinette, a Manager at Spiritleaf Calgary (Chinook), nominated for Budtender of the Year.

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 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; and the expected opening of Spiritleaf retail cannabis stores and the timing thereof, including the expected opening of the Spiritleaf retail cannabis store in Cochrane, Alberta next week. 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 store intended to be opened in Cochrane, Alberta does 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