Inner Spirit Holdings Receives Licenses to Sell Recreational Cannabis
October 29, 2018
Inner Spirit Holdings Receives Licenses to Sell Recreational Cannabis in Alberta & Saskatchewan and Acquires Additional Corporate Location
- First Spiritleaf stores expected to be fully operational and selling recreational cannabis in the next week -
CALGARY, Alberta (October 29, 2018) – Inner Spirit Holdings Ltd. (“Inner Spirit” or “the Company”) (CSE:ISH) is pleased to announce that the Alberta Gaming and Liquor Commission (“AGLC”) has granted final licenses to operate recreational cannabis dispensaries to three Spiritleaf franchise locations in Brooks, Lethbridge and St. Albert, Alberta. In addition, Spiritleaf’s Moosejaw, Saskatchewan location has also received its license from the Saskatchewan Liquor and Gaming Association (“SGLA”). All four of these Spiritleaf franchise locations are expected to open in the next week.
The Company also announces that the AGLC has advised Spirit Leaf Inc., its wholly-owned subsidiary, that it has completed its due diligence and has found the Company suitable to hold a Retail Cannabis Store Licence. Spirit Leaf Inc. and its franchise partners will continue to work with the Alberta government on final approvals of its additional 24 municipally approved Alberta sites that are in various stages of construction while simultaneously working with local municipalities on the approval of its other conditionally secured locations.
In addition, the Company, through another wholly-owned subsidiary Spiritleaf Corporate Inc., has entered into an agreement with an arm’s length party to purchase all the assets of Indica Jasper Inc., constituting a substantially completed and provisionally approved recreational cannabis dispensary in the town of Jasper, Alberta at 618 Patricia Street. Total consideration to acquire the assets and the territory is $400,000 in cash and $40,000 through the issuance of 160,000 Inner Spirit common shares based on Friday’s closing price of $0.25. The acquisition is expected to close by October 31 and the location will be converted and opened as a wholly-owned corporate Spiritleaf location in the heart of Jasper that receives over two million visitors per year. The Company also issued 100,000 common shares to its Jasper franchise partner to terminate their franchise agreement in connection with the transaction.
“These are very exciting developments and additional steps forward for Inner Spirit given the substantial interest and demand for recreational cannabis since legalization earlier this month,” said Darren Bondar, President and CEO of Inner Spirit. “We are eager to begin offering customers a variety of high-quality curated products in a safe and socially-responsible best-in class retail environment as we work towards opening additional stores in the coming months.”
About Inner Spirit
Inner Spirit is establishing a chain of recreational cannabis dispensaries under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has more than 110 franchise agreements in place for potential Spiritleaf locations and will also operate corporate dispensaries in certain jurisdictions. Developing a diverse portfolio of quality and curated lifestyle cannabis products – including Spiritleaf’s own locally sourced lines – Inner Spirit’s Spiritleaf brand is positioned to be an iconic Canadian brand and the most trusted source for recreational cannabis. More information can be found on Inner Spirit’s website at www.innerspiritholdings.com.
Forward-looking statements
This press 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”, “except”, “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 establishment of recreational cannabis dispensaries in Canada; the intention to grow the Company’s business and operations; the receipt of necessary licenses and permits to open stores; the regulation of cannabis for recreational use in Canada, including federal and provincial regulations pertaining thereto; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.
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