Inner Spirit Holdings To Reach 85-Store Milestone for Spiritleaf Retail Cannabis Network

April 8, 2021

Inner Spirit Holdings To Reach 85-Store Milestone for Spiritleaf Retail Cannabis Network 

Addition of stores will enhance Spiritleaf’s presence in Ontario and Alberta markets as Company surpasses 250,000 Spiritleaf Collective program members nationally

CALGARY, Alberta (April 8, 2021) – Inner Spirit Holdings Ltd. (“Inner Spirit” or the “Company”) (CSE:ISH), a Canadian company that has established a national network of Spiritleaf retail cannabis stores, today announced its 83rd, 84th and 85thSpiritleaf stores are set to open in Toronto and Kemptville, Ontario and in Calgary, Alberta this weekend. Spiritleaf operates the most cannabis stores under one single brand in Canada and will be the first retailer to achieve the 85-store milestone. 

The franchised Spiritleaf stores in Toronto’s Riverside neighbourhood on Queen Street East and in the Kemptville community south of Ottawa will bring the number of Spiritleaf locations in Canada’s largest province to 27. The franchised store in Calgary, in the northwest community of Evanston, will add to the growing footprint for Spiritleaf in Alberta where the Company will have 46 stores. Additional Spiritleaf stores are projected to open in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Newfoundland and Labrador this year. Please visit www.spiritleaf.ca for information on store openings, locations and operating hours.

“I’m very pleased to see Spiritleaf serving additional communities in Ontario and Alberta. Our Spiritleaf franchise partners are superb at siting their stores and achieving the necessary regulatory approvals to open and operate. The ongoing dedication by these local entrepreneurs is outstanding and speaks to why our Spiritleaf brand has such a strong connection to local communities and neighbours. We look forward to delivering both excellent product knowledge and a premium shopping experience to guests as we serve additional communities with the authentic Spiritleaf experience,” said Darren Bondar, President and CEO of Inner Spirit.

Inner Spirit also announced it has purchased the remaining minority interest of Spirit Leaf Macleod Inc. (“Spirit Leaf Macleod”), a joint venture company it owned with a partner. Spirit Leaf Macleod operates the corporate-owned Spiritleaf retail cannabis store on Macleod Trail in southwest Calgary across from the Chinook Centre shopping complex. This flagship location is also used for Spiritleaf franchise partner and in-store training when not under pandemic restrictions. 

The Company’s fast-growing and popular Spiritleaf Collective customer benefits program achieved a key milestone this week as it surpassed 250,000 members. Guests can connect with their local Spiritleaf store through the Collective program to further streamline and individualize their shopping experience. Spiritleaf stores have experienced an increase in average basket size purchases as well as a greater number of shopping visits from Collective members. 

With updated pandemic restrictions announced recently in various provinces, Spiritleaf stores are continuing to operate with enhanced customer service processes to ensure the safety of employees and customers. As an example, Spiritleaf’s Select & Collect service is enabling customers to pre-shop and order online prior to pick-up in store or curbside (where required) or via delivery (where allowed). 

Inner Spirit continues to be supportive of Canada’s cannabis industry as well as creators in the arts space. The Company recently made an investment in LOOP/POOL, a new Canadian cannabis brand. LOOP/POOL supports the artist community and its owners include members of Our Lady Peace, Blue Rodeo, Stars, Felix Cartal, Dvsn, Kiesza and Roy Woods.LOOP/POOL’s licensed cannabis products are expected to be sold in retail stores across Canada. LOOP/POOL is committing a minimum of 5% of proceeds towards POOL/FUND, a philanthropic organization designed to support Canadian artists. 

About Inner Spirit

Inner Spirit Holdings Ltd. (CSE:ISH) is a franchisor and operator of Spiritleaf recreational cannabis stores across Canada. The Spiritleaf network includes franchised and corporate-owned locations, all operated with an entrepreneurial spirit and with the goal of creating deep and lasting ties within 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. Spiritleaf holds a Franchisees’ Choice Designation from the Canadian Franchise Association for its award-winning national support centre. The Company’s key industry partners and investors include Auxly Cannabis Group Inc. (TSX.V:XLY), HEXO Corp (TSX:HEXO) (NYSE:HEXO), and Prairie Merchant Corporation. 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 is typically, but not always, identified by the use of words such as “set”, “will”, “expected”, “projected” and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements regarding: the expected opening of Spiritleaf retail cannabis stores in the coming week in Toronto, Kemptville and Calgary; Spiritleaf being the first retailer to achieve the 85-store milestone; additional Spiritleaf stores projected to open in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Newfoundland and Labrador this year; and the expected sale of LOOP/POOL’s licensed cannabis products in retail stores across Canada. 

Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the ability of the Company to successfully implement its strategic plans and initiatives and whether such strategic plans and initiatives will yield the expected benefits; and the receipt by the Company and its franchise partners of necessary retail cannabis licences, approvals and authorizations from regulatory authorities, and the timing thereof.  

Although the Company believes that the assumptions and factors 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 it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: conditions in the cannabis industry; the risk that the Company and its franchisees do not receive the necessary retail cannabis licences or that they are not able to open additional retail cannabis stores as anticipated or at all; the ability of management to execute its business strategy, objectives and plans; the risk that LOOP/POOL’s licensed cannabis products are not sold in retail stores across Canada as anticipated or at all; the availability of capital to fund the build-out and opening of additional corporate and franchised retail cannabis stores; and the impact of general economic conditions and the COVID-19 pandemic in Canada. 

Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s annual information form for the financial year ended December 31, 2019 dated February 12, 2021. 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, except as required by applicable law.

For further information

Darren Bondar, President and CEO 

Email: [email protected]  

Phone: 1 (403) 930-9300