ISH Achieves 50th Spiritleaf Store Milestone with Latest Store Openings

Published: June 24, 2020

ISH Achieves 50th Spiritleaf Store Milestone with Latest Store Openings

Inner Spirit Holdings Ltd., a national network of Spiritleaf retail cannabis stores, today announced further expansion of the Spiritleaf brand into Ontario with store openings in Guelph and in Ottawa, the nation’s capital, and into Newfoundland and Labrador with a store opening in St. John’s. The St. John’s store marks the 50th store in Canada, making the Spiritleaf brand the largest in the country by store count. Additional store openings expected in the Toronto market this week include Don Mills on June 24, Little Italy on June 25 and Bloor West Village on June 27. Please visit www.spiritleaf.ca for store information and for details on Spiritleaf’s Select & Collect service which enables customers to pre-shop and order online prior to pick-up.

“It’s so satisfying to be putting roots down into these new communities and to deliver a premium retail cannabis experience to customers that’s enabled through our passionate and deeply invested local franchise owners. Spiritleaf’s people are doing such a wonderful job of expanding the company and entering new markets and communities, and we truly appreciate the warm welcomes we’re receiving from our neighbours and guests,” said Darren Bondar, President and CEO of Inner Spirit.

In recognition of the milestone and of the efforts by many of those who have contributed, the Company has granted an aggregate of 5,905,000 stock options (“Options“), effective June 19, 2020, to certain directors, officers, employees and consultants in accordance with the Company’s stock option plan. Each Option is exercisable into one common share in the Company (“Share“) at a price of $0.16 per Share for a period of five years from the date of grant. This is a normal-course grant that comprises part of the long-term compensation and employee retention incentives provided by the Company. One quarter of the Options vested immediately, and one quarter of the Options will vest on each of the first, second and third anniversaries of the issuance date.

The Company also noted further expansion activity with more than 30 new stores across Canada in various stages of development. To celebrate the breadth of its operations, the Company has unveiled a Spirit Bus Tour to spread peace, love and harmony across the country this summer. This virtual bus tour will roll across Canada making “stops” at each Spiritleaf store. Please visit www.spiritbustour.ca for details. Spiritleaf Collective members will have access to exclusive promotions and special edition festival swag. Bus tickets are available in-store or by email or text for members of The Collective. Those interested in joining with the 50,000-plus members of The Collective customer benefits program can do so by visiting any Spiritleaf store and no purchase is required.

The Spiritleaf retail cannabis store network now includes 50 franchised and corporate-owned stores operating in AlbertaBritish ColumbiaSaskatchewanOntario, and Newfoundland and Labrador. Due to the COVID-19 pandemic, Spiritleaf stores are operating with enhanced customer service processes to ensure the safety of employees and customers. Spiritleaf’s Select & Collect service enables customers to pre-shop and order online prior to pick-up. Customers can also connect with their local Spiritleaf store through The Collective customer benefits program to further streamline and individualize the shopping experience.

Inner Spirit Holdings Ltd. is a franchisor and operator of Spiritleaf recreational cannabis stores across Canada. Learn more at www.innerspiritholdings.com and www.spiritleaf.ca.