Inner Spirit Holdings Announces Additional Equity Investment by Tilray and High Park

Published: June 14, 2019

Inner Spirit Holdings Announces Additional Equity Investment by Tilray and High Park

Inner Spirit Holdings Ltd., a Canadian company establishing a national network of adult-use cannabis stores under its Spiritleaf brand, is pleased to announce that it completed the second tranche of its previously announced cross-investment with Tilray, Inc. and its wholly owned subsidiary High Park Holdings Ltd. Pursuant to the terms of the investment agreement entered into in December 2018, as amended, Tilray Inc. and Inner Spirit have exchanged shares valued at $1.5 million.

“High Park has been a great strategic partner and partnerships like this enable our Company to grow the Spiritleaf retail brand and create value for investors in Canada’s adult-use cannabis market,” said Darren Bondar, President and CEO of Inner Spirit, “We view this investment as an endorsement of the Spiritleaf concept by a leading industry player as we extend the Spiritleaf brand featuring High Park’s product portfolio in our retail locations.”

In connection with the previously announced cross-investment agreement, High Park has committed to make $250,000 in charitable contributions over five years to the Company’s Spirit Fund (www.spiritfund.ca). The Spirit Fund is a community engagement program which aims to plant and grow deep roots in the community with three primary goals — to educate, support and inspire. High Park’s commitment of $50,000 in 2019 is expected to be designated to green initiatives, including park enhancement projects and cannabis amnesty efforts.

Inner Spirit is also pleased to announce that Alberta Gaming, Liquor and Cannabis (the “AGLC”) has issued a retail cannabis license to a franchise partner to open the Company’s tenth Spiritleaf retail cannabis store which is located in Calgary at 920 Centre Street North East and is expected to open in early July.

Inner Spirit has franchise-owned Spiritleaf-branded retail cannabis stores open and operating in Brooks, Lethbridge, St. Albert, Calgary (Stonegate) and Edmonton (Argyll), Alberta; Moose Jaw, Saskatchewan; and a Spiritleaf-branded retail cannabis store in Kingston, Ontario. The Company’s initial corporately-owned retail cannabis stores in Calgary (Beltline) and Edmonton (Old Strathcona) are anticipated to open later this month.

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