Inner Spirit Holdings Ltd., a Canadian company establishing a national network of retail cannabis stores under its Spiritleaf brand, today announced that franchised stores in Sherwood Park and Spruce Grove, Alberta will be opening this week, making Spiritleaf the largest cannabis retail store brand in the province. The Company also announced that its franchise partners have begun construction on four additional Spiritleaf stores in Alberta and that it is awaiting final licensing approval for a store in Kelowna, British Columbia.
“We are delivering on the Company’s growth plan by opening additional Spiritleaf cannabis retail stores and obtaining more licences. We will soon have 46 Spiritleaf stores open and serving communities with a premium recreational cannabis shopping experience,” said Darren Bondar, President and CEO of Inner Spirit. “We’re pleased with our success in opening stores and will be pursuing further expansion in Alberta, British Columbia, Saskatchewan and Ontario. With the Ontario and Saskatchewan governments announcing late last year that they are moving to an open licensing system, we are in the process of applying for additional retail operator licenses and securing locations in those markets.”
New store opportunities in the Ontario market specifically represent growth potential for the Company. Inner Spirit has previously noted it has more than 20 potential store locations qualified for provincial licensing in Ontario and is projecting to open up to 30 Spiritleaf locations in the province by the end of the year. It’s anticipated that expansion into this market will have a positive impact on future business performance. The launch of Cannabis 2.0. products are also benefiting retail performance as the new products broaden the product portfolio for existing consumers and provide ready-made options for new consumers. Product advancements are expected in multiple markets throughout the coming year with cannabis vape products only entering the Alberta market this week.
For those interested in Canada’s cannabis industry, the Spiritleaf team is providing experiential tours of its Banff, Alberta store on February 20 and Bondar will be speaking at The Gathering of Cult Brands business summit in Banff on February 21. Spiritleaf will also be exhibiting at the Canadian Franchise Association’s Franchise Canada show in Toronto, Ontario on February 22 and 23 as the Company looks to attract additional franchise partners to satisfy new market opportunities.
The Spiritleaf retail cannabis store network will include 46 franchised, licensed and corporate-owned stores in Alberta, British Columbia, Saskatchewan and Ontario as of February 21. The 44th Spiritleaf store opened in Cold Lake, Alberta on January 24. Please visit www.spiritleaf.ca for further information on store locations and operating hours.
