Sundial Growers Completes the Acquisition of Spiritleaf Retail Cannabis Network

Published: July 22, 2021

Sundial Growers Completes the Acquisition of Spiritleaf Retail Cannabis Network

Sundial Growers Inc. has announce the completion of the previously disclosed arrangement whereby Sundial has acquired all of the issued and outstanding common shares of Inner Spirit Holdings Ltd. for consideration per Inner Spirit Share consisting of (i) $0.30 in cash and (ii) 0.0835 of a common share of Sundial.


  • Establishes Sundial as one of Canada’s largest vertically integrated cannabis companies: Sundial is a diversified cannabis company with a strong brand portfolio and extensive consumer packaged goods experience. Acquiring Spiritleaf broadens Sundial’s business with a strategic entry into cannabis retail and enables greater access to and understanding of retail markets, product marketing insights and consumer purchasing trends.
  • Establishes Sundial as Canada’s largest single-branded network of retail operations: The addition of well-established Spiritleaf franchised and corporate-owned stores, representing the country’s largest single-brand recreational cannabis retailer with 100-plus stores across six provinces, provides Sundial with an integration and expansion platform in current operating markets in Canada.
  • Strengthens Sundial’s retail expertise with cannabis advocates: Spiritleaf has earned its reputation as an industry leader for its franchise sales and support system, in-store design and experience, employee education and training, marketing creativity and customer benefits program.

“The acquisition of the Spiritleaf cannabis retail network makes Sundial a stronger and more diverse cannabis company,” said Zach George, Chief Executive Officer of Sundial. “We are excited to work with the Spiritleaf team and franchise partners to further develop and optimize the store network in Canada and provide a clear path to sustainable profitability for Sundial. Spiritleaf has demonstrated the ability to grow its brand from coast to coast, and we plan to support this growth trajectory, enhance the use of data to make key business decisions, and provide an optimal product assortment to meet the diverse needs of Canadian cannabis consumers.”

Darren Bondar, President and Chief Executive Officer of Inner Spirit, said, “We believe the acquisition of Inner Spirit and the Spiritleaf network by Sundial represents the clear best path forward for Inner Spirit shareholders. Spiritleaf recently achieved the 100-store milestone in Canada and is the first cannabis retail company to do so. We are proud of what we have accomplished with the Spiritleaf brand and what we have built with the support and dedication of our franchise partners and employees in communities across the country. I know our brand and our people are in good hands with Sundial and this transaction, along with our loyal customer base, will further entrench the Spiritleaf brand as a leading retailer in Canada while enhancing Sundial’s path to profitability.”

Inner Spirit has submitted applications to the applicable regulators to cease being a reporting issuer and to terminate its public reporting obligations. It is anticipated Inner Spirit Shares will be de-listed from the CSE on or about July 21, 2021. Full details of the Arrangement are set out in the management information circular (the “Information Circular”) of Inner Spirit dated June 14, 2021 which is available under Inner Spirit’s profile on SEDAR at

ATB Capital Markets acted as financial advisor and McCarthy Tétrault LLP acted as legal counsel to Sundial. Echelon Capital Markets acted as financial advisor and DS Burstall LLP acted as legal counsel to Inner Spirit.

A video accompanying this release is available at:


Sundial is a public company with Common Shares traded on Nasdaq under the symbol “SNDL”. Our business is reported and analyzed under two operating segments: one being Cannabis and the other being Investments.  As a licensed producer that crafts small-batch cannabis using state-of-the-art indoor facilities, our ‘craft-at-scale’ modular growing approach, award-winning genetics and experienced growers set us apart. We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds and Rocky View County, Alberta, Canada. For more information on Sundial, please go to

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