Inner Spirit Holdings Announces Filing of Q3 Financial Statements and MD&A and Provides Corporate Updates
Inner Spirit Holdings Ltd. (CSE:ISH) announced today it has filed its unaudited Interim Financial Statements and corresponding Management’s Discussion and Analysis for the quarter ended September 30, 2018. The filings are available for review on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.innerspiritholdings.com.
“This is our first quarterly report since the legalization of cannabis, a moment many of us have waited for. We are excited our shareholders, franchise partners and employees are part of the fastest growing industry in Canada,” said Darren Bondar, President and CEO of Inner Spirit. “Our planning, experience and financing are paying off. We have lined up quality products, great locations and enthusiastic, knowledgeable staff to help create a premiere cannabis experience for our customers, generate value for our shareholders and benefit local communities. We are well capitalized as we continue to invest in our growing retail footprint, and we’re off to a great start as one of Canada’s leading, publicly traded retail cannabis companies.”
Inner Spirit continues to establish a retail chain of recreational cannabis dispensaries under its Spiritleaf brand across Canada. The Company has secured more than 100 franchise partnerships in Alberta, Saskatchewan, B.C. and Ontario with plans to also open corporate stores throughout Alberta. Four franchise locations are currently selling cannabis to consumers in Alberta and Saskatchewan, and it’s expected there will be more than 100 branded dispensaries open and operating in provinces where that is permitted by the end of 2019.
In Alberta, the recent announcement by the Alberta Gaming and Liquor Commission (AGLC) to temporarily suspend the granting of additional cannabis retail store licenses in the province due to product supply issues reinforces how rapidly the marketplace has adopted the retail model for cannabis. Inner Spirit has more than 20 municipally approved locations under construction in Alberta and the work to open these locations continues. The Company expects to resume the process of securing government licenses for these locations as soon as the AGLC resumes granting licenses.
In Ontario, the provincial government’s announcement earlier this month supports Inner Spirit’s plan to grow its franchise locations to a maximum number of 75. Interest in the Company’s franchise model in Ontario has been very strong to this point with over 500 applications received and its first 20 franchise licenses granted. The Company looks forward to these locations being permitted, constructed and opened to serve the cannabis market in the province.
The Company also announced today that Bill Macdonald has resigned from the Board of Directors to pursue other interests. Inner Spirit thanks Mr. Macdonald for his commitment and support during the initial stages of the Company’s development. Concurrently, Inner Spirit and SugarBud Craft Growers Corp., a company of which Mr. Macdonald is also a Director, have agreed to terminate their previously announced intention to enter into a strategic alliance agreement due to regulatory limitations and thus will not complete a second tranche of their cross investment which was initially announced in June 2018. Inner Spirit and SugarBud intend to work collaboratively to develop an in-store experience at Spiritleaf dispensaries that showcases the SugarBud brand alongside Spiritleaf’s own Prairie Flower brand.
About Inner Spirit
Inner Spirit is establishing a chain of recreational cannabis dispensaries under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has four dispensaries in operation in Alberta and Saskatchewan, with more than 100 franchise agreements in place for potential Spiritleaf locations and plans to operate corporate dispensaries in certain jurisdictions. Developing a diverse portfolio of quality and curated lifestyle cannabis products – including Spiritleaf’s own locally sourced lines – Inner Spirit’s Spiritleaf brand is positioned to be an iconic Canadian brand and the most trusted source for recreational cannabis. More information can be found on Inner Spirit’s website at www.innerspiritholdings.com.
This press 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 may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, “potential”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; the timely receipt of necessary licenses and permits to open stores; the regulation of cannabis for recreational use in Canada, including federal and provincial regulations pertaining thereto; the competitive conditions in the recreational cannabis dispensary industry; the lifting by the AGLC of the temporary suspension of granting additional cannabis retail licenses in Alberta; and laws and any amendments thereto applicable to the Company. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including risks associated with operating in an evolving regulatory environment in Canadian provinces, risks associated with management of growth, and the risks identified in the Company’s Management Discussion and Analysis for the quarter ended September 30, 2018, which is available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
For further information: Investor Relations: Email: email@example.com, Phone: 1 (403) 930-9300, www.innerspiritholdings.com