Inner Spirit Holdings Ltd. (“Inner Spirit” or “the Company”) (CSE:ISH) is pleased to announce that a Spiritleaf cannabis retail store is set to open at 27 Princess Street in the historic Smith Robinson building in Kingston, Ontario on Monday, April 1. The store is being operated by Daniel Telio, one of the initial 25 cannabis retail lottery winners in the province of Ontario as selected by the Alcohol and Gaming Commission of Ontario(“AGCO”), and is one of the first stores approved to operate in the province.
“We are very pleased Daniel is opening the first Spiritleaf store in Ontario in Kingston on the opening day for private cannabis retailers in the province. This initial store in Ontario is an important milestone for the Company, and we look forward to the opening of additional locations across the country to continue delivering on our national retail strategy so strongly supported by our customers, employees, franchise partners and shareholders,” said Darren Bondar, President and CEO of Inner Spirit.
“The collaboration between the Spiritleaf team and Mr. Telio to get the store ready and open for operation in just 75 days is a testament to our experience and ability to execute our business program. As the supply chain improves, we look forward to getting our first wave of 75 premium stores open across Canada and solidify our place as an iconic and leading Canadian cannabis retailer.”
Bondar also noted the Company will celebrate the Kingston opening by making a $5,000 donation to The Gord Downie & Chanie Wenjack Fund for reconciliation efforts in the country, as part of Spiritleaf’s pledge as Legacy Space Partner with the goal of providing accurate information regarding Indigenous history and the journey of reconciliation. The donation will be made at a private event to Mike and Patrick Downie and Bear Standing Tall will be in attendance to bless the store and represent the Indigenous community at the ribbon cutting ceremony. The store’s official inauguration will be proclaimed by Kingston’s world champion Town Crier and Goodwill Ambassador, Chris Whyman, at 9:00 am ET on April 1.
Spiritleaf and Mr. Telio are preparing the Princess Street location and its staff to be ready to welcome a large turnout of cannabis consumers expected on day one. The store is a partnership between Inner Spirit’s wholly owned subsidiary Spirit Leaf Inc. (“Spirit Leaf”) and Mr. Telio, through a brand licensing arrangement approved by AGCO. Under the terms of the partnership, the Company agreed to issue 5,000,000 Inner Spirit common shares to Mr. Telio at a deemed price of $0.20 per share based on the original date of the agreement.
Inner Sprit has five Spiritleaf retail franchise stores open and operating in Alberta and Saskatchewan. Spiritleaf franchise partners are preparing to open additional locations across the country, subject to gaining final municipal and provincial approvals. Spiritleaf corporate outlets are also being prepared for openings throughout Alberta.
SOURCE Inner Spirit Holdings