Inner Spirit Holdings Ltd (OTCMKTS:INSHF) Posts Impressive Growth YoY In Q1 2020

Inner Spirit Holdings Ltd (OTCMKTS:INSHF) reported revenues of $17 million in Q1 2020. CEO and President of Inner Spirit, Darren Bondar, said the company is achieving steady progress and reaping rich rewards as per it’s chalked out business strategy.

Expands corporate-owned stores and franchises

Inner Spirit is expanding its corporate-owned outlets and franchises, enjoying excellent support extended by the franchise partners, investors, loyal customers, employees, and strategic partners. It expects to leverage the already built strong platform this year to promote growth. Inner Spirits expects to open over 30 locations towards the end of this year.

Five franchise partners to open cannabis stores

According to a communiqué from the company, five franchise partners will inaugurate SpiritLeaf Cannabis outlets in Guelph, Ottawa, and Toronto. They already obtained the nod of AGCO (Alcohol and Gaming Commission of Ontario) for managing cannabis stores. Also, another franchise partner expects to inaugurate a new outlet in St. John’s.

The inauguration dates for SpiritLeaf outlets are given below:

  • An outlet inauguration at Topsail Road in St. John’s on June 20, 2020
  • An opening of the outlet at Edinburgh Market Place in Guelph on June 17, 2020
  • Inauguration of a new store in Ottawa at Wellington West Village on June 20, 2020
  • An opening of outlets at Little Italy, Don Mills, and Bloor West Village locations in Toronto on June 25, June 24, and June 27, 2020

Bondar said the company is excited about expanding its SpiritLeaf brand into Labrador and Newfound Land and into Ontario. The company is completing the takeover of Kingston based SpiritLeaf store, which operated previously under a licensing accord with a provincial lottery winner. Inner Spirit so far opened over 50 stores in the state.

Seeks to apply for ARL

The government in Manitoba recently announced plans to open up the cannabis retail application process to all the prospective retailers with effect from June 1, 2020. Inner Spirit plans to seek age-restricted license for operating a corporate outlet in Winnipeg.

The Manitoba government’s move expects to create more jobs and promote the economy in the current coronavirus scenario. Inner Spirit will invest in the province and offer ownership opportunities for the retail outlets to the locals.

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