Inner Spirit Holdings Ltd (OTCMKTS:INSHF) posted a significant growth of 343% YoY to $20.5 million in Q2 2020 revenues. The company reported an increase of 479% YoY to $37.6 million in H1 2020. It holds a cash balance of $3.4 million at the end of Q2 2020.
CEO of Inner Spirit, Darren Bondar, said the company achieved impressive YoY growth by reporting more than $20 million in revenues in system-wide retail sales. Its performance is commendable at a time when the nation is reeling under the impact of coronavirus crises.
Positive cash flow from operations
Since the retail service is considered essential, the company advanced its business strategy for the retail cannabis strategy this year. As a result, Inner Spirit could post positive cash flow from its operations and positive adjusted EBITDA in H1 2020.
Better dividends for shareholders
Operating efficiently and effectively is vital to benefit from the rapidly growing cannabis sector. The team at Inner Spirit sticks to the theme and strive to reward dividends for its shareholders in the long-term.
Inner Spirit is active in inaugurating stores and expanding the market activity in Q2 2020 and beyond. As a result, its count of new Spiritleaf stores increased to 58 locations nationwide. The company operates most of the cannabis stores under a single brand name in Canada.
Bondar said the company focuses on expanding its retail footprint by opening new Spiritleaf stores in Labrador, Ontario, Alberta, and Newfoundland. The company could expand its Spiritleaf network of corporate-owned and franchise stores because of the excellent support from employees, franchise partners, customers, strategic partners, and investors.
Inner Spirit already established a strong platform and intends to open an additional twenty stores by the end of this year. The company concentrates on enriching the customers with the educational and premium shopping experience.
Secures locations for new store launches
Inner Spirit already secured locations for its new stores in Saskatchewan, British Columbia, Ontario, Manitoba, Alberta, Labrador, and Newfoundland. The new stores will position Inner Spirit as a coast to coast retailer and strengthen it as a trusted brand in Canada.
Spiritleaf stores are operating with improved safety measures to ensure the protection of its customers and employees during the ongoing coronavirus.