Inner Spirit Holdings Ltd. (CSE: ISH) (OTCMKTS:INSHF) announced that it has partnered with one of the initial 25 retail cannabis lottery winners in Ontario and received approval to open a retail cannabis store.
Daniel Telio, the retail cannabis lottery winner, has partnered with the company and its subsidiary Spirit Leaf.
The partnership between Spirit Leaf and Mr. Telio is through a brand licensing arrangement approved by the Alcohol and Gaming Commission of Ontario.
In addition, Inner Spirit has received an operating license for a retail cannabis store in Kingston, Ontario, on Princess Street.
“The opportunity to place Spiritleaf stores in key locations like this across the country will grow our brand and drive business growth,” Darren Bondar, the CEO of Inner Spirit, said in a statement.
Inner Spirit Cannabis Stores
Inner Spirit has 20 franchise agreements in place for the Ontario market in anticipation of the government of Ontario’s plans to issue additional retail licenses starting in December 2019.
The company intends to open or license to others the right to open, up to the maximum 75 stores allowable under current provincial government guidelines.
Inner Spirit has five 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. The company’s corporate outlets are also being prepared for openings across Alberta.
Meanwhile, Inner Spirit wants to become a top player in the recreational cannabis market. The company is establishing a chain of recreational cannabis stores under its Spiritleaf brand.
Teaming up with local entrepreneurs, the company has more than 100 franchise agreements in place for potential Spiritleaf locations. Meanwhile, the company plans to operate corporate outlets in certain jurisdictions.