Inner Spirit Holdings Ltd. (CSE: ISH) says it’s getting closer to becoming Canada’s largest cannabis retailer.
The Calgary-based company said Thursday it’s opening two new cannabis stores under its Spiritleaf banner in Alberta this week, with construction beginning for an another four shops in the province.
Additionally, Inner Spirit said it plans to open up to 30 Spiritleaf locations in Ontario by year’s end. That’s up from the 20 potential store locations that are currently qualified for provincial licensing.
“We are delivering on the company’s growth plan by opening additional Spiritleaf cannabis retail stores and obtaining more licences,” Inner Spirit CEO Darren Bondar said in a news release.
“We will soon have 46 Spiritleaf stores open and serving communities with a premium recreational cannabis shopping experience. We’re pleased with our success in opening stores and will be pursuing further expansion in Alberta, British Columbia, Saskatchewan and Ontario.”
News Update! Additional #Spiritleaf Store Openings in #Alberta To Bring Total Number of Open Retail #Cannabis Stores to 46 Across #Canada. Follow the link below for more. #Cannabiz #CannabisRetailhttps://t.co/brQjWASJ9O
— Inner Spirit Holdings (@InnerSpiritCA) February 20, 2020
With Ontario and Saskatchewan governments announcing late last year they would be further opening up their respective cannabis markets, Bondar said his company is applying for additional retail licences and securing property in those provinces.
The Ontario government said it is taking store applications starting Mar. 2, and licences would be issued beginning in April, at an initial rate of around 20 a month.
Inner Spirit said the move will help bolster its business opportunities.
Meanwhile, the company says the launch of cannabis 2.0 products has been helping its top line figures grow as the wider product portfolio is providing new options for new consumers. The value-add products will continue to roll out further in different markets throughout the year with cannabis vapes entering the Alberta market this week.
Inner Spirit’s two new stores in Alberta will be located in Sherwood Park and Spruce Grove and open on Feb. 21. The company is awaiting final licensing approval for a store in Kelowna, B.C., which would bring its total up to 47 pot shops in four provinces.
Key partners and shareholders of the company include Auxly Cannabis Group Inc. (TSX-V: XLY), Hexo Corp. (TSX: HEXO) and Tilray Inc. (NASDAQ: TLRY).
Inner Spirit shares rose 5 per cent Thursday on the Canadian Securities Exchange.
Top photo of Inner Spirit CEO and president Darren Bondar courtesy of Inner Spirit.