Key Highlights
- Inner Spirit Holdings Ltd. (“company”, “Inner Spirit”) is a retail and franchising company with retail dispensary brands called “Spiritleaf” and “Watch It!”. The company boasts the first franchise business model within the cannabis retail recreational space and is focused on growing its Spiritleaf operations.
- The company has secured more than 100 cannabis franchise agreements and is expected to be operating 44 Spiritleaf retail stores by the end of 2019. The company currently leads Canada’s cannabis retail industry with 38 operating stores.
- Spiritleaf retail stores are highly rated by customers. Through Google reviews, we found the weighted-average rating of Spiritleaf stores to be 4.4/5, with a range of 9/5 to 5/5.
- It was estimated that consumer cannabis spending in Canada will compound at an annual growth rate (“CAGR”) of nearly 45% from 2018 to 2024 – rising from $569 million to $5.2 billion over the period. Provinces where the company operates retail stores are anticipated to comprise approximately 74% of Canada’s legal cannabis market by 2024.
- The company has a highly experienced management team and Board of Directors. Most notably, Darren Bondar (Founder and CEO of Inner Spirit) holds over 20 years of experience in the franchising and retail space and was a runner-up for Entrepreneur of the Year in the 2019 Canadian Cannabis Awards competition.
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