Inner Spirit Holdings (CSE: ISH) announced this morning that it has terminated two exclusivity licenses entered with winners of Ontario’s retail cannabis lottery. The agreements were originally announced by the company on August 28, following the Alcohol and Gaming Commission of Ontario’s lottery conducted on August 20.
The announcement of the termination of the two exclusivity agreements was contained within a larger release identifying that the firm had opened another store within Calgary, as well as that Spirit Leaf had been awarded an additional license in Alberta and B.C.
Little information was provided on the termination, with Inner Spirit simply stating that the two lottery winners had elected to not proceed with opening cannabis retail locations within Ontario.
We remain very interested in making further investments in the Ontario market and will be relying on AGCO and the Ontario government to continue on their path to providing certainty for the cannabis industry and specifically for retailers. Our retail cannabis store in Kingston was one of Ontario’s first outlets to open this year and has enjoyed significant operating success to this point.
Darren Bondar, President and CEO of Inner Spirit
Inner Spirit also identified that the firm has more than 20 partners in Ontario waiting to receive the ability to open storefront locations. A timeline for this however is dependent on AGCO opening up the Ontario market to more cannabis retail locations.
Inner Spirit Holdings is currently trading at $0.15 on the Canadian Securities Exchange.
Information for this briefing was found via Sedar and Inner Spirit Holdings. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
