$100 million milestone for Spiritleaf

Published on January 7, 2021 by oz. staff

Spiritleaf stores are becoming a common sight across Canada, with nearly 70 open.

They hit a major milestone in 2020, surpassing $100 million in nationwide sales.

The brand, which is a mix of corporate and franchise locations, is Canada’s largest network of cannabis retail stores. They are set to open their 70th location.

Inner Spirit Holdings Ltd. announced Thursday it hit $105 million in sales, serving about 2.3 million customers in 2020.

The company is planning store openings in downtown Hamilton, Ont., on Jan. 8 and in Toronto (Stock Yards) on Jan 15.

“Surpassing the $100 million system-wide retail sales milestone for 2020 is such an impressive achievement for the Spiritleaf network, our franchise partners and employees,” says Darren Bondar, President and CEO of Inner Spirit.

“We made significant progress on our business strategy as we opened a new Spiritleaf store every 14 days on average last year to serve local communities and share our knowledge and expertise with customers. We expect 2021 will be just as eventful as we plan to increase our store-opening cadence and enter new markets, all while operating safely during the ongoing pandemic.”

• RELATED: Q&A with Spiritleaf CEO Darren Bondar

The company is projecting an annual revenue of about $26 million ahead of its fourth quarter and full year 2020 financial results to be released in early April 2021.

Of the 70 stores, 57 are franchised and 13 are corporate-owned. More Spiritleaf store locations to open in 2021 have been conditionally secured in BC, Alberta, Saskatchewan, Manitoba, Ontario, and Newfoundland and Labrador.

They intend to have more than 100 stores open by the end of 2021, with about 80 franchised and over 20 corporate-owned.

There are Spiritleaf locations open in Vernon, Kelowna, West Kelowna and Penticton.