Inner Spirit Holdings, which runs 48 Spiritleaf retail cannabis stores, reported a total net loss of $10,849,162 for 2019 on total revenue of $8,114,268. This includes retail revenue of $3,170,775 and royalty revenue of $1,328,301*.
Revenue increased 305% from 2018, and 4th quarter revenue increased 1,598% over the previous year, when the retail stores were still in the process of opening.
Spiritleaf has 36 franchise locations, 10 corporate-owned stores, and one retail partner. It plans to open its 48th store in Kelowna this weekend. Their stores are located in Alberta, BC, Saskatchewan, and Ontario.
Darren Bondar, President and CEO of Inner Spirit, reports, “The 2019 year was pivotal for Inner Spirit as we developed our truly national network by opening a new Spiritleaf retail cannabis store approximately every 10 days on average, achieved more than $29 million in system-wide retail sales, and served some 740,000 customers. With the infrastructure we have put in place and an iconic brand developed, the company is well poised for future sales and revenue growth as Canada’s largest retailer in the recreational cannabis industry by store count. We also simplified our business by discontinuing the Watch It! Consolidated Ltd. retail operations, so we are entirely focused on the cannabis sector with our continuing operations.”
Bondar said that Spiritleaf plans to open more than 30 additional store locations by the end of the year in the provinces they’re currently operating in as well as Newfoundland and Labrador.
*These statistics are from continuing operations and don’t include Watch It! which has been discontinued.