Inner Spirit Holdings Ltd. (CSE:ISH) today announced that further to the initial investment and strategic partnership with Tilray, Inc. (NASDAQ:TLRY) and its wholly owned subsidiary High Park Holdings Ltd. that was announced in December 2018, Tilray has increased its total investment in Inner Spirit to $6 million by providing the Company with a $1.5 million secured short-term loan at a rate of 12.0% per annum.

“This additional investment by Tilray is a testament to the strength of the relationships Spiritleaf has built with our strategic partners. When you add the initial success of our local ownership franchise model, the dozen pending corporate stores at high-traffic locations throughout Alberta, and the additional franchise locations we intend to open across the country, Spiritleaf is well positioned to execute on its business plan,” said Darren Bondar, President and CEO of Inner Spirit.

The Company also provided an update on its operations in Ontario as a new Spiritleaf retail store opened in Kingston, Ontario on April 1, 2019. Store sales have exceeded $230,000 in the first seven days of operation with more than 4,800 customers served. Under the terms of the retail and licensing agreement, Spirit Leaf Inc., which is a wholly owned subsidiary of the Company, receives a retail licensing fee of five percent of sales with an additional one percent contributed to Spiritleaf’s national marketing fund.

Inner Sprit has an additional five Spiritleaf retail franchise stores open and operating in Calgary, Brooks, St. Albert and Lethbridge, Alberta and in Moose Jaw, Saskatchewan with another 70 locations across the country under various stages of permitting and construction.

About Inner Spirit

Inner Spirit is establishing a network of recreational cannabis stores under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has more than 100 franchise agreements in place for potential Spiritleaf locations and plans to operate corporate outlets in certain jurisdictions. The Company is simultaneously developing a diverse portfolio of proprietary quality and curated lifestyle cannabis products positioning the company to be an iconic Canadian brand and the most trusted source for recreational cannabis.