CANADA: Newstrike Brands, and its wholly-owned subsidiary, Up Cannabis Inc., announce that an Up Cannabis “Experiential Hub” will be featured prominently in Ontario’s first Spiritleaf store, expected to be located in Kingston, Ontario, in connection with a retail agreement entered into between Spiritleaf and a Ontario cannabis retail lottery winner.
Inner Spirit Holdings (“Inner Spirit”) (CSE: ISH) announced earlier today that Inner Spirit’s subsidiary, Spirit Leaf Inc., has entered into an agreement with one of the initial 25 cannabis retail lottery winners in Ontario to open a Spiritleaf cannabis retail store in Kingston.
The Spiritleaf store—the company’s first in the Ontario market—is planned to be located on Princess Street, in the heart of Kingston, and will feature an Up Cannabis Experiential Hub, or a “store-within-a-store,” designed to complement existing Spiritleaf design elements and provide education about cannabis, while showcasing both companies’ love of music and various community and charitable endeavors. An opening date of April 1st is targeted, to coincide with the launch of cannabis retail stores throughout Ontario.
“We are thrilled to partner with Spiritleaf and look forward to seeing an Up Cannabis Experiential Hub in one of the first retail stores in the province,” said Jay Wilgar, CEO of both Newstrike and Up Cannabis. “Up Cannabis’ ties to Kingston run deep as the hometown of our partners, The Tragically Hip, with many special milestones in our company’s history taking place there, and more to come. We’re excited to see the stars aligning for both our brands as the Ontario retail marketplace takes shape.”
The news follows the investment agreement and strategic alliance agreement entered into between Newstrike and Inner Spirit whereby each of the companies acquired equity interests in each other and provides for the retail distribution of Up Cannabis products and the creation and operation of Up Cannabis-branded customer lounges or Experiential Hubs in Spiritleaf stores, as regulations allow. Inner Spirit currently has four Spiritleaf retail franchise stores with Up Cannabis Experiential Hubs currently operating in Alberta and Saskatchewan with a fifth outlet scheduled to open Calgary on February 14, 2019.