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Shareholder Update - Inner Spirit Holdings Increases Size of Previously Announced Initial Public Offering and Files Final Prospectus

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Shareholder Update - Inner Spirit Holdings Increases Size of Previously Announced Initial Public Offering and Files Final Prospectus

Canada NewsWire

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CALGARY, July 23, 2018 /CNW/ - Inner Spirit Holdings Ltd. ("Inner Spirit" or "the Company"), a specialty retailer and franchisor establishing recreational cannabis dispensaries in British Columbia ("BC"), Alberta and Saskatchewan under the Spiritleaf brand, today announced that it has increased the size of, and filed the final prospectus for, its previously announced initial public offering ("IPO").

Inner Spirit Holdings Ltd. (CNW Group/Inner Spirit Holdings)

The Company has agreed to increase the size of its previously announced IPO to a minimum of 20,000,000 (the "Minimum Offering") and a maximum of 25,000,000 (the "Maximum Offering") units  of Inner Spirit (the "Units") at a price of $0.15 per Unit (the "Offering Price") for minimum gross proceeds of $3,000,000 and maximum gross proceeds of $3,750,000. Each Unit consists of one common share in the capital of the Company (each, a "Unit Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Unit Warrant"). Each Unit Warrant will entitle the holder thereof to acquire, subject to adjustment in certain circumstances, one common share in the capital of the Company (each, a "Warrant Share") at an exercise price of $0.30 for a period of 24 months following the closing date, subject to certain adjustments. Inner Spirit expects closing of its IPO to occur on or about July 31, 2018.

A copy of the final prospectus is available on SEDAR at www.sedar.com.

About Inner Spirit

Inner Spirit is establishing a chain of recreational cannabis dispensaries under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has more than 100 partnerships in place for Spiritleaf locations across BC, Alberta and Saskatchewan. Inner Spirit will also operate multiple corporate dispensaries. With a diverse portfolio of quality and curated lifestyle cannabis products - including Spiritleaf's own locally and sustainably sourced lines – Inner Spirit's Spiritleaf is positioned to be an iconic Canadian brand and the most trusted source for recreational cannabis. More information can be found on Inner Spirit's website at www.innerspiritholdings.com.

Forward-looking statements

This press release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as "may", "would", "could", "will", "likely", "except", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook", or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; the establishment of recreational cannabis dispensaries in BC, Alberta and Saskatchewan; the intention to grow the Company's business and operations; the completion of the IPO and the amount of proceeds that the Company may realize; the legalization of cannabis for recreational use in Canada, including federal and provincial regulations pertaining thereto and the timing related thereof and the Company's intention to participate in such market, if and when legalized; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.

SOURCE Inner Spirit Holdings

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