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Sundial Growers to acquire Inner Spirit Holdings, Spiritfleaf retail stores for $131 million

Sundial Growers is set to acquire Inner Spirt Holdings and its Spiritleaf retail stores for $131 million. The sale is expected to close early in the third quarter of 2021.
Sundial Growers is set to acquire Inner Spirt Holdings and its Spiritleaf retail stores for $131 million. The sale is expected to close early in the third quarter of 2021.

Sundial Growers Inc. (Sundial) has announced it will acquire Inner Spirit Holdings (Inner Spirit), including its Spiritleaf retail stores, for approximately $131 million.

The transaction has been unanimously approved by the board of directors of both companies and is expected to close early in the third quarter of 2021.

“Sundial becomes a stronger and more diverse cannabis company by acquiring Inner Spirit and

the Spiritleaf retail store network,” said Sundial CEO Zach George. “Inner Spirit has successfully created a franchise-based retail network that has grown from coast to coast and offers a differentiated and premium in-store experience to consumers. Our shared Albertan roots and commitment to data-driven consumer insights make for an ideal partnership. Sundial’s capital base helps us to support continued expansion and deepen the capabilities of the brand.”

“Sundial is the ideal company to acquire Inner Spirit and support the future development of the Spiritleaf retail cannabis brand,” said Darren Bondar, president and CEO of Inner Spirit. “The Sundial team has shown a strong commitment to our management team, franchise partners, and employees as well as our growth ambitions. The combination will enable us to further expand our position as a leading retail cannabis brand and will open up new market opportunities to us.”

In just over two years, Inner Spirit’s retail network has grown to become Canada’s largest single

brand retailer with 86 stores operating in British Columbia, Alberta, Saskatchewan, Ontario,

and Newfoundland and Labrador, serving 2.3 million guests in 2020.

Spiritleaf opened its latest store in late-April in Edmonton, Alta., and is projected to exceed the 100-store milestone in the summer of 2021.

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