Sundial Growers Completes Acquisition of Spiritleaf Retail Cannabis Network



Sundial enters cannabis retail in Canada
with the addition of the largest single brand network in the country with over 100 retail locations

CALGARY, AB, July 20, 2021 / PRNewswire / – Sundial Growers Inc. (Nasdaq: SNDL) (“sundial” or the “Companies“) is pleased to conclude the previously announced agreement (the”arrangement“), whereby Sundial has acquired all issued and outstanding common shares of Inner Spirit Holdings Ltd. (CSE: ISH) (OTCQB: INSHF) (“Inner mind“) (“Inner Spirit stocks“) for a fee per Inner Spirit Share consisting of (i) $ 0.30 in cash and (ii) 0.0835 of one common share of Sundial.


  • Established sundial as one of Canada largest vertically integrated cannabis company: Sundial is a diversified cannabis company with a strong brand portfolio and extensive experience in consumer products. The Spiritleaf acquisition adds a strategic entry into the cannabis retail sector for Sundial, providing greater access to and understanding of retail markets, product marketing insights and consumer buying trends.
  • Established sundial as a Canada largest single brand network of retail stores: The addition of established Spiritleaf franchise and corporate stores, representing the country’s largest recreational cannabis retailer with over 100 stores in six provinces, provides Sundial with a platform for integration and expansion in its current operating markets Canada.
  • Boosts Sundial’s retail expertise with cannabis advocates: Spiritleaf has built its reputation as an industry leader for its franchise sales and support system, in-store design and experience, employee education and training, marketing creativity and customer value program.

“The acquisition of the Spiritleaf cannabis retail network makes Sundial a stronger and more diverse cannabis company,” said Zach George, Chief Executive Officer of Sundial. “We are excited to work with the Spiritleaf team and franchise partners to further develop and optimize the store network Canada and provide Sundial with a clear path to sustainable profitability. Spiritleaf has demonstrated the ability to grow its brand from coast to coast and we plan to support this growth trajectory, improve the use of data for critical business decisions, and provide an optimal range of products to meet the diverse needs of Canadian cannabis users. ”

Darren Bondar, President and Chief Executive Officer of Inner Spirit, said, “We believe that Sundial’s acquisition of Inner Spirit and the Spiritleaf network is clearly the best path for Inner Spirit shareholders to take. Spiritleaf recently reached the 100th milestone Branches reached Canada and is the first cannabis retail company to do so. We are proud of what we have achieved with the Spiritleaf brand and what we have built with the support and dedication of our franchisees and employees in communities across the country. I know our brand and our people are in good hands at Sundial, and this transaction, along with our loyal customer base, will further cement the Spiritleaf brand as a premier retailer Canada while improving Sundial’s path to profitability. ”

Inner Spirit has submitted applications to the competent supervisory authorities for the termination of the reporting obligation and the termination of its public reporting obligations. It is expected that the shares of Inner Spirit will be deleted or superseded by the CSE July 21, 2021. Full details of the agreement are contained in the management information circular (the “Information circular“) dated by Inner Spirit 14th June, 2021, available under Inner Spirit’s profile on SEDAR at


ATB Capital Markets acted as financial advisor and McCarthy Tétrault LLP acted as legal advisor to Sundial. Echelon Capital Markets acted as financial advisor and DS Burstall LLP acted as legal advisor to Inner Spirit.


A video of this release is available at:


Sundial is a public company whose common stock trades on the Nasdaq under the symbol “SNDL”. Our business is reported and analyzed in two operating segments: one is cannabis and the other is investments.

As a licensed producer who produces cannabis in small batches using state-of-the-art indoor facilities, we stand out for our modular “craft-at-scale” approach, our award-winning genetics and experienced breeders. Sundial’s portfolio of brands includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands. Sundial also operates the Spiritleaf retail banner. Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis by delivering a premium consumer experience and high quality curated cannabis products.

Our investment business aims to deploy strategic capital through direct and indirect investments and partnerships across the global cannabis industry.

We are proud Albertaner, headquartered in Calgary, AB, with operations in Olds and Rocky View Counties, Alberta, Canada. You can find more information about the sundial at

Forward-looking information

This press release contains statements and information that, unless they are historical facts, may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws (“forward-looking information”). Forward-looking information is usually, but not always, identified by the use of words such as “will”, “expected”, “forecast”, “be” and similar words, including their negatives, or other similar expressions relating to matters that are not historical facts. Forward-looking information in this press release includes, among other things, statements regarding: the combined company and its future direction; the expected benefits related to the agreement; Sundial’s capital base supports the expansion of Inner Spirit and access to new or expanded market opportunities.

Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions relating to: the expected benefits of the agreement; the business and operations of the combined company, including the fact that each business segment will continue to operate in accordance with past practice and under certain industry and market conditions; the ability of the combined company to successfully execute its strategic plans and initiatives and whether such strategic plans and initiatives are delivering the expected benefits; and Sundial and its franchise partners’ receipt of required retail cannabis licenses, permits, and approvals from regulatory agencies and their timing.

While Sundial believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should be placed on the forward-looking information as Sundial cannot guarantee that it will prove to be correct or that any of the Events anticipated, or will occur, from such forward-looking information, or, if so, what benefits Sundial will derive from them. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: the risk that the benefits of the arrangement will not prove to be as expected; Risks related to general economic conditions; adverse industry events; future legislative, tax and regulatory developments; Conditions in the cannabis industry; the risk that Sundial and its franchisees may fail to obtain the required retail cannabis licenses or be unable to open additional retail cannabis stores as expected or at all; the ability of management to execute its business strategy, goals and plans; the availability of capital to finance the expansion and opening of additional retail cannabis stores for businesses and franchisees; and the impact of the general economic climate and the COVID-19 pandemic in Canada.

Additional information on risks and uncertainties relating to Inner Spirit’s business is included under the heading “Risk Factors” in Inner Spirit’s annual information form for the past fiscal year December 31, 2019 dated February 12, 2021. Additional information regarding risks and uncertainties relating to Sundial’s business is included under Item 3D Risk Factors in Sundial’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on. was submitted March 17, 2021. The forward-looking information contained in this press release is as of the date of this press release. Sundial undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or other events, except as required by applicable law.

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SOURCE Sundial Growers Inc.



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