Inner Spirit Holdings (ISH.C) announced they made $105 million in retail sales, selling to 2.3 million customers in 2020 today, according to a press release.
The company intends on reporting its Q4 and full year 2020 financial results in April 2021. Their sales figures represent both their franchised and owned-stores in 2020, and the company expects their yearly revenue to be approximately $26 million (as a mix of royalties from Spiritleaf franchisees and sales from their own stores), a gross margin range from 46% to 48%, and $4.7 million cash on hand as of New Years Eve.
“Surpassing the $100 million system-wide retail sales1 milestone for 2020 is such an impressive achievement for the Spiritleaf network, our franchise partners and employees. We made significant progress on our business strategy as we opened a new Spiritleaf store every 14 days on average last year to serve local communities and share our knowledge and expertise with customers. We expect 2021 will be just as eventful as we plan to increase our store-opening cadence and enter new markets, all while operating safely during the ongoing pandemic. We look forward to continuing our strong business performance and continuing to earn the support and commitment from our customers, franchise partners, employees, strategic partners and shareholders,” said Darren Bondar, president and CEO of Inner Spirit.
ISH is up 15.6% today on the news, and are presently trading at $0.185.
The company has new Spiritleaf stores in Edmonton, Hamilton and Toronto, bringing their total locations to 70 across the country. The numbers break down further to include 57 franchised stories and 13 owned directly by the company. The company intends on operating more than 100 Spiritleaf stores by the end of 2021, with more store locations under the Spiritleaf brand have been conditionally accepted to open soon in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Newfound and Labrador.
—Joseph Morton
