Atlantic Cultivation announces new partnership with Franchise Agreement for retail stores in Newfoundland and Labrador

ST. JOHN'S, Newfoundland, April 01, 2020 (GLOBE NEWSWIRE) -- Atlantic Cultivation Inc. ("Atlantic Cultivation"), through a wholly owned subsidiary, has signed a Master Franchise Agreement with Inner Spirit Holdings Ltd. ("Inner Spirit") for the operation of its retail locations in Newfoundland and Labrador under the Spiritleaf Brand.

The Spiritleaf retail cannabis store network currently operates 46 franchised, licensed and corporate-owned store locations throughout British Columbia, Alberta, Saskatchewan and Ontario.

Pursuant to an agreement with the Government of Newfoundland and Labrador, Atlantic Cultivation and its strategic partner Auxly Cannabis Group Inc. ("Auxly") have approval to supply cannabis to the Province, and Atlantic Cultivation has access to up to five licenses to operate cannabis retail locations in Newfoundland and Labrador.

This year, Atlantic plans to open three stores in St. John's and surrounding areas (Topsail Road, Goulds, and Galway), one location in Gander, and one in Grand Falls-Windsor.  The first store is under construction and is expected to open in the summer of 2020 at 673 Topsail Road in St. John's, Newfoundland and Labrador.

"We are delighted to bring the Spiritleaf brand and retail experience to Newfoundland and Labrador.  Atlantic, along with our strategic partner Auxly and new partner Inner Spirit, all share the same community driven values and are dedicated to providing a high quality, curated cannabis product and experience to our customers. We share a passion and dedication to the industry and are thrilled to celebrate this milestone with Inner Spirit on the East Coast," said Alex Twells, CEO of Atlantic Cultivation.

Chris Crosbie, Founder and Chief Operating Officer, added that "construction is well underway at Atlantic's 110,000 square foot facility located at 50 Captain Prim Drive, Kenmount Crossing in St. John's.  When in full production, we look forward to bringing our carefully crafted cannabis to our Spiritleaf locations here at home in Newfoundland and Labrador, and right across Canada."

Background:

About Atlantic Cultivation Inc.

Atlantic Cultivation was founded by a team of experienced Newfoundland and Labrador entrepreneurs committed to producing extraordinary and carefully crafted cannabis. As a vertically integrated company, Atlantic will utilize top feed drip hydroponic technology to produce premium cannabis flower and solvent free single-origin inhalable extracts made available in its own retail stores as well as others, with the intention of expanding to other markets.

About Inner Spirit Holdings Ltd. (CSE:ISH)

Inner Spirit Holdings Ltd. (CSE:ISH) has established a growing network of recreational cannabis stores across Canada under its Spiritleaf brand. The Spiritleaf network includes franchised and corporate-owned stores as well as an Ontario retail partnership, all operated with an entrepreneurial spirit and with the goal of creating deep and lasting ties within their local communities. Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis, offering a premium consumer experience and quality curated cannabis products. The Company is led by passionate advocates for cannabis who have years of retail, franchise and consumer marketing experience.

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