Item 9 Labs Corp. Accelerates Growth of Unity Rd. Dispensary Franchise
- Path of unity. opens four cannabis retail stores across Colorado, Oklahoma and South Dakota
- Imminent acquisition of Canadian retailers puts the company on track to become one of the largest cannabis retail franchisors in the world
PHOENIX, August 18, 2022 /PRNewswire/ — Item 9 Labs Corp. (OTCQX: INLB) (the “Company”) — a vertically integrated cannabis dispensary franchisor and operator that manufactures premium, award-winning products — continues to make significant progress in cementing its place as a leader in the Northeast landscape. American cannabis retailer with its cannabis retail franchise, Unity Rd.
With the increased merger and acquisition activity of Item 9 Labs Corp. and expansion into new cannabis markets underway, the company expects its development pipeline to remain strong through the end of the year. It plans to open additional new stores across the country, in addition to helping its franchisees acquire existing dispensaries across the United States.
“Our highly scalable retail model provides local entrepreneurs with expert guidance and a roadmap to operate compliantly in cannabis. Rd.’s business footprint is growing, we are creating significant value for our shareholders through the addition of multiple ongoing revenue streams,” said Item 9 Labs Corp CEO. Andrew Bowden.
New Unit Rd. Dispensaries Opened in Colorado and South Dakota
Path of unity. is the first national cannabis dispensary franchise in the United States, to offer entrepreneurs willing to enter the complex $25 billion industry with the proven guide and ongoing support needed to successfully open and operate a compliant dispensary in their local community.
The company opened its first Unity Rd. franchise location at June 2021 with a father-son entrepreneurial duo Boulder, Colorado, and has since grown to four operating stores as well as a development pipeline of more than 20 groups that span the brand in more than 10 states. The marijuana franchise’s second store is currently being renamed Unity Rd. in Oklahoma City, Oklahomaand its third location opened in July 2022 in North Denver.
Riding the wave of new openings, last July the company also worked with local entrepreneurs to open the first non-tribal, state-licensed medical cannabis facility in South Dakota – bringing the Rd. unit footprint to four sites opened in the last 13 months. Item 9 Labs Corp. next plans to enter the following markets with its Unity Rd. cannabis franchise: New Jersey, Maine, Virginia, Michigan and New Mexicoamong other states.
Item 9 Labs Corp. is also continuing to develop its Colorado Unity Rd. footprint with the recent approval of the license to open a dispensary in the Cherry Creek neighborhood of denver. Item 9 Labs Corp. has already put construction plans in place for the retail storefront and expects the location to be fully operational by the end of 2022. Additionally, earlier this year the company signed a purchase agreement of assets (“APA”) for a medicinal and recreational dispensary and grower, The Herbal Cure, in up-and-coming Washington Park, near denver, and continues to make progress on the acquisition. The dispensary generated revenues of $5.4 million in 2021 and will be the first future flagship location of Unity Rd.
Bowden continued, “Our recent momentum on the retail front illustrates the depth of our test bed across the business. Over the past year, we have focused on recruiting top talent who can handle a rapidly changing environment as well as the necessary skills to deliver on our projected growth plan, and our team has done a phenomenal job proving they can execute.”
Ongoing Acquisition Expected to Accelerate International Retail Footprint in Canada
In May, Item 9 Labs Corp. signed a definitive agreement to acquire Sessions Cannabis (“Sessions”), one of from Canada largest cannabis retail franchisors. Sessions currently has 44 stores across the province of Ontario with multiple openings planned for the remainder of 2022. The franchisor, which generates approximately C$70 million in annual system-wide sales, has a franchise system comprised of more than 15 franchisees with Sessions stores located in top-notch shopping malls.
Transformative Acquisition Will Accelerate Entry of Item 9 Labs Corp. in the world’s second largest cannabis market. Industry experts expect cannabis sales in Canada to reach C$4.7 billion by the end of 2022. The future combined retail footprint will exponentially increase the number of shops in Unity Rd. North America in nearly 50 locations. Once the company completes the acquisition in the coming months, it will become the largest publicly traded cannabis franchise company in the world and one of the largest cannabis retailers.
For more information about the company and its brands, visit item9labscorp.com.
About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor that offers premium products from its large-scale cultivation and production facilities in the United States. Award-winning brand Item 9 Labs specializes in the best products and user experience across multiple cannabis categories. The company also offers a unique dispensary franchise model through the nationwide Unity Rd. retail brand. By lowering barriers to entry, franchising provides an opportunity for new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings industry best practices to markets nationwide through a distinctive retail experience, culture capabilities and product innovation. The seasoned management team combines a diverse skill set with deep experience in the cannabis industry, franchising and capital markets to lead a new generation of public cannabis companies that deliver transparency, consistency and well-being. Based in Arizona, the company is currently expanding its operating space to more than 640,000 square feet on its 50-acre site, one of the largest properties in Arizona zoned for growing and growing flowers. For more information, visit https://investors.item9labscorp.com/.
ABOUT UNITY RD.
Path of unity. bridges the two previously disconnected worlds of cannabis and the franchise. The industry pioneer is the first to bring the cannabis dispensary franchise model to the United States, with a duality of prowess in both industries to back it up. Built from a collective of 200 years in the legal cannabis and franchise industry, the company helps operators willing to enter the complex industry with ease. The marijuana franchise pioneer provides its partners with the knowledge, resources, and ongoing support needed to operate a compliant and successful dispensary. Launched in 2018, Unity Rd. has signed multiple agreements with 20 entrepreneur groups across the country that are growing the brand in more than 10 states. In 2021, Unity Rd. became the first member of its kind to join the International Franchise Association (IFA), cementing its position as the first true cannabis dispensary franchise in the United States. The franchise was also named one of the “Best Cannabis Businesses to Work For” in the dispensary category. for Cannabis Business Times’ 2022 and 2020 rosters. For more information, visit unitrd.com.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, the risks and effects of judicial and administrative proceedings and governmental proceedings. regulation, particularly in a foreign country, future financial and operating results, competition, general economic conditions, proposed transactions that are not legally binding on the company and the ability to manage and pursue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this press release include the introduction of new technologies, market conditions and those set forth in any reports or documents we file from time to time. another with the SEC. We undertake no obligation to revise or update these statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
Section 9 Labs Corp.
Jayne Levyvice president of communications
Section 9 Labs Corp.
SOURCE Element 9 Labs Corp.