Item 9 Labs Corp. Accelerates Growth of Unity Rd. Dispensary Franchise
- Unity Rd. Opens Four Cannabis Retail Stores Throughout Colorado, Oklahoma and South Dakota
- Pending Canadian Retail Acquisition Puts Company on Track To Become One of the World's Largest Cannabis Retail Franchisors
PHOENIX, Aug. 18, 2022 /PRNewswire/ -- Item 9 Labs Corp. (OTCQX: INLB) (the "Company") — a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products — continues to make significant headway toward solidifying its spot as a leader in the North American cannabis retail landscape with its cannabis retail franchise, Unity Rd.
With Item 9 Labs Corp.'s merger and acquisition activities ramping up and expansion into new cannabis markets underway, the Company anticipates its development pipeline will remain strong through the end of the year. It expects to open additional new stores across the country, in addition to assisting its franchisees in acquiring existing dispensaries across the U.S.
"Our highly scalable retail model offers local entrepreneurs expert guidance and a roadmap to operating compliantly in cannabis. On a corporate level, we can rapidly expand our Unity Rd. dispensary footprint with low capital expenditure since franchisees own and operate their locations. As the Unity Rd. retail footprint develops, we are building significant value for our shareholders with the additions of multiple ongoing revenue streams," said Item 9 Labs Corp. CEO Andrew Bowden.
Unity Rd. is the first national cannabis dispensary franchise in the U.S., to offer eager entrepreneurs seeking to enter the complex $25 billion industry with the proven guidebook and ongoing support needed to successfully open and operate a compliant dispensary in their local community.
The Company opened its first Unity Rd. franchised location in June 2021 with a father-son entrepreneur duo in Boulder, Colorado, and has since grown to four stores in operation as well as a development pipeline packed with more than 20 groups who are expanding the brand across 10-plus states. The marijuana franchise's second store is currently being rebranded to Unity Rd. in Oklahoma City, Oklahoma, and its third location opened in July 2022 in North Denver.
Riding the wave of new openings, this past July, the Company also worked with local entrepreneurs to open the first non-tribal, state-licensed medical cannabis establishment in South Dakota – bringing the Unity Rd. footprint to four locations open in the last 13 months. Item 9 Labs Corp. anticipates entering the following markets next with its Unity Rd. cannabis franchise: New Jersey, Maine, Virginia, Michigan and New Mexico, among other states.
Item 9 Labs Corp. is also continuing to develop its Colorado Unity Rd. footprint with recent license approval to open a dispensary in the Cherry Creek neighborhood of Denver. Item 9 Labs Corp. has build-out plans already in place for the retail storefront and anticipates the location to be fully operational by the end of 2022. Further, earlier this year, the Company signed an Asset Purchase Agreement ("APA") for a medicinal and recreational dispensary and cultivator, The Herbal Cure, in the up-and-coming Washington Park near Denver, and is continuing to progress on the acquisition. The dispensary generated revenues of $5.4 million in 2021 and will be Unity Rd.'s first future flagship location.
Bowden continued, "Our recent momentum on the retail front exemplifies our strong depth of bench across the Company. Over the past year, we have made it a focus to bring in top talent that can handle a fast-paced environment as well as the necessary skillset to achieve our projected growth plan, and our team has done a phenomenal job proving that they can execute."
In May, Item 9 Labs Corp. signed a definitive agreement to acquire Sessions Cannabis ("Sessions"), one of Canada's largest cannabis retail franchisors. Sessions currently has 44 stores throughout the Province of Ontario with multiple openings planned for the rest of 2022. The franchisor, which generates approximately CA$70 million in annual systemwide sales, has a franchise system comprised of 15-plus franchisees with Sessions stores located in prime retail shopping centers.
The transformative acquisition will fast-track Item 9 Labs Corp.'s entry into the world's second-largest cannabis market. Industry experts expect Canadian cannabis sales to climb to CA$4.7 billion by the end of 2022. The future combined retail footprint will exponentially increase Unity Rd.'s shop count across North America to nearly 50 locations. Once the Company closes the acquisition in the coming months, it will become the largest global and publicly traded cannabis franchise company and one of the largest cannabis retailers.
For more information about the Company and its brands, visit item9labscorp.com.
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both 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 the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space by up to 640,000-plus square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit https://investors.item9labscorp.com/.
Unity Rd. is bridging the two previously disconnected worlds of cannabis and franchising. The industry trailblazer is the first to bring the cannabis dispensary franchise model to the United States—with duality of prowess in both industries to back it up. Built up from a collective 200 years in the legal cannabis industry and franchising, the company helps eager operators enter the complex industry with ease. The marijuana franchise pioneer offers its partners the knowledge, resources and ongoing support needed to compliantly and successfully operate a dispensary. Launched in 2018, Unity Rd. has signed multiple agreements with 20 entrepreneurial groups across the country who are developing the brand across 10-plus states. In 2021, Unity Rd. became the first member of its kind to join the International Franchise Association (IFA), solidifying its position as the first true cannabis dispensary franchise in the U.S. The franchise was also named one of the "Best Cannabis Companies to Work For" in the dispensary category for Cannabis Business Times' 2022 and 2020 lists. For more information, visit unityrd.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, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes 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 news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Media Contact:
Item 9 Labs Corp.
Jayne Levy, VP of Communications
[email protected]
Investor Contact:
Item 9 Labs Corp.
800-403-1140
[email protected]
SOURCE Item 9 Labs Corp.
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