Item 9 Labs Corp. Positioned For Significant Growth With Expanding Cannabis Dispensary Franchise, Unity Rd.
Item 9 Labs Corp. (OTCQX: INLB) announces significant growth plans for 2023, following a successful year marked by multiple dispensary openings across several U.S. states, including Colorado, New Jersey, Oklahoma, and South Dakota. The company is poised for expansion into international markets through a definitive agreement to acquire Sessions Cannabis, which boasts over CA$80 million in annual sales and will increase Item 9 Labs' store count to over 50 locations. Additionally, Unity Rd. was recognized as one of the 'Best Cannabis Companies to Work For'. With a new CEO at the helm, the company aims to enhance its global footprint while empowering local dispensary ownership.
- Signed definitive agreement to acquire Sessions Cannabis, increasing store count to 50+ across North America.
- Generated over CA$80 million in annual systemwide sales from Sessions.
- Opened multiple new dispensaries in key markets including New Jersey and South Dakota.
- Unity Rd. recognized as a top employer in the cannabis industry.
- None.
Franchise builds
Since launching in 2018,
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Opened multiple shops and entered new development markets across
the United States :-
Local shop owner and entrepreneur,
Dishen Patel , received approval in December for a recreational business license from the state ofNew Jersey and the municipality ofFranklin Township inSomerset County to open and operate a new cannabis business.The Franklin-Somerset Unity Rd. location is expected to open in summer 2023. -
Franchisees B.J. Olson and
Adam Jorgensen opened the first non-tribal, state-licensed medical cannabis establishment inSouth Dakota , located inHartford near the state’s largest city ofSioux Falls . -
Alongside the opening in
South Dakota ,Unity Rd. opened its first shop in theDenver market, located in theNorth Denver area, in July. The franchise also secured license approval on the state and local levels for a dispensary near theGlendale neighborhood inDenver . -
Unity Rd. signed its first partner through its Local Alliance Program inOklahoma City, Okla. in January. The program was created for existing dispensary owners and license holders who would benefit from gaining direct access to the buying power, resources, and supportive network of a national dispensary brand.
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Local shop owner and entrepreneur,
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Item 9 Labs. Corp. signed a definitive agreement to acquire Sessions Cannabis (“Sessions”): In May, the Company signed a definitive agreement to acquire Sessions Cannabis, one of Canada’s largest cannabis retail franchisors. With an exponential increase in future store count to a combined 50-plus units acrossNorth America , the approaching acquisition will establishItem 9 Labs Corp. as the largest global and publicly traded cannabis franchise company. Sessions currently generates more than CA$80 million in annual systemwide sales and is continuing to grow rapidly with multiple openings already slated for the coming months. The Company expects the transaction to close in spring 2023. -
Item 9 Labs Corp. announced it signed an Asset Purchase Agreement (“APA”) to acquire The Herbal Cure:Item 9 Labs Corp. signed an APA in March to acquire The Herbal Cure, a medicinal and recreational dispensary and cultivator operating in the desirableWashington Park neighborhood ofDenver . Upon closing the acquisition, and subject to applicable approvals, the 1,500 square-foot dispensary will be transitioned over toUnity Rd. and become the brand’s future flagship location. -
Unity Rd. named a ‘Best Cannabis Company to Work For’ by Cannabis Business Times: The first true national cannabis dispensary franchise brand in theU.S. was recognized as one of the ‘Best Cannabis Companies to Work For’ in the “dispensary” category of industry-leading publication, Cannabis Business Times’ 2022 list in March.
Additionally,
“We are building a dedicated, national network of local dispensary owners with the right franchisees, who are excited to be early cannabis entrepreneurs, see the possibilities that lie ahead, and are eager to make a difference in their communities,” said
To learn more about the
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FORWARD-LOOKING STATEMENTS
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
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Media Contact:
PR & Content Specialist
krudny@unityrd.com
Investor Contact:
800-403-1140
Investors@item9labscorp.com
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FAQ
What are the 2023 growth plans for Item 9 Labs Corp. (INLB)?
How many dispensaries will Item 9 Labs have after the acquisition of Sessions Cannabis?