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Unity Rd. Signs First Agreement For Future Cannabis Establishment in the Green Mountain State
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Item 9 Labs Corp. (OTCQX: INLB) has signed an agreement to expand its cannabis dispensary franchise, Unity Rd., into Vermont, marking its first location in the state. This initiative aims to tap into Vermont's growing adult-use cannabis market, projected to generate $3 to $5 million by the end of 2023 and $120 to $145 million by 2026. Unity Rd. is providing support to a local entrepreneur in establishing the shop and navigating the licensing process. The Northeast region is expected to see increased consumer awareness and legalization, potentially benefiting the cannabis industry significantly.
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Expansion into Vermont's cannabis market with the first shop.
Projected financial growth for the Vermont cannabis market.
Support for local entrepreneurs in compliance and operations.
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Item 9 Labs Corp.’s cannabis dispensary franchise partners with local entrepreneur to open first shop in Vermont
New agreement to bring Unity Rd. development pipeline to three states in Northeast region
BURLINGTON, Vt.--(BUSINESS WIRE)--
Unity Rd., the national cannabis dispensary franchise from Item 9 Labs Corp. (OTCQX: INLB), announced today the signing of an agreement that will bring a new cannabis establishment to Vermont and further expand the brand’s presence in the Northeast region of the U.S. Unity Rd. has partnered with a local entrepreneur, who will be its first shop owner in the Green Mountain State.
The entrepreneur was seeking to diversify their business portfolio with a foray into Vermont’s budding adult-use cannabis market and Unity Rd. is currently assisting them in identifying real estate while meeting with local municipalities to start the licensing application process.
“Breaking into an emerging market that is growing at an exponential rate with an entrepreneur who witnesses the true value behind cannabis speaks volumes to our mission,” shared Unity Rd.’s CEO, Mike Weinberger. “Unity Rd. is dedicated to providing its local shop owners with everything they need to successfully and compliantly enter and operate in the industry, along with the backing of a national brand, a team of experts and unwavering support.”
According to the Vermont Department of Taxes, licensed cannabis establishments in Vermont reached $2.6 million in the state’s first month of adult-use sales in October 2022. The market is currently projected to generate at least $3 to $5 million by the end of 2023 and $120 to $145 million by 2026, as stated in the 2022MJBiz Factbook.
With the Northeast region representing over 17% of the U.S. population and additional states poised to push more reform this coming year, increased consumer awareness and legalization in the area is expected to fuel noteworthy progress for the cannabis industry. Beyond Vermont, states including New Jersey and Delaware also kicked off their legal adult-use cannabis sales in late 2022, and recently in the beginning of 2023, New York and Connecticut launched their markets with record-breaking sales.
Cannabis is a highly regulated industry with laws that differ from state-to-state and change day by day. These market conditions make it next to impossible for industry newcomers to enter – let alone operate a successful business. Unity Rd. breaks down these barriers, helping independent business owners bring the benefits of the growing industry to their hometown to strengthen their communities, invest in local programs, and build a legacy.
Unity Rd. is actively seeking qualified partners on the East coast of the U.S., including Maine, Maryland, and Virginia. To learn more about the Unity Rd. franchise opportunity, contact franchise@unityrd.com, call 720-923-5262 or visit unityrd.com.
ABOUT UNITY RD.:
Unity Rd. is the first national cannabis dispensary franchise model in the U.S. Since launching in 2018, Unity Rd. has always had one mission and vision in mind for the cannabis industry: to inspire confidence in the benefits of cannabis for all. From consumers to entire communities and investors, Unity Rd. was founded on the belief that everyone has a place in the budding $28 billion industry. The result is high-quality cannabis products guests can rely on that are sold in shops run by local entrepreneurs who are backed by Unity Rd.’s collective 200 years of legal cannabis and franchising experience. An industry pioneer, Unity Rd. is the retail franchise from Item 9 Labs Corp. (OTCQX: INLB). The franchise has been named one of the top cannabis retail leaders in the nation by MJBizDaily, became the first concept of its kind to become a member of the International Franchise Association (IFA) and was named one of the “Best Cannabis Companies to Work For” in the dispensary category of Cannabis Business Times’ 2023, 2022 and 2020 lists. Unity Rd. currently has four shops open and multiple agreements signed with 20-plus entrepreneurial groups who are developing the brand across 10-plus states. For more information, visit unityrd.com.
ABOUT ITEM 9 LABS CORP.
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 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 item9labscorp.com.
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 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.
