This past July, the company's dispensary franchise, Unity Rd., worked with local entrepreneurs to open a non-tribal, state-licensed medical cannabis establishment in South Dakota.
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 and assist 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. offers 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, Colo., 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 cannabis franchise's second store is currently being rebranded to Unity Rd. in Oklahoma City, Okla., 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 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. already has build-out plans 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.
Bowden said, "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, 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 has a franchise system comprised of 15-plus franchisees with Sessions stores located in prime retail shopping centers.
The future combined retail footprint will exponentially increase Unity Rd.'s shop count across North America to nearly 50 locations.
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