Item 9 Labs Corp. (OTCQX:INLB) has closed its acquisition of an existing dispensary license and storefront in Adams County, Colorado. Located at 6101 N. Washington St. in Denver, this will be the first corporate-owned shop under the Unity Rd. brand. The Company expects the shop to be operational in the first half of 2022.
This acquisition is part of an overarching strategy to accelerate national development by creating turnkey investment opportunities for Unity Rd. franchise partners. Item 9 Labs Corp. plans to aggressively expand its dispensary franchise by acquiring and converting cannabis retail stores, training the local team and selling the business to new and existing franchise partners.
"Entrepreneurs are flocking to cannabis, eager to grab a piece of the $25 billion a year market, but soon find that opening a cannabis business is most often a lengthy, complex process," said Andrew Bowden, CEO of Item 9 Labs. "This development strategy offers one of the most turn-key entrances into cannabis. With our team handling the acquisition, conversion and training internally, we expect our national Unity Rd. footprint to expand much more quickly."
As part of these development efforts, the company is seeking acquisitions of cannabis dispensaries in Denver, front-range and compelling mountain towns throughout Colorado, as well as key markets in Arizona, Michigan and Oklahoma.
Bringing Item 9 Labs products to markets where Unity Rd. shops are located gives franchise partners front-of-the-line access to a reliable product supply chain. The cannabis retail shop also benefits from the national product consistency that consumers have come to expect from franchise brands.
