Unity Rd., the cannabis dispensary franchise from Item 9 Labs Corp. (OTCQX:INLB) said that following a successful year of eight signed agreements for expansion into six new states, it’s well-positioned to build off this performance in an optimistic 2022.
Maine, Michigan, New Jersey, South Dakota, and Virginia were some of the states to see franchise growth in 2021 – and the industry itself grew with five more states legalizing either medicinal or adult-use cannabis last year.
With several states preparing to legalize cannabis through legislative bills and ballot measures this year, more opportunities will soon be available and market forecasts show U.S. cannabis sales will reach $50 billion by 2026.
"Cannabis is one of the fastest-growing industries in the world and we are at the forefront, as a pioneer leading the charge," Andrew Bowden, CEO of Item 9 Labs Corp, said. "Heading into 2022, we believe all our efforts will accelerate as we see licenses and permits go through and new Unity Rd. openings taking place nationwide."
2021 Milestones
A major brand milestone was hit in June with the opening of Unity Rd.'s first cannabis franchise shop in Boulder, Colorado owned by a father-and-son team.
Stacked with a roster of strong development, Unity Rd. also solidified deals in New Jersey and Virginia, while announcing its expansion throughout Maine, and most recently signed its first agreement in South Dakota.
Another success the franchise company saw last year was the launch of a national dispensary acquisition program which offers a solution for prospective entrepreneurs seeking immediate entry into the cannabis industry.
In October, Item 9 executed an asset purchase agreement for the first shop in this program, an existing dispensary license and storefront in Adams County, Colorado.
What’s Next?
The company is currently awaiting regulatory approval by Colorado's Marijuana Enforcement Division and expects the shop to be operational in the first half of 2022.
"We truly strengthened our foundation this past year, and now we will continue to educate and build awareness of our franchise opportunity," Mike Weinberger, Unity Rd.'s chief franchise officer, said. "We have seen increased interest from prospective franchise partners and are starting to open more shops, but we are not taking our pedal off the gas because more entrepreneurs need to know that the complex cannabis industry and franchising can exist as one – and that is Unity Rd."
Photo: Courtesy of Unity Rd.
