Item 9 Labs Corp. (OTCQX: INLB), a vertically integrated cannabis company, today announced its dispensary franchise, Unity Rd., has signed agreements with three entrepreneurial groups for expansion into New Jersey. Each team will be pursuing at least one dispensary license to open a Unity Rd. shop in the state.
Ahead of legalization, the $INLB and Unity Rd. teams are guiding the partners through the dispensary license process. The garden state is expected to generate as much as $950 million in annual retail sales by 2024, and is expected to open dispensary license applications as early as late 2021.
As more and more states across the country move to legalize medicinal or adult-use cannabis, Unity Rd. is actively seeking franchise partners in the Northeastern region of the United States.
Unity Rd. offers the safest route for entrepreneurs looking to enter an industry that boasts high growth potential, helping franchise partners confidently enter the complex cannabis space. Its veteran team passes on their knowledge and trusted resources, as well as provides the ongoing support needed to compliantly and successfully operate a dispensary. With a collective 120-plus years' experience in the legal cannabis industry, Unity Rd.'s time-tested Standard Operating Procedures (SOPs) guide franchise partners through every operational function of the business.
"The more access you have to industry knowledge, resources and connections in cannabis, the better – and those things are not easy to come by," shared Ed Carpezzi, who recently signed an agreement to open a Unity Rd. dispensary in New Jersey. "I was originally hesitant to join a franchise – a bit unwilling to give up certain freedoms – but I quickly realized how critical it is to have an ally in this industry, and that's Unity Rd. This industry is changing every day at an almost unbelievable pace, which is exciting, but makes it difficult to navigate. I look to the Unity Rd. team to help me with operations, which will allow me to focus on building the business."
Unity Rd. franchise partners stand to receive even more resources and supply chain connections as the brand was recently acquired by Item 9 Labs Corp., an award-winning cannabis operator. The combination of the Unity Rd. cannabis retail franchise and premium Item 9 Labs products makes Item 9 Labs Corp. one of the first vertically integrated cannabis franchise companies in the nation. Known for its impressive catalogue of products, Item 9 Labs currently offers 75 active cannabis strains and 150-plus differentiated cannabis vape products as well as premium concentrates. As Unity Rd. grows its franchise network, Item 9 Labs plans to develop or partner with cultivation facilities in states where Unity Rd. franchise partners open cannabis retail shops. This move will give Unity Rd. operators front-of-the-line access to a reliable product supply chain.
"We want to empower local owners so they can confidently and successfully contribute to their communities – it all goes back to our overarching goal to inspire confidence in the benefits of cannabis for all," explained Unity Rd.'s Chief Franchise Officer, Mike Weinberger. "The cannabis industry is notoriously complex, which is why we launched the Unity Rd. franchise opportunity in the first place. We are already fielding an incredible amount of interest and inquiries in New Jersey, and we're often in talks with prospective franchise partners months, if not years, ahead of state-level legalization. But it's not too late to get into the industry. In fact, now's the perfect time to get your foot in the door before the industry accelerates forward."
Despite economic challenges brought on by the pandemic, the demand for cannabis products surged to unprecedented levels with nearly every state experiencing record sales throughout 2020. This year will be no different; In fact, it's expected to be a big year for cannabis law reform on both the state and federal levels – opening opportunities for the industry to explode, projected to top $24 billion by year-end, with New Jersey's top-line sales forecasted at $740 million for the first complete year of sales.
Currently, Unity Rd. has signed multiple agreements with more than 10 entrepreneurial groups across the country. The total investment ranges from $1 million to $2.5 million, including a $100,000 franchise fee for a single unit or $250,000 for three units. Those interested in becoming a Unity Rd. franchise partner should have access to a minimum $1 million in liquid capital. Franchise partners may be owner-operators or passive owners with a designated, experienced manager running operations.
To learn more about Unity Rd. franchise opportunities, contact [email protected] or 720-923-5262, or visit unityrd.com. For additional information on Item 9 Labs Corp., visit item9labscorp.com.
ABOUT UNITY RD.:
Unity Rd. is bridging the two previously disconnected worlds of cannabis and franchising. The industry trailblazer is the first to bring the cannabis dispensary franchise model to the United States—with duality of prowess in both industries to back it up. Built up from a collective 200 years in the legal cannabis industry and franchising, the company helps eager operators enter the complex industry with ease. The marijuana franchise pioneer offers its partners the knowledge, resources, and ongoing support needed to compliantly and successfully operate a dispensary. Launched in 2018, Unity Rd. has signed multiple agreements with more than 10 entrepreneurial groups across the country. Recently, it was named one of the top cannabis retail leaders in the nation by MJBizDaily magazine and one of the "Best Cannabis Companies to Work For" in both the dispensary and cultivation categories in Cannabis Business Times' elite 2020 list. The company is also the first cannabis business to earn a Franchise Times Dealmakers award. 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 by 650,000+ 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.