Item 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado

Item 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado
CANNANNEW REPORT

Item 9 Labs Corp. (OTCQX: INLB) (the “Company”) — a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products — announced today that it has signed an Asset Purchase Agreement (the “APA”) with The Herbal Cure, a medicinal and recreational dispensary and cultivator operating in Denver, Colorado. The Herbal Cure was founded in 2010 and generated revenues of $5.4 million in 2021. Located in the desirable and central neighborhood of Washington Park in Denver, the 1,500 square-foot medicinal and recreational dispensary will be the Company’s future flagship location for the brand. Item 9 Labs Corp. anticipates the dispensary to be transitioned over to its cannabis dispensary franchise brand, Unity Rd., within six months of closing the acquisition, which is currently awaiting regulatory approval by Colorado’s Marijuana Enforcement Division (the “MED”) and the City of Denver. The acquisition includes the current 5,000 square-foot facility, which has 3,500 square feet of space for on-site cultivation operations, corporate offices, team training and more. Item 9 Labs Corp. has room to expand the sales floor with additional point-of-sale terminals and expanded product assortment, in addition the potential to offer delivery services through one of the Company’s social equity partners. On the cultivation side, the APA also consists of a 3,000 square-foot medicinal and recreational cultivation. The Company anticipates introducing its award-winning cannabis products from Item 9 Labs to the Colorado market in the year ahead. With nearly 30 podium finishes in Arizona marijuana competitions, Item 9 Labs is a trusted source for premium cannabis products with a catalog that spans 100-plus products across five core categories, including several active cannabis strains, cannabis vape products, premium concentrates and Orion vape technology. “The Herbal Cure acquisition represents an accretive opportunity for the Company and is well-positioned with our national retail and product expansion strategy,” said the Company’s Chief Strategy Officer, Jeffrey Rassas. Unity Rd. is the growth vehicle that will…

Excerpt only …
READ MORE BELOW
Source : Item 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.