Business
Item 9 Labs Corp. Closes Acquisition of Arizona DP Consulting Assets and DispensaryPermits.com
Item 9 Labs Corp. Closes Acquisition of Arizona DP Consulting Assets and DispensaryPermits.com.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\nSCOTTSDALE, Ariz., Nov. 29, 2018 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC: INLB) (Item 9 Labs or the Company), a leading developer and manufacturer of innovative cannabis products and proprietary delivery platforms, today announced that on November 26, 2018, through its wholly owned subsidiary AZ DP Holdings, LLC, a Nevada limited liability company, that it closed on an Asset Purchase Agreement (the “Agreement”) with Arizona DP Consulting, LLC (“Dispensary Permits”) and its owner and founder Sara Gullickson, an award-winning international cannabis consultant with licensing success in over a dozen markets.\n Pursuant to the Agreement, the Company acquired the assets of Dispensary Permits, a nationally recognized cannabis consulting company specializing in helping entrepreneurs and industry stakeholders obtain cannabis licenses and build successful businesses. In addition, the Agreement included the acquisition of sister site DispensaryTemplates.com, which offers comprehensive downloadable business plans covering a full spectrum of industry-specific topics. Collectively, Dispensary Permits and DispensaryTemplates.com own dozens of cannabis related domains, an email database of over 24,000 subscribers, and more than 60,000 unique site visitors per month.  The Company also obtained other assets, such as intellectual property for cannabis business licensing and proprietary dispensary, cultivation and production models. These pioneering industry models are aimed at providing and implementing the best medical cannabis practices from across the US, among others (collectively, the “Assets”).  The purchase price for the Assets was $1,500,000 in cash and 3,000,000 restricted common stock shares. Pursuant to the Agreement, Bryce Skalla transitioned from CEO to President, and Sara Gullickson concurrently transitioned from President to CEO, subject to an employment agreement for term of three years and was appointed as a member of the board of directors of the Company. Additionally, the Company agreed to hire the employees of Dispensary Permits and to lease its existing office space and will continue the operation of the Assets. “As an entrepreneur, leading a publicly traded company has always been a goal. I am grateful to see this dream come to fruition,” stated Gullickson. &...