Business
Item 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado
Item 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\n\n\n\nItem 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nItem 9 Labs Corp. to Acquire The Herbal Cure in Denver, Colorado\nPR Newswire\nDENVER, March 17, 2022\n\n\n\nFuture Flagship Corporate Location Generated $5.4 Million in Revenue in 2021 Second Colorado Acquisition Fuels Market Expansion for the Company's Dispensary Franchise, Unity Rd. Acquisition Includes Cultivation License, Complementing the Company's National Retail and Product Expansion Efforts DENVER, March 17, 2022 /PRNewswire/ -- 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.\n\n \n \n \n \n \n \n\n \nThe 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.\nThe 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.\nOn the cultivation side, the APA also consists of a 3,000 square-foot medicinal and recreational cultivation. The Comp...