Business
Unity Rd. Signs First Agreement For Future Cannabis Establishment in the Green Mountain State
Unity Rd. Signs First Agreement For Future Cannabis Establishment in the Green Mountain State.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\nUnity Rd., the national cannabis dispensary franchise from Item 9 Labs Corp. (OTCQX: INLB), announced today the signing of an agreement that will bring a new cannabis establishment to Vermont and further expand the brand’s presence in the Northeast region of the U.S. Unity Rd. has partnered with a local entrepreneur, who will be its first shop owner in the Green Mountain State.\n\nThe entrepreneur was seeking to diversify their business portfolio with a foray into Vermont’s budding adult-use cannabis market and Unity Rd. is currently assisting them in identifying real estate while meeting with local municipalities to start the licensing application process.\n\n“Breaking into an emerging market that is growing at an exponential rate with an entrepreneur who witnesses the true value behind cannabis speaks volumes to our mission,” shared Unity Rd.’s CEO, Mike Weinberger. “Unity Rd. is dedicated to providing its local shop owners with everything they need to successfully and compliantly enter and operate in the industry, along with the backing of a national brand, a team of experts and unwavering support.”\n\nAccording to the Vermont Department of Taxes, licensed cannabis establishments in Vermont reached $2.6 million in the state’s first month of adult-use sales in October 2022. The market is currently projected to generate at least $3 to $5 million by the end of 2023 and $120 to $145 million by 2026, as stated in the 2022 MJBiz Factbook.\n\nWith the Northeast region representing over 17% of the U.S. population and additional states poised to push more reform this coming year, increased consumer awareness and legalization in the area is expected to fuel noteworthy progress for the cannabis industry. Beyond Vermont, states including New Jersey and Delaware also kicked off their legal adult-use cannabis sales in late 2022, and recently in the beginning of 2023, New York and Connecticut launched their markets with record-breaking sales.\n\nCannabis is a highly regulated industry with laws that differ from state-to-state and change day by day. These market conditions make it next to impossible for industry newcomers to enter – let alone operate a successful business. Unity Rd. breaks down these barriers, helping independent business owners bring the benefits of the growing industr...