Item 9 Labs Corp. (OTCQX:INLB) has signed an asset purchase agreement with The Herbal Cure, a medicinal and recreational dispensary and cultivator operating in Denver, Colorado.
The Herbal Cure, founded in 2010, 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 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 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. On the cultivation side, the APA also consists of a 3,000 square-foot medicinal and recreational cultivation.
“With The Herbal Cure dispensary ideally located in South Denver, we anticipate seeing accelerated brand penetration in the market thanks to heightened exposure amongst daily commuters as well as high traffic from tourism, especially during the summer months,” said the company’s VP of mergers and acquisitions Mark Busch.
“This flagship location is a tremendous