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Item 9 Labs Corp., the parent company of marijuana retail franchise business Unity Rd. and Arizona cultivator Item 9 Labs, has retained Sharp Capital Advisors to help sell its business.
Phoenix-based Item 9 entered receivership in July.
Item 9 includes two operating businesses, according to the Tuesday announcement by Sharp Capital Advisors:
- A 20,000-square-foot Arizona cultivation facility.
- The Unity Rd. retail franchiser, which has franchises operating in Colorado, New Jersey and South Dakota.
The company also has an incomplete 20,000-square-foot facility and “two associated licenses” in Nevada.
Item 9 announced a restructuring plan with cost cuts and leadership changes in May after making job cuts in December 2022.
The company’s proposed $12.8 million acquisition of Canadian marijuana retail franchiser Sessions Cannabis was “terminated by the sellers” in May after Item 9 failed to show it had the funds to close the deal, a regulatory filing shows.
