Marijuana cultivator, retail franchiser Item 9 Labs seeks sale of business

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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:

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.