INLB - Item 9 Labs agrees to acquire Sessions Cannabis

Item 9 Labs (OTCQX:INLB) has agreed to acquire Canadian cannabis retail franchisor, Sessions Cannabis. Financial terms of the deal were not disclosed. Founded in 2019, Sessions currently has 43 stores across the Province of Ontario. The Ontario-based business has a franchise system comprised of 18 franchisees, the majority of which are multi-unit owners, and plans to continue its growth across Canada with multiple openings already planned for this year. Item 9 Labs CEO Andrew Bowden stated, "This is a transformative acquisition that fast-tracks our entry into the Canadian market and brings tremendous value to our shareholders. With an exponential increase in store count across North America, this acquisition would transition us from being a multi-state operator to an international cannabis company and the largest global cannabis franchisor. The potential to accelerate growth through both franchising and additional opportunistic acquisitions is immense."

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Item 9 Labs agrees to acquire Sessions Cannabis