Each New Jersey franchising group will pursue at least one dispensary license.
Following the vote to legalize cannabis in New Jersey, Unity Rd. has announced the signing of three franchise agreements with three entrepreneurial groups, who will each pursue at least one dispensary license to open a Unity Rd. store in the state.
“The more access you have to industry knowledge, resources and connections in cannabis, the better – and those things are not easy to come by,” said Ed Carpezzi, who recently signed an agreement to open a Unity Rd. dispensary in New Jersey.
“I was originally hesitant to join a franchise – a bit unwilling to give up certain freedoms – but I quickly realized how critical it is to have an ally in this industry, and that’s Unity Rd. This industry is changing every day at an almost unbelievable pace, which is exciting, but makes it difficult to navigate. I look to the Unity Rd. team to help me with operations, which will allow me to focus on building the business.”
This news comes shortly after the acquisition of ONE Cannabis Group, Unity Rd.’s parent company, by Item 9 Labs Corp. This acquisition created the first vertically integrated cannabis franchise in the U.S.
“We want to empower local owners so they can confidently and successfully contribute to their communities – it all goes back to our overarching goal to inspire confidence in the benefits of cannabis for all,” said Unity Rd.’s chief franchise officer, Mike Weinberger.
“The cannabis industry is notoriously complex, which is why we launched the Unity Rd. franchise opportunity in the first place. We are already fielding an incredible amount of interest and inquiries in New Jersey, and we’re often in talks with prospective franchise partners months, if not years, ahead of state-level legalization.
“But it’s not too late to get into the industry. In fact, now’s the perfect time to get your foot in the door before the industry accelerates forward.”
New Jersey’s cannabis market is projected to reach top-line sales of $740m for its first complete year, with the garden state generating as much as $950m in annual retail sales by 2024.