'We're Owned By People From The Community,' Says Item 9 Labs Corp CEO On Its Franchise Model

"We’re a [cannabis] franchise model which means we’re actually owned by people from the community," said Mike Weinberger, CEO of Item 9 Labs Corp. INLB at the recent Benzinga Cannabis Capital Conference in Miami. The entrepreneur unveiled the secret behind his company's success, which has much to do with the unique approach the cannabis brand has adopted: a franchising model.

Highlighting the importance of community ownership, Weinberger said, "It wasn’t a plan but it’s actually come to fruition that you’ve got someone from where your kids go to school or where your church your synagogue whatever it might be, walks of life that own that business."

This grassroots model has proven beneficial in fostering trust within the community, proving to be a key differentiator for Item 9 Labs Corp from its competitors.

The CEO continued, "You’re going to shop there because there’s trust. So that’s allowed us to keep our finger on the pulse of the community and of the patients and guests a little more than some of our competitors." This statement underscores how this franchising model would help companies maintain a close connection with their customer base.

Drawing parallels between Item 9's business model and Potbelly Franchise, "One of the things that they sell as their brand is that they kind of go deep into that community and they try to present something that really speaks to that community even though it’s a nationwide brand," Weinberger told Debra Borchardt, the panel’s moderator and executive editor of Green Market Report.

If you are interested in fostering deep community ties throughout the cannabis industry consider joining us at the 17th edition of the Benzinga Cannabis Capital Conference, which is set to return to Chicago on September 27 and 28. All information is available on bzcannabis.com