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Item 9 Labs Continues Dominating the Arizona Market With a 30% YOY Unit Sales Increase in February
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Item 9 Labs, an award-winning cannabis brand, reported a 30% increase in unit sales for February 2023 compared to the previous year, alongside improving profit margins. The company also celebrated a podium finish at the Spring Errl Cup in March 2023, securing third place in the “Sativa Flower” category for its Dosi Whoa strain. This performance reflects the brand's strengthening position in Arizona's cannabis market, which is among the top ten adult-use markets in the U.S. Executive Mike Weinberger expressed optimism about ongoing consumer demand amid upcoming cannabis events. Overall, Item 9 Labs continues to establish its presence and reputation in the industry.
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30% increase in unit sales for February 2023 year-over-year.
Third-place award for Dosi Whoa strain at Spring Errl Cup.
Ongoing positive sales momentum and increasing profit margins.
Recognition as a trusted source with over 30 podium finishes.
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Award-winning cannabis brand maintains consistent unit sales growth; Affirms continued success with Spring 2023 Errl Cup podium finish for Dosi Whoa flower
PHOENIX--(BUSINESS WIRE)--
Item 9 Labs—an award-winning, premium cannabis brand from Item 9 Labs Corp. (OTCQX: INLB)—clipped a 30% increase in unit sales for February 2023 compared to February 2022, while continuing to increase its profit margins.
“The Arizona cannabis market has been riding the wave of Super Bowl through to Spring training and the upcoming 4/20 cannabis holiday,” said the Company’s CEO Mike Weinberger. “With this, we are optimistic that our award-winning cannabis products will continue exceeding expectations and meeting consumer demand in the coming months.”
The brand’s ongoing positive momentum in 2023 was also recently elevated with a podium finish at the Spring Errl Cup, Arizona’s biggest cannabis awards and festival event, that took place March 11-12, 2023 in Mesa, Ariz. Item 9 Labs’ Dosi Whoa cannabis strain earned a third-place award in the “Sativa Flower” category.
Twice a year, the Errl Cup evaluates the accountability of dispensaries and caregivers in Arizona by using secret shopping, lab testing, and blind judging from over 70 patients. The competition combines judge and lab results to determine winners, while also ensuring that entries containing hazardous materials or exceeding residual solvents of 5000 ppm are eliminated.
“Our increasingly positive performance showcases the true attention to quality driving the Item 9 Labs brand in Arizona,” said Weinberger, noting that the state has become one of the ten most successful adult-use markets in the country.
To learn more about Item 9 Labs and the brand’s wide range of premium cannabis products, visit item9labs.com. For more information about Item 9 Labs Corp., visit item9labscorp.com.
ABOUT ITEM 9 LABS
Item 9 Labs cultivates the highest quality cannabis products while providing transparency, consistency, and well-being for an enhanced cannabis experience. With more than 30 podium finishes in Arizona marijuana competitions, Item 9 Labs is a trusted source for premium cannabis products. The Item 9 Labs product catalog spans across multiple core categories, including intentionally grown flower, cannabis vape products, premium concentrates, and Orion vape technology. For additional information, visit item9labs.com.
ABOUT ITEM 9 LABS CORP.
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space up to 640,000-plus square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit item9labscorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
