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Item 9 Labs Generates 30% YOY Increase in Units Sold in January
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Item 9 Labs Corp. (OTCQX: INLB) reported a 30% year-over-year increase in units sold for January 2023 compared to January 2022, driven by their strong brand reputation in the Arizona market. The company's cultivation facility in Coolidge has improved yield and reduced material costs, which is expected to enhance gross profit margins. Notably, the Arizona marijuana market exceeded $1 billion in 2022, with Item 9 Labs recognized as one of the top 10 cannabis brands. The upcoming Super Bowl and other major events are anticipated to further boost demand for their products.
Positive
30% year-over-year increase in units sold for January 2023 compared to January 2022.
Improved yield and reduced costs at the cultivation facility expected to enhance gross profit margins.
Item 9 Labs recognized as one of the top 10 cannabis brands in Arizona.
Negative
None.
Enters 2023 with high demand as Phoenix market gears up for Super Bowl LVI, among other popular local events
PHOENIX--(BUSINESS WIRE)--
Item 9 Labs Corp. (the "Company") (OTCQX: INLB), a vertically integrated U.S. cannabis franchisor and operator, shared today that its award-winning, premium cannabis brand, Item 9 Labs, recorded a 30% year-over-year increase in units sold in January 2023, compared to January 2022.
“Our success in the Arizona market comes largely from our brand name and reputation for delivering consistent, high-quality cannabis products that consumers can rely on,” said Item 9 Labs Corp. CEO Mike Weinberger. “Our January performance demonstrates the power behind our Item 9 Labs brand and our team’s collective efforts to continue expanding its loyal following, and in turn, driving shareholder value.”
Item 9 Labs Corp. COO Chris Wolven added, “Achieving this 30% increase was no easy feat and is a testament to our cultivation and extraction teams’ tight-knit processes and ability to creatively navigate harvests and supplies to meet increased demand. Also notable, the combination of higher yields at our cultivation facility in Coolidge, and a reduction in the cost of outsourced materials is expected to result in higher gross profit margins as we work to decrease our cost of goods sold while driving volumes of our most popular products.”
“Beyond dispensaries gearing up for the Super Bowl, we also have Waste Management Open and other popular Arizona events coming up this month,” said Item 9 Labs’ Director of Sales, Michael Willis. “We anticipate continuing this momentum as consumers increasingly gravitate toward top-quality products.”
The Arizona marijuana market has experienced one of the most rapid developments in consumer participation and retail expansion of any market over the past year, according to BDSA. Since adult-use marijuana sales launched in early 2021, Arizona has seen noticeable popularity across infused pre-roll, flower, and concentrate categories. All told, the market was predicted to exceed $1 billion in 2022.
Aligning with consumer trends and predictions, Item 9 Labs has penetrated market share with increasing popularity of two product mainstays released in the past year – its Orion 710 Live Resin Pod and Battery System and concentrate-infused pre-rolls. Both products are crafted with Item 9 Labs’ award-winning flower and live resin sugar, live resin badder, or crumble concentrates, which are grown and extracted in-house. Looking into the year ahead, the Company anticipates these product lines will continue gaining market dominance, alongside Item 9 Labs’ popular Broad-Spectrum Cartridges, as they set the standard for quality in their respective categories.
For more information about Item 9 Labs Corp., visit item9labscorp.com. To learn more about Item 9 Labs, the brand’s wide range of premium cannabis products and its awards, 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.
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. Starting with intentionally grown flower, the Item 9 Labs product catalog spans across five core categories, including several active cannabis strains, cannabis vape products, premium concentrates and Orion vape technology. For additional information, visit item9labs.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.
