Item 9 Labs' Recent Milestones Strengthen Company's Foundation for 2021 Growth

Rhea-AI Summary

Item 9 Labs Corp. (OTCQX: INLB) announced key initiatives ahead of its 2021 growth strategy. The company successfully transitioned to the OTCQX market, reported record revenues of $2.2 million, a 43% increase from the previous year, and reduced operating expenses by 50%. The appointment of former Best Buy President Mike Keskey to the Board aims to enhance national franchise and supply-chain strategies. Additionally, Item 9 Labs secured four awards at Arizona's 710 Degree Cup, reaffirming its commitment to producing high-quality cannabis products.

Positive

• Graduated from OTCQB to OTCQX Market, boosting visibility among investors.
• Achieved record revenues of $2.2 million, a 43% increase from Q3 FY 2019.
• Reduced operating expenses as a percentage of revenue from 108% to 57%.
• Improved operating loss by 70% to $0.2 million.
• Appointed former Best Buy President Mike Keskey to Board for strategic growth.
• Won four awards in Arizona's largest cannabis competition.

Negative

• None.

PHOENIX, AZ / ACCESSWIRE / September 3, 2020 / Item 9 Labs Corp. (OTCQX:INLB) ("Item 9 Labs," or the "Company") executed on several key initiatives and milestones to pave the way for an accelerated growth strategy in fiscal year 2021.

The Company, a vertically integrated cannabis operator that produces premium products, provides a recap of initiatives achieved over the past few weeks. Click here to view all company press releases.

• Qualifies to Trade on OTCQX - Company continues building visibility among U.S. investors with swift graduation from the OTCQB to OTCQX Market.

• Reports Fiscal Third Quarter 2020 Results - Record revenues and quarterly growth of 43% ($2.2 million over Q3 FY 2019), alongside reduced operating expenses, leads to 70% improvement in operating loss to $0.2 million and continued margin expansion. Operating expenses as a percentage of revenue declined from 108% to 57% and adjusted EBITDA loss declined 91% to $0.04 million.

• Names Former Best Buy President of US Retail to Board of Directors - Mike Keskey, an architect of Best Buy's greatest growth phase, joins Board to guide the Company through national franchise and supply-chain expansion.

• Wins Four Awards in Arizona's Largest Cannabis Competition - The Company's continued high placement in the 710 Degree Cup demonstrates its commitment to creating top-shelf product for patients.

Item 9 Labs Chief Executive Officer, Andrew Bowden, commented, "The recent movement we've made across our corporate business and capital markets initiatives set the stage for the remainder of the year and leading into 2021. With this solid foundation, we're heading into the next few months better positioned to execute on our strategic plans, accelerate revenue growth and seek profitability."

About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX:INLB) is a vertically integrated multi-state cannabis operator headquartered in Arizona. The Company creates best-in-class products and canna-business solutions designed to help people become the best versions of themselves. With an award-winning CPG brand and nationally recognized application team, Item 9 Labs improves the cannabis experience while providing transparency, consistency, and well-being for those relying on them. For additional information, please visit: item9labscorp.com.

Forward-Looking Statement
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.

Media Contact:
Item 9 Labs
Jayne Levy
Director of Communications
Email: Jayne@unityrd.com

Investor Contact:
Hayden IR
Brett Mass
Managing Partner
Phone: (646) 536-7331
Email: INLB@haydenir.com

SOURCE: Item 9 Labs Corp.

View source version on accesswire.com:
https://www.accesswire.com/604627/Item-9-Labs-Recent-Milestones-Strengthen-Companys-Foundation-for-2021-Growth

FAQ

What are the recent financial results of Item 9 Labs Corp. (INLB)?

Item 9 Labs reported record revenues of $2.2 million for Q3 2020, a 43% increase from the previous year, along with a 70% improvement in operating loss to $0.2 million.

Who was appointed to the Board of Directors of Item 9 Labs on September 3, 2020?

Mike Keskey, the former President of Best Buy US Retail, was appointed to guide the company through its expansion.

What milestone did Item 9 Labs Corp. achieve on September 3, 2020?

Item 9 Labs graduated from the OTCQB to the OTCQX Market, enhancing its visibility among U.S. investors.

How has Item 9 Labs performed in Arizona's cannabis competition?

Item 9 Labs won four awards at Arizona's largest cannabis competition, the 710 Degree Cup, reflecting its commitment to quality products.