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Item 9 Labs Corp. is a United States-based company specializing in the production of cannabis and cannabis-related products. They offer a wide range of products including flower, concentrates, distillates, and hardware. The company distributes medical cannabis strains, shatter, crumble, badder, thca, delta 8 thc, broad spectrum distillate, and live resin terpene sauce through licensed dispensaries in Arizona. Their headquarters are located in Phoenix, Arizona.
Item 9 Labs Corp. has retained Sharp Capital Advisors LLC to explore a potential sale of the Company. With two core operating businesses, Item 9 Labs and Unity Rd., the company has made significant strides in the cannabis industry. Item 9 Labs operates a highly efficient cultivation facility, while Unity Rd. is the first national cannabis dispensary franchisor. The Company also owns an additional asset in Pahrump, Nevada.
Item 9 Labs Corp. (OTC-PINK: INLB) has secured financing for the acquisition of Sessions Cannabis, positioning it to become the largest cannabis franchisor in North America. The deal, valued at
Item 9 Labs Corp. (OTCQX: INLB) announces significant growth plans for 2023, following a successful year marked by multiple dispensary openings across several U.S. states, including Colorado, New Jersey, Oklahoma, and South Dakota. The company is poised for expansion into international markets through a definitive agreement to acquire Sessions Cannabis, which boasts over CA$80 million in annual sales and will increase Item 9 Labs' store count to over 50 locations. Additionally, Unity Rd. was recognized as one of the 'Best Cannabis Companies to Work For'. With a new CEO at the helm, the company aims to enhance its global footprint while empowering local dispensary ownership.
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.
Item 9 Labs Corp. (OTCQX: INLB) has announced the opening of its Unity Rd. cannabis dispensary in Franklin Township, New Jersey, marking its expansion into the Northeast and fourth state overall. This location is among the first recreational cannabis licenses awarded in New Jersey, following the state’s legalization of recreational sales in April 2022. CEO Mike Weinberger highlighted the anticipated growth of the cannabis market in New Jersey, expected to surpass $2 billion by 2026. With a significant population and proximity to major cities, the new dispensary aims to capitalize on the burgeoning market.
Item 9 Labs Corp. (OTCQX: INLB) has announced a significant corporate realignment aimed at reducing overhead expenses by over 15% and enhancing profitability. The company has consolidated its workforce by 20%, eliminating redundancies and positioning itself for scalable growth. As part of its strategy, Item 9 Labs is preparing for the acquisition of Sessions Cannabis, a major retail franchisor in Canada, which promises to expand its retail presence. Leadership changes, including the promotion of Mike Weinberger to CEO, aim to drive the company towards rapid international expansion.
Item 9 Labs Corp. (OTCQX: INLB) has appointed Mike Weinberger, former Chief Franchise Officer, as CEO effective November 30, 2022. This leadership change comes as the company prepares for a transformative acquisition of Sessions Cannabis, a leading Canadian cannabis retail franchisor. The acquisition aims to expand their franchise operations, increasing store counts to over 50 locations across North America. Sessions generates over CA$80 million in annual systemwide sales. The company focuses on franchising as a strategy to enhance growth and consumer access to cannabis products.
Item 9 Labs Corp. (OTCQX: INLB) continues to establish its reputation in the cannabis industry, achieving over 30 podium finishes in Arizona marijuana competitions. Recently, at the Fall Errl Cup held on October 22-23, 2022, the brand secured two second-place and two third-place awards across various categories, including Best Cannabis Vape Pen and Best Hand-Crafted Cannabis Product. With the Arizona cannabis market projected to reach $1.27 billion in 2022, Item 9 Labs demonstrates its commitment to quality and innovation, bolstered by a recent growth strategy in operations and product development.
Item 9 Labs Corp. (OTCQX: INLB) has made significant strides in its cannabis operations, reporting a 12% increase in revenue to $17.8 million for the nine months ended June 30, 2022. The company signed a definitive agreement to acquire Sessions Cannabis, enhancing its position as a leading cannabis franchise. Notably, the Unity Rd. dispensary opened South Dakota's first non-tribal, state-licensed medical cannabis establishment. However, the company recorded an operating loss of $8.8 million and net loss of $5.5 million, raising concerns about profitability amidst expansion efforts.
Item 9 Labs Corp. (OTCQX: INLB), a cannabis dispensary franchisor and operator, will host a conference call on August 16, 2022, to discuss its Q3 FY2022 financial results, covering the period ending June 30, 2022. The 10Q filing is scheduled for August 15, 2022. CEO Andrew Bowden and CFO Bobby Mikkelsen will lead the call, which will be accessible via Zoom and phone. Interested parties can submit questions in advance. The company is headquartered in Arizona and specializes in premium cannabis products.
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