Welcome to our dedicated page for ITEM 9 LABS news (Ticker: INLB), a resource for investors and traders seeking the latest updates and insights on ITEM 9 LABS stock.
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. (OTCQX: INLB) will host a conference call on January 18, 2022, at 2 p.m. ET to discuss its fiscal year 2021 financial results, ending September 30, 2021. The 10K filing is scheduled for January 13, 2022. CEO Andrew Bowden and CFO Bobby Mikkelsen will lead the call, available via Zoom and phone. The company operates as a vertically integrated cannabis franchisor and operator, expanding its facilities by 650,000+ square feet on a 50-acre site in Arizona, focused on premium cannabis products.
Item 9 Labs Corp. (OTCQX: INLB) announced the appointment of Eric C. Kutscher and Lawrence X. Taylor to its Board of Directors, enhancing its corporate governance with independent directors. Kutscher brings over 25 years of healthcare leadership experience, while Taylor has a strong background in finance and corporate strategy, having managed over $15 billion in transactions. The company is actively expanding its cannabis franchise brand, Unity Rd., with ongoing growth in multiple states and a strong market presence in Arizona. This leadership enhancement aims to bolster strategic growth and operational excellence.
Unity Rd., a cannabis dispensary franchise, has signed an agreement to open its first location in South Dakota. Partnering with local entrepreneur BJ Olson, Unity Rd. is assisting in navigating the state's dispensary license process. With this expansion, Unity Rd. now has agreements in nine states. Olson, having a diverse entrepreneurial background, highlights the brand's support and education-first approach. Unity Rd. is actively seeking qualified partners as it aims to grow in the burgeoning cannabis industry.
Unity Rd., the first cannabis dispensary franchise in the U.S., has become a member of the International Franchise Association (IFA), marking a significant milestone in the cannabis industry. This membership positions Unity Rd. uniquely as a leader in franchising within the cannabis sector. With nearly 20 entrepreneurial groups expanding the brand nationwide, Unity Rd. is poised for growth amid increasing cannabis legalization. The U.S. cannabis market is projected to reach $26.4 billion by 2025, further bolstering Unity Rd.'s business model and expansion potential.
Item 9 Labs Corp. (OTCQX: INLB) has commenced its master site expansion in Coolidge, Arizona, breaking ground on a $13.5 million project to enhance its cultivation and lab facilities. The company is expanding from its current 19,200 sq. ft. to over 640,000 sq. ft., marking a 3,100% increase in operational space. Expected completion of phase one is Summer 2022, which aims to boost flower output by 30-35% and reduce reliance on third-party material by 40-50%. The expansion is projected to create over 200 jobs.
An Arizona-based CEO, Andrew Bowden, shifted from real estate to cannabis after witnessing his mother's battle with cancer. Thanks to cannabis products from Item 9 Labs, she is now cancer-free. Since Bowden became CEO in 2019, the company has experienced seven consecutive quarters of growth, with a remarkable 203% year-over-year revenue increase. Item 9 Labs is expanding its franchise operations and cultivation facilities, aiming to enhance its national footprint. Additionally, the company contributed $5,000 to cancer charities in October.
Item 9 Labs Corp. (OTCQX: INLB) announced a successful outcome at the 710 Degree Cup, securing five awards including two first-place finishes for their vape and concentrate products. The event took place from October 16-17, 2021, showcasing entries from many Arizona dispensaries. Significant accolades include:
- First in Best Vape - Hybrid with MAC Orion Live Resin Pod
- First in Best Concentrate - Sativa with MAC Lemon Live Badder
- Second in Best Vape - Indica with Blueberry Orion Live Resin Pod
- Second in Best Concentrate - Hybrid with MAC Live
- Third in Best Vape - Sativa with Mimosa Orion Live Resin Pod
With over 20 podium finishes since 2019, Item 9 Labs is recognized for its quality cannabis products.
Item 9 Labs Corp. (OTCQX: INLB) has signed an Asset Purchase Agreement for a dispensary license in Adams County, CO. This marks the first corporate-owned location under its Unity Rd. brand, expected to open in 4-6 months pending regulatory approval. The strategy aims to boost national expansion by converting acquired dispensaries into Unity Rd. shops, providing quick entry for franchise partners. The Colorado cannabis market saw record sales of $2.2 billion in 2020, with growth anticipated in 2021, positioning Unity Rd. to thrive in this mature market.
Item 9 Labs Corp. (OTCQX: INLB) has enhanced its marketing team by hiring Kristen Mathis as VP of Marketing and Emily Gritti as Senior Manager of Trade Marketing & Events. These additions aim to accelerate sales and brand momentum for Unity Rd. and Item 9 Labs. Concurrently, the company secured a $19 million construction financing loan for developing its Arizona cultivation site. The firm recently celebrated its 9th Cannabis Cup win in Arizona, further solidifying its market presence. Expansion efforts include opening a franchise in Boulder, Colorado, and agreements with over 15 entrepreneurial groups across at least 8 states.
Unity Rd., a cannabis dispensary franchise by Item 9 Labs Corp. (OTCQX: INLB), is set to present at the MLive Cannabis Insights event on October 7, 2021, at 4:00 p.m. EDT. The presentation will focus on the franchise partnership model in the cannabis industry, offering insights from Justin Livingston, VP of Franchise Development, and Nate Wetzel, a franchise partner. Notably, Unity Rd. is targeting Michigan for growth, with projected adult-use cannabis sales reaching $2.4 billion by 2024, following a significant increase from $984.6 million in 2020.
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