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) announced the opening of its first cannabis franchise shop under the Unity Rd. brand in Boulder, Colorado. This launch marks a significant milestone as the company embarks on a corporate acquisition expansion plan to support franchise partners. Unity Rd. aims to facilitate market entry for new franchise owners while maintaining local ownership and control. The company is also seeking corporate acquisitions of existing dispensaries in multiple states, enhancing its presence and product supply chain in the growing cannabis market.
Unity Rd., a cannabis dispensary franchise under Item 9 Labs Corp. (OTCQX: INLB), has launched its first franchise in Boulder, Colorado. Owned by father-son duo Bruce and Nate Wetzel, the franchise aims to empower local ownership in the cannabis industry. Unity Rd. boasts over 120 years of combined experience and provides extensive support to franchisees. With Colorado's cannabis sales reaching a record $2.2 billion in 2020, they are poised for growth. Unity Rd. is also eyeing corporate acquisitions of dispensaries, enhancing opportunities for local entrepreneurs.
Item 9 Labs Corp. (OTCQX: INLB) announced its participation in two virtual investor conferences in June 2021. CEO Andrew Bowden will present at the Benzinga Cannabis Capital Conference on June 3 and LD Micro Invitational XI on June 9, discussing Q2 fiscal results and expansion plans. The company aims to enhance its national footprint following its acquisition of a dispensary franchise and the start of a cultivation site expansion. The unique franchise model is designed to accelerate growth by enabling local ownership of dispensaries.
Unity Rd., a cannabis dispensary franchise under Item 9 Labs Corp. (OTCQX: INLB), is expanding in Michigan with new agreements aimed at assisting entrepreneurs in the cannabis industry. The initiative includes the Local Alliance Program to support existing dispensary owners with resources and buying power. As Michigan's cannabis market booms, sales reached over $500 million in 2020, and projections suggest growth to $2.4 billion by 2024. Unity Rd. plans to open over 20 franchise locations in key cities and has multiple agreements with 15 groups in development.
Item 9 Labs Corp. (OTCQX: INLB) reported strong financial results for Q2 FY2021, with revenues rising 228% to $6.1 million and gross profit increasing 403% to $3.0 million. The gross margin improved to 49%, while operating income turned positive at $0.5 million. Notably, net income reached $49,020, marking a significant rebound from a prior loss of $1.6 million. The completion of the acquisition of ONE Cannabis Group enhances the company's franchising capabilities, positioning it for rapid growth in a burgeoning market. Adjusted EBITDA also showed improvement, reaching $1.0 million.
Item 9 Labs Corp. (OTCQX: INLB) announced the appointments of Joe DiSalvo and Mike Weinberger to its Board of Directors. DiSalvo, a law enforcement veteran, brings extensive experience in cannabis legalization, having founded the Valley Marijuana Council in Colorado. Weinberger, previously COO of OCG Inc., now Chief Franchise Officer, focuses on franchise growth at Unity Rd. CEO Andrew Bowden emphasizes the importance of their insights for future development. The company is expanding its operations in Arizona by over 650,000 square feet.
Item 9 Labs Corp. (OTCQX: INLB) has announced a new multi-unit franchise agreement with entrepreneur Kevin Waltermire to open three Unity Rd. dispensaries. Waltermire will also pursue licenses in Michigan and Ohio, expanding Unity Rd.'s footprint. The franchise offers a streamlined entry into the cannabis market, supported by Unity Rd.'s extensive experience and resources. Item 9 Labs Corp. plans to enhance this model by developing partnerships with cultivation facilities, ensuring reliable supply for franchisees. The cannabis market is projected to reach $24 billion by year-end 2021, indicating strong growth potential.
Item 9 Labs Corp. (OTCQX: INLB) will host a conference call on May 18, 2021, at 11:00 a.m. ET to discuss its financial results for the second quarter of fiscal year 2021, ending March 31, 2021. The 10Q report will be filed on May 17, 2021. The call will feature CEO Andrew Bowden and CFO Bobby Mikkelsen, along with other management team members. Interested parties can access the call via phone or webcast. The company is known for its premium cannabis products and operates a unique dispensary franchise model nationwide.
Item 9 Labs Corp. (OTCQX: INLB) announced participation in major upcoming cannabis conferences in May 2021, including the A.G.P. Spring Consumer Cannabis Conference and the Benzinga Global Small Cap Conference. CEO Andrew Bowden emphasized the growth potential of the U.S. cannabis market and discussed the advantageous franchise model of Unity Rd. The A.G.P. conference is set for May 4, featuring virtual meetings with investors, while the Benzinga conference on May 13 will showcase the company's award-winning products and strategic initiatives, including the acquisition of ONE Cannabis Group.
Unity Rd., the cannabis dispensary franchise of Item 9 Labs Corp. (OTCQX: INLB), has launched its Local Alliance Program allowing existing dispensary owners to partner with Unity Rd. This initiative provides these operators access to essential tools, expertise, and support while maintaining their business ownership. Currently, Unity Rd. has agreements with over 10 groups, focusing on states like Colorado and Oklahoma. The program aims to increase operational efficiency and promote local ownership, propelling Unity Rd. as a leader in the cannabis retail franchise space.
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