Business
Arizona’s Largest Approved Cultivation Site Ready for Adult-Use Market
Arizona’s Largest Approved Cultivation Site Ready for Adult-Use Market.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"Item 9 Labs Corp. Well Positioned for Passing of Proposition 207; Expects Accelerated Revenue Growth with Planned Arizona Expansion Already in MotionPHOENIX, AZ / ACCESSWIRE / November 5, 2020 / The future is bright for Arizona-based Item 9 Labs Corp. (OTCQX:INLB) ("Item 9 Labs," or the "Company") with local voters voicing their favor Tuesday for Proposition 207, successfully passing the legalization of adult-use marijuana in the state. The vertically integrated cannabis operator that produces premium products has the largest approved cultivation site in the state. Funding is already underway for facility expansion on their 50 acre farm, on which the Company anticipates breaking ground in the coming months."With the passing of Proposition 207, we estimate seeing a 500% increase to our consumer base," Item 9 Labs Chief Executive Officer Andrew Bowden said. "We've been diligently working the past six months to meet that demand through a new streamlined production process and by expanding our operational footprint by more than 300% within the next 12 months."Bowden added, "With all the pieces already in place to meet the influx of new consumers in the market, we're grateful state voters support adult-use legalization and are eager to fully execute our expansion. Thanks to our efforts this year, the Company is in a strong position to lead the Arizona market."Additionally, the Item 9 Labs team focused its 2021 product strategy on the adult-use consumer and improving its existing vaporization product lines. The Company anticipates the launch of a new, industry-leading vape product in early 2021.Already this year, they introduced new custom-designed vape cartridges with a non-porous heating element that stays pristine from the first dose to the last. With a heating element made from zirconia, improved airflow and an adjusted cotton lining, the revolutionary cartridges significantly enhance flavor and are poised to set the market standard. The innovative features will be implemented across Item 9 Labs products in 2021.Arizona's Proposition 207 Adult-Use Cannabis InitiativeThe adult-use initiative legalizes the sale, possession and consumption of one ounce of cannabis for adults at least 21 years old. The Arizona Department of Health Services oversees the testing, inspection, ...