Business
Item 9 Labs Corp. Reports Solid Second Quarter Results
Item 9 Labs Corp. Reports Solid Second Quarter Results.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\nPHOENIX, May 17, 2019 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC: INLB) (“Item 9 Labs” or the “Company”), a leader in comfortable cannabis health solutions for the modern consumer, today announced earnings for the second quarter which ended March 31, 2019. \n Item 9 Labs Corp and its subsidiaries made great strides in operations in the three and six months ended March 31, 2019. Operating efficiency has increased dramatically which can be seen in the growth in margins over the same periods in fiscal 2018. The expansion of the Arizona facility (completed in March 2019) should prove to increase the efficiency and revenues beginning in Q4. Overview for the three months ended March 31, 2019 as compared to the three months ended March 31, 2018:  Revenue increased 302% to $1,130,270Operating margins increased to 52% from 28%Pre-tax earnings of Item 9 Labs operating entities totaled $289,382Net loss was $577,062Diluted loss per share was $.01 Overview for the six months ended March 31, 2019 as compared to the six months ended March 31, 2018: Revenue increased 312% to $2,085,884Operating margins increased to 52% from 39%Pre-tax earnings of Item 9 Labs operating entities totaled $471,623Net loss was $900,789Diluted loss per share was $.01 Company Updates Completed construction on Arizona expansion to more than double cultivation spaceBegan construction on 20,000 square-foot Nevada cultivation and processing facilityEntered agreement with North Dakota dispensary licensee to implement the company’s Strive Life business model and brandAwarded contract to manage and operate processing facility in Ohio via Joint VentureHired proven leader into role of Chief Operating Officer Accomplishments Ranked one of the fastest growing cannabis concentrate brands in Arizona by BDS AnalyticsFor the 2nd consecutive year, Item 9 Labs cannabis flower was awarded 1st Place Sativa in ERRL Cup Awards in 2019CEO, Sara Gullickson selected as a top influential leader in the cannabis industry by Industry Leaders Magazine and a 2019 Women to Watch by Marijuana Business Magazine For information visit Item9LabsCorp.com. About Item 9 Labs Corp.:Item 9 Labs Corp. (OTC: INLB) creates comfortable cannabis health solutions for the modern consumer. The Company is bringing best of industry practices to markets from coast to ...