Business
Item 9 Labs Corp. Streamlines Operations and Strengthens Corporate Team Ahead of International Expansion
Item 9 Labs Corp. Streamlines Operations and Strengthens Corporate Team Ahead of International Expansion.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\n\n\n\nItem 9 Labs Corp. Streamlines Operations and Strengthens Corporate Team Ahead of International Expansion\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nItem 9 Labs Corp. Streamlines Operations and Strengthens Corporate Team Ahead of International Expansion\nPR Newswire\nPHOENIX, Dec. 8, 2022\n\n\n\nStrategic Corporate Realignment Reduces Overhead Expenses By Over 15 Percent and Positions Vertically Integrated Cannabis Franchisor and Operator For Efficiency and Future Profitability\nPHOENIX, Dec. 8, 2022 /PRNewswire/ -- Item 9 Labs Corp. (OTCQX: INLB) (\"the \"Company\")—a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products—announced today its efforts to streamline operations and consolidate employee duties. This has led to several strategic team appointments as the Company prepares to integrate with the approaching transformational acquisition of Sessions Cannabis (\"Sessions\"), one of Canada's largest cannabis retail franchisors.\n\n \n \n \n \n \n \n\n \nIn an effort to streamline operations in its path to profitability, Item 9 Labs Corp. has worked diligently to reduce operating expenses, while increasing gross margin on its Item 9 Labs branded products. With a goal of efficient profit creation and shareholder value, the Company has consolidated employee headcount by 20 percent, which reduces many redundancies and better positions the Company to become profitable while maintaining scalability. Further, in concert with the personnel shifts, the Company has implemented other cost-saving measures designed to reduce total overhead expenses by over 15 percent.\nLast week, Item 9 Labs Corp. announced leadership changes with the appointment of its Chief Franchise Officer, Mike Weinberger, to Chief Executive Officer. His promotion and these key internal team shifts are expected to steward the Company's future rapid expansion as it prepares to enter an international market with its pending acquisition.\n\"We believ...