Business
Item 9 Labs Expects to Report Record Revenue Growth of At Least 80% Year-Over-Year for Quarter Ended September 30, 2020
Item 9 Labs Expects to Report Record Revenue Growth of At Least 80% Year-Over-Year for Quarter Ended September 30, 2020.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"Expansion Plans in Place Ahead of Expected Arizona Adult Legalization and Closing of One Cannabis Group MergerPHOENIX, AZ / ACCESSWIRE / October 29, 2020 / Item 9 Labs Corp. (OTCQX:INLB) ("Item 9 Labs," or the "Company"), a vertically integrated cannabis operator that produces premium products, expects to report year-over-year revenue growth of at least 80% for its fiscal fourth quarter, which ended September 30, 2020. Last year, Item 9 Labs generated $1.3 million revenue for the quarter ended September 30, 2019. This continues the trend of approximately 20% sequential quarter-over-quarter growth for the 4th consecutive quarter over the $2.2 million in revenue reported for the quarter ended June 30, 2020. ."Our team is doing an excellent job of driving sales and meeting production demands," said Item 9 Labs CEO Andrew Bowden. "This puts us in a strong position for our future expansion plans that will begin in Arizona and rapidly move the Item 9 Labs brand into other U.S. markets in concert with the One Cannabis Group acquisition."The Company expects to break ground on the next phase of its planned development of its Arizona Cultivation Facility on 50 acres in Coolidge, Arizona in the coming months in anticipation of increased demand for its award-winning products.On the ballot Arizona's November 3, 2020 General Election, Proposition 207, or the "Smart and Safe Arizona Act," would allow limited marijuana possession and cultivation within the state by adults 21 and over. The law would also create a 16% tax on cannabis sales to fund public programs. The Smart and Safe Arizona Act would allow adults 21 and older to possess as much as an ounce of marijuana while allowing sales at the approximately 130 existing medical-marijuana dispensaries in the state. Item 9 Labs products are currently in close to 50% of the state's dispensaries."We've been watching Proposition 207 and implementing operational changes to enhance our foundation so we can quickly scale production to meet the high supply chain demand," Bowden said. "We have already reduced our cultivation's operational costs by 50% and are producing greater yields that are seeing a 24% increase in the amount of sellable flower but with 25% fewer plants."Update on One Cannabis Group MergerThe Company...