Business
Item 9 Labs Generates 30% YOY Increase in Units Sold in January
Item 9 Labs Generates 30% YOY Increase in Units Sold in January.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\nItem 9 Labs Corp. (the \"Company\") (OTCQX: INLB), a vertically integrated U.S. cannabis franchisor and operator, shared today that its award-winning, premium cannabis brand, Item 9 Labs, recorded a 30% year-over-year increase in units sold in January 2023, compared to January 2022.\n\n“Our success in the Arizona market comes largely from our brand name and reputation for delivering consistent, high-quality cannabis products that consumers can rely on,” said Item 9 Labs Corp. CEO Mike Weinberger. “Our January performance demonstrates the power behind our Item 9 Labs brand and our team’s collective efforts to continue expanding its loyal following, and in turn, driving shareholder value.”\n\nItem 9 Labs Corp. COO Chris Wolven added, “Achieving this 30% increase was no easy feat and is a testament to our cultivation and extraction teams’ tight-knit processes and ability to creatively navigate harvests and supplies to meet increased demand. Also notable, the combination of higher yields at our cultivation facility in Coolidge, and a reduction in the cost of outsourced materials is expected to result in higher gross profit margins as we work to decrease our cost of goods sold while driving volumes of our most popular products.”\n\nCannabis data research firm BDSA reported Item 9 Labs as one of the top 10 cannabis brands in the state of Arizona for 2022, along with top-five placements across multiple vape categories.\n\n“Beyond dispensaries gearing up for the Super Bowl, we also have Waste Management Open and other popular Arizona events coming up this month,” said Item 9 Labs’ Director of Sales, Michael Willis. “We anticipate continuing this momentum as consumers increasingly gravitate toward top-quality products.”\n\nThe Arizona marijuana market has experienced one of the most rapid developments in consumer participation and retail expansion of any market over the past year, according to BDSA. Since adult-use marijuana sales launched in early 2021, Arizona has seen noticeable popularity across infused pre-roll, flower, and concentrate categories. All told, the market was predicted to exceed $1 billion in 2022.\n\nAligning with consumer trends and predictions, Item 9 Labs has penetrated market share with increasing popularity of two product mainstays rel...