PHOENIX, May 17, 2019 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (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.
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 $1,130,270
- Operating margins increased to 52% from 28%
- Pre-tax earnings of Item 9 Labs operating entities totaled $289,382
- Net loss was $577,062
- Diluted 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 $2,085,884
- Operating margins increased to 52% from 39%
- Pre-tax earnings of Item 9 Labs operating entities totaled $471,623
- Net loss was $900,789
- Diluted loss per share was $.01
- Completed construction on Arizona expansion to more than double cultivation space
- Began construction on 20,000 square-foot Nevada cultivation and processing facility
- Entered agreement with North Dakota dispensary licensee to implement the company’s Strive Life business model and brand
- Awarded contract to manage and operate processing facility in Ohio via Joint Venture
- Hired proven leader into role of Chief Operating Officer
- Ranked one of the fastest growing cannabis concentrate brands in Arizona by BDS Analytics
- For the 2nd consecutive year, Item 9 Labs cannabis flower was awarded 1st Place Sativa in ERRL Cup Awards in 2019
- CEO, 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. (INLB) creates comfortable cannabis health solutions for the modern consumer. The Company is bringing best of industry practices to markets from coast to coast through cultivation and production, distinctive retail environments, licensing services, and diverse product suites catering to different medical cannabis demographics. Item 9 Labs Corp. is headquartered in Phoenix, Arizona, with medical cannabis operations in multiple U.S. markets.
Item 9 Labs Corp.’s asset portfolio includes Dispensary Permits, Dispensary Templates, and Strive Life. These assets provide services specific to different stakeholder groups. Dispensary Permits is the Company’s consulting firm specializing in strategic license application and compliance. Dispensary Templates, a subdivision of the firm, is a technology platform with an extensive digital library of licensing and business planning resources. Strive Life is a turnkey dispensary model for the retail sector, elevating the patient experience with consistent and superior service, high-end design, and precision-tested products. It is currently being implemented in Arizona and North Dakota.
In addition, Item 9 Labs Corp. is advancing the industry with its dynamic product suites. The Company has created complementary brands Item 9 Labs and Strive Wellness to channel consumer diversity. Proprietary delivery platforms include the Apollo Vape and Pod system, as well as a pioneering intra-nasal device. The Company has received multiple accolades for its medical-grade flower and concentrates.
Item 9 Labs Corp. will be managing cultivation, processing, distribution, and dispensary operations in up to ten U.S. markets by the end of 2019. Current facilities include distribution and processing operations Strive Wellness of Ohio and Strive Wellness of Nevada, as well as dispensary Strive Life North Dakota.
For more information, visit Item 9 Labs Corp. at www.Item9labscorp.com.
Forward-Looking Statement: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Item 9 Labs Corp.