PHOENIX, AZ / ACCESSWIRE / September 3, 2020 / Item 9 Labs Corp. (OTCQX:INLB) (“Item 9 Labs,” or the “Company”) executed on several key initiatives and milestones to pave the way for an accelerated growth strategy in fiscal year 2021.
The Company, a vertically integrated cannabis operator that produces premium products, provides a recap of initiatives achieved over the past few weeks. Click here to view all company press releases.
- Qualifies to Trade on OTCQX – Company continues building visibility among U.S. investors with swift graduation from the OTCQB to OTCQX Market.
- Reports Fiscal Third Quarter 2020 Results – Record revenues and quarterly growth of 43% ($2.2 million over Q3 FY 2019), alongside reduced operating expenses, leads to 70% improvement in operating loss to $0.2 million and continued margin expansion. Operating expenses as a percentage of revenue declined from 108% to 57% and adjusted EBITDA loss declined 91% to $0.04 million.
- Names Former Best Buy President of US Retail to Board of Directors – Mike Keskey, an architect of Best Buy’s greatest growth phase, joins Board to guide the Company through national franchise and supply-chain expansion.
- Wins Four Awards in Arizona’s Largest Cannabis Competition – The Company’s continued high placement in the 710 Degree Cup demonstrates its commitment to creating top-shelf product for patients.
Item 9 Labs Chief Executive Officer, Andrew Bowden, commented, “The recent movement we’ve made across our corporate business and capital markets initiatives set the stage for the remainder of the year and leading into 2021. With this solid foundation, we’re heading into the next few months better positioned to execute on our strategic plans, accelerate revenue growth and seek profitability.”
About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX:INLB) is a vertically integrated multi-state cannabis operator headquartered in Arizona. The Company creates best-in-class products and canna-business solutions designed to help people become the best versions of themselves. With an award-winning CPG brand and nationally recognized application team, Item 9 Labs improves the cannabis experience while providing transparency, consistency, and well-being for those relying on them. For additional information, please visit: item9labscorp.com.
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
Director of Communications
Phone: (646) 536-7331
SOURCE: Item 9 Labs Corp.
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