Item 9 Labs Corp.’s Post

Congratulations to our Unity Rd. team and Boulder, Colorado franchisees on the two-year anniversary of the first Unity Rd. shop to open its doors!

Our premium, award-winning Item 9 Labs is a top 10 cannabis brand in the $1 billion-plus Arizona market, according to BDSA, and boasts products in 65% of Arizona's dispensaries. With back-to-back months of record-breaking numbers, our Item 9 Labs brand saw 30% year-over-year increases in units sold in both January and February 2023. Read more: https://lnkd.in/eMQAh6hf #cannabis #cannabisnews #cannabisbusiness

With the continued evolution of the cannabis and capital markets, we have implemented significant cost reductions to build on our $400,000 of positive Adjusted EBITDA in our fiscal second quarter 2023 in an effort to return to profitability. We anticipate that the operating expenses and overhead reductions should total more than $3.5 million annually. In addition to the reductions in operating costs, we are in discussions with current and prospective lenders to restructure our outstanding debts to clean up the balance sheet and reduce overall interest expense. $INLB #cannabis #cannabisnews #cannabisbusiness #capitalmarkets   Read more: https://lnkd.in/eMQAh6hf

Item 9 Labs Corp. has executed a major restructuring in an effort to right-size our operations and cost structure while working toward national expansion of our Item 9 Labs product brand and return to profitability. Executive Management and Board of Directors Changes and Update: --- Michael Weinberger has resigned as Chief Executive Officer and member of the Board of Directors and entered into a Strategic Advisor agreement to focus on the Company’s retail franchise, Unity Rd. --- Chairman Doug Bowden has been named Interim Chief Executive Officer. --- Director Jeffrey Rassás has been appointed to Strategic Advisor and will be primarily driving investor & public relations as well as capital needs. --- Chris Wolven, current Chief Operating Officer, will now oversee all Company entities and operations and will be the primary Company-facing executive for Item 9 Labs Corp. --- Michael Keskey has resigned as Chief Legal Officer. --- Lawrence X. Taylor has resigned as a member of the Board of Directors. Read more: https://lnkd.in/eMQAh6hf

Item 9 Labs Corp. was recognized this week as a finalist for AZ BIG Media / Az Business Magazine’s 2023 Champions of Change Award in the 'Innovative Champion of Change' (Individual) category. The highly respected program celebrates individuals and organizations that are making a positive impact on Arizona's business landscape by highlighting dynamic innovators and trailblazers who exhibit leadership, visionary thinking and philanthropy. At Item 9 Labs Corp., we are committed to inspiring confidence in the benefits of cannabis through our premium, award-winning Item 9 Labs products and national network of local Unity Rd. owners who share our vision in elevating the cannabis industry. Being named a finalist is a testament to our team's hard work and passion.  #cannabis #cannabisindustry #Arizona #Arizonabusiness #Arizonacannabis #Arizonaleadership

Cannabis data firm BDSA has reported that the rosin category is experiencing significant growth in mature markets, with single to double-digit sales spikes recorded from 2021 to 2022, and we are seeing this first-hand. Our award-winning cannabis product brand Item 9 Labs has released its latest limited edition rosin-infused pre-rolls in Arizona. Our team initially tested the product in December and saw immediate sell-through with high regard from customers and budtenders around the product quality. Currently, Item 9 Labs ranks No. 3 in the state's one-gram infused pre-roll category, capturing around 8.5% market share. This success is attributed to our team's commitment to producing premium products that are on track with market trends.

At Item 9 Labs Corp., we are passionate about staying at the forefront of the ever-evolving cannabis industry. We understand that with progress comes challenges, but we are committed to finding creative solutions that help us grow as a company and better serve consumers. Our CEO Mike Weinberger recently participated in a panel at Benzinga's Cannabis Capital Conference in Miami, providing a platform for him and other industry experts to share their insights and perspectives on the future of cannabis retail. They discussed emerging trends, consumer behavior and the challenges currently facing cannabis retailers today, as well as strategies to adapt and thrive in the rapidly changing landscape. Watch the panel on YouTube below! #cannabis #cannabisindustry #cannabisretail #cannabislegalization #cannabisbusiness

According to an analysis by the Marijuana Policy Project, tax revenues from adult-use cannabis sales in legal markets reached nearly $3.8 billion last year. California took the lead in generating the highest revenue from adult-use sales, followed by Illinois, Washington, Michigan and Colorado. Since 2014, retail sales of cannabis products have amounted to an impressive $15.1 billion. Legal, regulated cannabis has helped states fund critical programs such as education funds, veterans' services and reinvestment in communities, among many others and contributed to job creation nationwide. Read more here: https://lnkd.in/g_Y5Acpd #cannabis #cannabisindustry #statetaxrevenue #cannabislegalization #cannabissales #adultusecannabis