Vertically integrated cannabis dispensary franchisor and operator Item 9 Labs Corp. INLB reported on Tuesday its fiscal third quarter operating and financial results for the nine months ended June 30, 2022.
Financial Highlights for Nine Months Ended June 30
- Revenue totaled $17.8 million, representing an increase of $1.9 million, or 12%, compared with $15.8 million for the same period last year.
- Gross profit was $6.7 million, a decrease of $0.6 million, or 9%, compared with $7.3 million for the same period last year.
- Total operating expenses were $15.4 million, an increase of $8 million, compared with $7.4 million for the same period last year.
- Operating loss was $8.8 million, a decrease of $8.7 million, compared with an operating loss of $0.1 million for the same period last year.
- Adjusted EBITDA came in negative at $3.9 million versus positive EBITDA of $1.7 million for the same period last year.
- Net loss attributable to the company was $12.7 million, or $0.13 per share, compared with $1.9 million, or $0.03 per share, for the same period last year.
- Ended period with roughly $120.53 million in total assets and 42.02 million in total liabilities.
Recent Business Highlights
- Signed a definitive agreement to acquire Sessions Cannabis, one of Canada's cannabis retail franchisors.
- Dispensary franchise Unity Rd. opened the first non-tribal, state-licensed medical cannabis establishment in the state of South Dakota, in a suburb of Sioux Falls.
- The cannabis franchise continued expansion in Colorado with a new store opening in July 2022 in North Denver and recently received license approval to open a dispensary in the Cherry Creek neighborhood of Denver.
"Our team has made great strides in rolling out our retail franchise [Unity Rd.] into additional markets, as exemplified by our recent openings in North Denver and South Dakota as well as our pending acquisition in Canada," Andrew Bowden, the company's CEO, said.
- Item 9 Labs Nears Completion Of Cannabis Cultivation And Lab Facility In Pahrump, Nevada
- Item 9 Labs' Unity Rd. Ranks 6th In The "Best Cannabis Dispensaries To Work For" By Cannabis Business Times
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