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Item 9 Labs Corp. Closes on Nevada Asset Purchase Agreement

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PHOENIX, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC:INLB) ("Item 9 Labs" or the "Company"), a leader in comfortable cannabis health solutions for the modern consumer, announced on February 14, 2020 the closing of an Asset Purchase Agreement for Item 9 Labs to acquire all outstanding interest in cultivation, production, and distribution licenses in Pahrump, NV, from Strive Wellness of Nevada, LLC (Strive Wellness).

Item 9 Labs previously had a January 2019 joint venture agreement with Strive Wellness to construct and manage a 20,000 square-foot medical marijuana cultivation and production facility in Pahrump, NV, under which these licenses were awarded.

"We're excited to bring our quality products to such a robust market," stated Bryce Skalla, President of Item 9 Labs. "We've been diligently researching Nevada trends for the past year to best fill existing holes in current product offerings, this new opportunity allows us to showcase more of our intentionally developed, premium products."

 "With the 20,000-square-foot cultivation and production facility near completion, compelling Nevada market forecasts helped us determine it would be in the best interest of shareholder value and financing needs to move forward with the acquisition of the cultivation, processing and distribution licenses," stated Andrew Bowden, CEO of Item 9 Labs Corp.

Forecasts for upcoming years' sales suggests Nevada's retail cannabis market could have over $1 billion in total sales value by 2025. This forecast was included in a larger set of forecasts indicating the 2017 total dollar value of cannabis sales would be $103 million. Actual numbers were greater than $250 million, followed by $530 million in 2018, and $639 million in 2019.

For information visit Item9LabsCorp.com.

About Item 9 Labs Corp: 
Item 9 Labs Corp. (OTC:INLB) creates comfortable cannabis health solutions for the modern consumer. The Company is bringing best 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 Item 9 Labs, 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 implemented in 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. Propriety 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.

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.

Media Contact: 
Kyle Jennings
Item 9 Labs Corp.
Kyle@item9labs.com
(518) 265-9217

Investor Contact:
Jeffrey Rassás
Item 9 Labs Corp.
Jeffrey@item9labs.com
(480) 463-4246 

 

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