Market Overview

Item 9 Labs Corp. Announces 43% Revenue Growth Despite Ongoing COVID-19 Pandemic

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PHOENIX, AZ / ACCESSWIRE / April 29, 2020 / Item 9 Labs Corp. (OTC:INLB) ("Item 9 Labs" or the "Company"), a vertically integrated multi-state cannabis operator producing best-in-class products, announced today product demand & revenue growth surpassing projections despite the ongoing COVID-19 pandemic.

Item 9 Labs has seen a 43% sales increase in 2020 compared year-over-year to January through March 2019. March 2020 brought a 117% sales increase compared to March 2019 - with the entire Arizona Medical Marijuana Program reporting a 32% year-over-year increase in total product sold.

In the weeks before Arizona Governor Doug Ducey issued two stay-at-home orders on March 23 and 30, Item 9 Labs' cannabis sales were up 65% over March 2019, with the state shipping 15% more product than February 2020.

"We are proud to be a source of comfort and healing for the many patients relying on us," says Bryce Skalla, Item 9 Labs president. "Our increase in production efficiencies, education-focused sales, and marketing efforts will help us meet growing market demands for years to come."

This is not the first time cannabis has been deemed essential, though the first time it has legally been declared so, during uncertain times - most specifically during the AIDS epidemic in the 1980s when underground bakeries supplied patients with edibles to help treat HIV symptoms and treatment side effects.

While cannabis is not a treatment for COVID-19, it can help cope with mental and physical stress related to drastic life changes brought upon by stay-at-home orders as the country's workers shift to remote work or have lost their jobs.

Bloomberg reports cannabis spikes across the country, with a Cowen & Co survey of 2500 consumers revealing 33% of respondents have tried cannabis, up from 12.8% the previous month and 12.5% in 2019. In Oregon, cannabis sales jumped 30% year-over-year from March 2019 - including a 65% increase in the middle of March as stay-at-home orders were first rumored to be coming.

"We're doing everything we can to help our patients get the medicine they need right now," says Andrew Bowden, Item 9 Labs CEO. "We're especially proud of our cultivation and delivery teams, who've been able to keep up with increased demand no one could have expected."

Item 9 Labs continues to follow strict sanitization procedures at their cultivation site and during deliveries, producing digital content across a wide variety of channels, and working with dispensaries, local businesses, and blood banks to help those who need a little help get what they need.

About Item 9 Labs Corp:

Item 9 Labs Corp. (OTC: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: https://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:

Item 9 Labs
Kyle Jennings, VP of Marketing
Phone: (518) 265-9217
Email: Kyle@item9labs.com

Investor Contact:

Hayden IR
Brett Mass, Managing Partner
Phone: (646) 536-7331
Email: INLB@haydenir.com

SOURCE: Item 9 Labs Corp.

View source version on accesswire.com:
https://www.accesswire.com/587525/Item-9-Labs-Corp-Announces-43-Revenue-Growth-Despite-Ongoing-COVID-19-Pandemic

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