Movers and SHAKERS
Item 9 Labs Corp (INLB)
Record Quarterly Revenue in 3Q21
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space by 650,000+ square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit item9labscorp.com.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q21 Results. Item 9 reported record quarterly revenue of $6.7 million in the fiscal third quarter, up 203% from 3Q20. Revenue was up 9.5% sequentially. This marks seven consecutive quarters of revenue growth. Net loss declined to $833,905, or $0.01 per share, compared to a net loss of $1.6 million, or $0.03 per share last year. We had projected revenue of $6.5 million and net income of $300,000 or breakeven EPS.
Solid Market Position. Item 9 Labs products have earned a solid position in the Arizona marketplace as the top brand in every dispensary the Company chooses to sell through, according to Leaf Link. Currently, at the end of the quarter, Item 9 Labs products were being sold in 79, or 64% of Arizona's dispensaries, up from 45, or 37% at the end of June 2020. As the Company continues to add ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.