20,000 Square-Foot, State-of-the-Art Facility Anticipated To Be Fully Operational by End of 2022
PHOENIX , June 23, 2022 /PRNewswire/ -- Item 9 Labs Corp. (OTCQX: INLB) (the "Company")—a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products—is pleased to announce today that its new 20,000 square-foot, state-of-the-art cultivation and lab facility in Pahrump, N.V. (the "Nevada Facility") is nearing completion and expected to be fully operational by end of 2022.
The master development and expansion of the Nevada Facility began in early 2019 and has been advancing quickly, especially the past year. Currently, Item 9 Labs Corp. is awaiting the water and electrical connections to be completed as well as the installation of air conditioning units and backup generators. The Company is working with the City of Pahrump and Nye County to finalize the Certificate of Occupancy.
"Our Nevada cultivation and lab facility was strategically developed to ensure full optimization and efficiency throughout," said Chase Herschmann, director of business development at Item 9 Labs Corp., adding that the Company's experienced team has spearheaded the build and expansion of multiple cultivation sites across the North America, along with its current master site expansion that is underway in Coolidge, Ariz.
He continued, "Our construction team works hand-in-hand with operations to ensure our facilities are developed with our strategic processes for every function, from cultivation to extraction and production top of mind."
Once the cultivation and lab facility is finalized this coming fall, it will include: 4,450 square feet of operations space for flower, 990 square feet of vegetation space, 400 square feet for clones, 300 square feet for dry curing and 615 square feet for genetics. The facility also houses more than 2,500 square feet of post-processing and lab space, along with the opportunity for a joint venture with a commercial kitchen space of 1,100 square feet. The remainder of the building is ancillary rooms such as water rooms, offices, locker rooms and break rooms.
"Nevada is a rapidly growing adult-use cannabis market that shows no sign of slowing down," said CEO of Item 9 Labs Corp. Andrew Bowden. According to MJ Brand Insights, the state brought in $1.03 billion in taxable sales between adult-use and medical cannabis dispensaries in the 2021 fiscal year, which was a $318 million increase from the previous year.
He continued, "We are optimistic about the potential opportunities we have to expand alongside the booming cannabis industry in Nevada."
ABOUT ITEM 9 LABS CORP.
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 up to 640,000-plus 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.
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.
Item 9 Labs Corp.
Jayne Levy, VP of Communications
Item 9 Labs Corp.
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