Acquiring all interests in Cultivation, Production, and Distribution Licenses and Strive Management, LLC
PHOENIX, Feb. 20, 2020 (GLOBE NEWSWIRE) — Item 9 Labs Corp. (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.
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About Item 9 Labs Corp:
Item 9 Labs Corp. (INLB) creates comfortable cannabis health solutions for the modern consumer. The Company is