Item 9 Labs Corp Broadens National Footprint Announces Joint Venture With Strive Wellness of Nevada
LAS VEGAS, Jan. 09, 2019 (GLOBE NEWSWIRE) -- Arizona-based Item 9 Labs Corp. (OTC: INLB) (Item 9 Labs or the Company), today announced a joint venture with Strive Wellness of Nevada, LLC (Strive Wellness), to construct and manage the 20,000 square-foot medical marijuana cultivation and processing facility in Pahrump, Nevada.
Strive Wellness was approved for a medical marijuana license in April and received its Special Use Permit (SUP) in December 2018. The facility will implement sustainable construction practices suggested by Bowden Investment Group, a company specializing in real estate and environmentally friendly development. Strive Wellness is estimated to be producing legal medical marijuana products in the next nine months.
“This joint venture opens up new territory for growth in a larger medical marijuana market, bolstered further by its reciprocity laws,” stated Sara Gullickson, CEO of Item 9 Labs. “This new facility will double our overall capacity and productivity by an additional 20,000 square-feet. We plan to break ground in February and begin producing legal medical marijuana products in September 2019.”
It was important for Item 9 Labs to be involved in Nevada’s medical marijuana program as the Company broadens its national footprint. Nevada is one of the few states that recognizes reciprocity, allowing out-of-state medical marijuana cardholders to legally purchase when visiting. In addition, Item 9 Labs is prepared to anticipate market needs and fluctuations. “When adult-use sales spike, we want to ensure patients still have access to high-grade medicinal marijuana product. We expect to make a major impact with our organic practices and premium flower and concentrates,” explained Gullickson.
According to analytics firm New Frontier, the Nevada medical marijuana program reached peak registration in Fall 2018 with 25,600 patients, a conservative number not factoring in reciprocity patients. Nevada’s legal market is estimated to be worth $622 million by 2020, a feat attributed to the global appeal of Las Vegas as a tourist destination.
The Strive Wellness site is strategically located an hour from Las Vegas and five hours from Los Angeles and Phoenix. Item 9 Labs currently operates an indoor cultivation facility zoned on 50 acres in Arizona and is a leading developer and manufacturer of innovative marijuana products and proprietary delivery platforms.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 by developing innovative products and proprietary delivery platforms. The Company is focused on the development of technology and products that administer high-quality medical marijuana through a novel intra-nasal delivery system to deliver significant health benefits. The Company is headquartered in Southern Arizona where it owns and operates 50 acres, one of the largest properties in the U.S. zoned to grow and cultivate the medical marijuana flower. Item 9 has a proven track record of providing consumers with high-quality medical marijuana flower and products focused on organic, cost-effective solutions for whole body health. By combining high-quality, medical-grade product with the Company’s proprietary nasal mucus-membrane delivery system, Item 9 plans to produce the industry’s first market medicated nasal delivery device that administers specific cannabinoid dosing to meet the growing demand of today’s modern cannabis consumer. For more information, visit us online at www.Item9labscorp.com and www.Item9labs.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: Neko Catanzaro Proven Media Neko@provenmediaservices.com (401) 484-4980
Investor Contact: Jeffrey Rassas Item 9 Labs Corp. Jeffrey@item9labs.com (602) 463-4246