Item 9 Labs Corp. Completes $1.5 Million Private Placement
SCOTTSDALE, Ariz., June 14, 2018 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC:INLB) (“Item 9 Labs” or the “Company”), a leading provider of high-quality medical marijuana and developer of innovative medical cannabis treatments, today announced that on May 31, 2018, it closed a non-brokered $1.5 million private placement of its common stock at a price of $0.05 per share through an offering to qualified buyers (the “Offering”).
The proceeds from the Offering are intended to be used to further develop the Company’s intra-nasal delivery system, facility acquisitions, and for working capital and general corporate purposes.
Bryce Skalla, Co-Founder & CEO of Item 9 Labs, commented, “We are pleased to close this successful financing. This private placement demonstrates Item 9 Labs’ continuing ability to fund our technology’s advancement and further our plans for geographic expansion. With this financing, we can continue moving full speed ahead with our development of a broad portfolio of comfortable cannabis solutions for today’s modern cannabis user, capitalizing on our unique technology and delivery platform.”
The Offering was exempt from registration under Section 4(a)(2) of the United States Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated by the U.S. Securities and Exchange Commission thereunder. The common stock in the offering was sold to “accredited investors,” as defined in Regulation D, and was conducted on a “reasonable best efforts” basis.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Item 9 Labs Corp.:Item 9 Labs Corp. (OTC:INLB) is focused on the development of technology and products that administer high-quality medical marijuana through a novel, proprietary 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.
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.
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