Vertically integrated cannabis dispensary franchisor and operator Item 9 Labs Corp. INLB reported on Tuesday its fiscal third quarter operating and financial results for the nine months ended June 30, 2022.
Financial Highlights for Nine Months Ended June 30
- Revenue totaled $17.8 million, representing an increase of $1.9 million, or 12%, compared with $15.8 million for the same period last year.
- Gross profit was $6.7 million, a decrease of $0.6 million, or 9%, compared with $7.3 million for the same period last year.
- Total operating expenses were $15.4 million, an increase of $8 million, compared with $7.4 million for the same period last year.
- Operating loss was $8.8 million, a decrease of $8.7 million, compared with an operating loss of $0.1 million for the same period last year.
- Adjusted EBITDA came in negative at $3.9 million versus positive EBITDA of $1.7 million for the same period last year.
- Net loss attributable to the company was $12.7 million, or $0.13 per share, compared with $1.9 million, or $0.03 per share, for the same period last year.
- Ended period with roughly $120.53 million in total assets and 42.02 million in total liabilities.
Recent Business Highlights
- Signed a definitive agreement to acquire Sessions Cannabis, one of Canada's cannabis retail franchisors.
- Dispensary franchise Unity Rd. opened the first non-tribal, state-licensed medical cannabis establishment in the state of South Dakota, in a suburb of Sioux Falls.
- The cannabis franchise continued expansion in Colorado with a new store opening in July 2022 in North Denver and recently received license approval to open a dispensary in the Cherry Creek neighborhood of Denver.
"Our team has made great strides in rolling out our retail franchise [Unity Rd.] into additional markets, as exemplified by our recent openings in North Denver and South Dakota as well as our pending acquisition in Canada," Andrew Bowden, the company's CEO, said.
Related News
- Item 9 Labs Nears Completion Of Cannabis Cultivation And Lab Facility In Pahrump, Nevada
- Item 9 Labs' Unity Rd. Ranks 6th In The "Best Cannabis Dispensaries To Work For" By Cannabis Business Times
Photo: Courtesy of Towfiqu barbhuiya on Unsplash
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