An Arizona-based cannabis company just reported operating and financial results for the 12 months ended September 30, 2021, and traders liked what they saw. Revenue growth of 170% up to $21.9 million was enough to make shares of Item 9 Labs Corp (OTCQX:INLB) rally strongly during Tuesday’s session.
Item 9 is a vertically-integrated cannabis operator and dispensary franchisor delivering premium products from its cultivation and production facilities in the United States. The Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a dispensary franchise model through the national Unity Rd. retail brand. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. Its operating segments are Cultivation and Franchising.
Traders were bullish on the news as shares traded up to $1.18/share (+22.92%) at the session high. This move was the first sign of life for this small cap since its multi month selloff.