SCOTTSDALE, Ariz., Dec. 13, 2019 (GLOBE NEWSWIRE) -- Item 9 Labs Corp. (OTC: INLB) (Item 9 Labs or the Company), a leader in comfortable cannabis solutions for the modern consumer, today announced a joint venture with Third Eye Investments to expand into the CBD extraction and hemp consumer goods market.
The partnership will focus on the development of Spectrum 8 hemp with planned nationwide distribution and construction of the first solvent free, RF processing extraction facility in North America.
“The fundraising, CBD, and project management expertise at Third Eye Investments, coupled with our unique value proposition brand, consumer-packaged goods and extraction IP, is the perfect marriage to create Spectrum 8 Hemp,” stated Bryce Skalla, president and co-founder at Item 9 Labs.
Third Eye Investments is a Phoenix-based investment group specializing in commercial and residential real estate. In 2017, Third Eye Investments recognized the potential of the burgeoning hemp market and leveraged their expertise to acquire a 40-acre grow in Delta, Colorado.
“We are excited to collaborate with an industry leader in plant processing and cannabis cartridge and flower brands. It’s our mission to bring high quality CBD to market and continue to grow health, happiness, and prosperity in our communities,” stated Third Eye Investments representative Bonnie Love.
According to recent data, the industrial hemp to CBD industry is expected to grow from $600 million of consumer product sales in 2018 to over $23 billion in 2023.
The joint venture will further diversify Item 9 Labs current brand and asset portfolio. Headquartered in Phoenix, Arizona, the Company has medical cannabis operations in multiple U.S. markets and a distinctive array of product suites catering to different patient demographics. 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. The Company is bringing best of industry practices to markets from coast to coast through cultivation and production, distinctive retail environments, licensing services, and diverse product suites catering to different medical cannabis demographics. Headquartered in Phoenix, Arizona, Item 9 Labs Corp. shares corporate offices with Bowden Investment Group and has medical cannabis operations in multiple U.S. markets.
Item 9 Labs Corp.’s asset portfolio includes Dispensary Permits, Dispensary Templates, and a turnkey dispensary model. These assets provide services specific to different stakeholder groups. Dispensary Permits is the Company’s consulting firm specializing in strategic license application and compliance. Dispensary Templates, a subdivision of the firm, is a technology platform with an extensive digital library of licensing and business planning resources. The turnkey dispensary model for the retail sector elevates the patient experience with consistent and superior service, high-end design, and precision-tested products. It is currently being implemented in Arizona.
In addition, Item 9 Labs Corp. is advancing the industry with dynamic product suite Item 9 Labs. Propriety delivery platforms include the Apollo Vape and Pod system, as well as a pioneering intra-nasal device. The Company has received multiple accolades for its medical-grade flower and concentrates.
Item 9 Labs Corp. intends to manage cultivation, processing, distribution, and dispensary operations in up to ten U.S. markets by the end of 2020.
For more information, visit Item 9 Labs Corp. at www.Item9labscorp.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