Item 9 Labs Corp (OTCMKTS:INLB), which is well-known for having come up with the premium award winning cannabis brand Item 9 Labs was in the news yesterday. The company announced that for the month of February 2023, it had managed to record a 30% rise in unit sales when compared to the sales in February 2022.
On Wednesday, INLB stock lost 17.86% to $0.1150 with 11.06K shares, compared to volume of 26.76K shares. The stock moved within a range of $0.1150 – 0.1200 after opening trade at $0.1150.
Item 9 Labs Continues Dominating the Arizona Market With a 30% YOY Unit Sales Increase in February
At the same time, the profit margins for the company had continued to rise. Mike Weinberger, who is the Chief Executive Officer of the company, spoke about the latest development as well. He noted that the cannabis market in Arizona had been riding the wave of new demand thanks to the period stretching from Super Bowl through to Spring training. Additionally, the 4/20 cannabis holiday was another factor in the dynamism of the market.
He went on to add that due to these factors the company’s award winning cannabis products would continue to surpass expectations and meet the demand of customers over the course of the coming months. The continued prominence of the Item 9 Labs was further demonstrated when the company finished on the podium at Arizona’s largest cannabis awards and festival event, Spring Errl Cup.