Item 9 Labs Corp.
item9labscorp.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Aug 21, 2023. Its latest SEC filing is a SC 13G from Feb 21, 2024.
10-Q for Q3 FY2023, filed Aug 21, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Produced cannabis products, including flower, vape products and concentrates, for consumers through licensed dispensaries in Arizona.
10-K for FY2022, filed Jan 13, 2023
How Did They Make Money?
Cultivation products were delivered to dispensaries, and sales were earned when the products were delivered. Franchise fees were due when agreements were signed and spread over their terms; consulting fees were due at signing and earned when the license-application work was complete.
10-K for FY2022, filed Jan 13, 2023
$21.8M
-
10-K for FY2022, filed Jan 14, 2023
$21.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Cultivation Segment
Sold outright
10-K for FY2022, filed Jan 13, 2023 |
98% |
Cultivation Segment, FY2022
$21.2M Sources
|
Sold outright |
|
Franchising Segment
Mix
|
1.8% |
Franchising Segment, FY2022
$395.7K Sources
|
Mix |
|
Corporate Segment
|
0.6% |
Corporate Segment, FY2022
$137.6K Sources
|
|
|
Corporate and Other
|
100% |
Corporate and Other, FY2022
$21.8M Sources
|
Who Were Their Customers?
A license holder bought cultivation products for distribution to Arizona dispensaries; consumers bought through licensed dispensaries, while Unity Rd. franchisees operated locally owned shops.
10-K for FY2022, filed Jan 13, 2023For the years ended September 30, 2022 and 2021, substantially all of the Company's cultivation revenue was generated from a single…View ↗
Item 9 Labs produces premium cannabis and cannabis related products in a rapidly growing market. The Company currently offers over…View ↗
In March 2021, the Company closed on the acquisition of OCG, Inc., dba Unity Rd., a cannabis dispensary franchisor. The transaction was…View ↗
Did Revenues Turn Into Profits?
No. It lost $31.2M in FY2022.
10-K for FY2022, filed Jan 14, 2023
−$23.1MView ↗
10-K for FY2022, filed Jan 14, 2023
−$31.2MView ↗
10-K for FY2022, filed Jan 14, 2023
−$6.6MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q3 FY2023, filed Aug 22, 2023
−$5.9MView ↗
- ▲ +8% (Loss)
- vs −$5.5M in Q3 FY2022
10-Q for Q3 FY2023, filed Aug 21, 2023
Open tableView ↗
-
Jul 20, 2023
A receiver took control; the interim CEO and chairman resigned
The court gave the receiver possession and control of the company's property.
Sources
8-K, filed Jul 20, 2023
On July 11, 2023, Viridis Group Holdings, LLC (“VGH”) and Viridis Group I9 Capital LLC (“VI9”) collectively filed a motion, requesting the…View ↗
-
Jun 6, 2023
The planned Sessions acquisition agreement was terminated
The seller terminated the agreement after the purchaser failed to provide evidence of sufficient funds for closing.
Sources
8-K, filed Jun 6, 2023
On May 18, 2022, Item 9 Labs Corp., a Delaware corporation ("Company"), and OCG Management Ontario, Inc., a corporation formed under the…View ↗
-
May 22, 2023
The CEO resigned and the chairman became interim CEO
Sources
8-K, filed May 22, 2023
On May 17, 2023, Mr. Michael Weinberger voluntarily resigned as Chief Executive Officer and member of the Board of Directors of the…View ↗
Franchise brand and model
The older report described Strive Life as a franchise-style dispensary model; the latest describes Unity Rd. as a franchisor whose franchisees can distribute the company's cannabis products.
10-K for FY2019, filed Jan 14, 2020 10-K for FY2022, filed Jan 13, 2023Strive Life, the company’s “franchise style” dispensary model, aims to elevate any marijuana market by offering the documents and systems…View ↗
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