Local City Council Supports the Company's Master Expansion Plan, Creating 650,000+ Square Feet of Marijuana Operations; Hires SVP of Construction Nick Bowden to Lead Site Expansion
PHOENIX, AZ / ACCESSWIRE / November 16, 2020 / The Coolidge, Arizona City Council has accepted master site expansion plans for one of the state's largest approved cultivation sites, owned and operated by Item 9 Labs Corp. (OTCQX:INLB) ("Item 9 Labs," or the "Company"). The vertically integrated marijuana operator producing premium products will enhance their marijuana operations space by 33x at the conclusion of the expansion.
- Currently, the Company has a 20,000 square foot facility on their 50-acre site. The site will see an expansion on 45 of its acres to include six additional buildings, 12 greenhouses and six greenhouse support buildings (head houses). Seven of the buildings will be for indoor cultivation and one will be for expansion of the Company's lab and support space for finished product. In addition to the above uses, the Company is currently awaiting state approval for 5-acres of on-site outdoor cultivation. Once complete, the site will be comprised of 650,000+ square feet of marijuana operations.
- Ongoing construction will take place over the next three years in six phases with the initial phase beginning in early 2021.
- Phase one includes the construction of two 26,000 square foot greenhouses, one head house and two 10,000 square-foot buildings - one for indoor cultivation and one for the lab and packaging. This phase adds 72,000 square feet of operations space.
- Construction on phase two is anticipated to begin in summer 2021.
- Funding is already underway for the master site development, which will be led by the Company's new SVP of Construction, Nick Bowden.
"Scaling with a dozen greenhouses is more cost-effective than traditional indoor growing and allows us to produce yields that will service the entire state with Item 9 Labs' premium product, while also creating another 200 jobs," Item 9 Labs Corp. Chief Executive Officer Andrew Bowden said. "In the interim, with the Arizona adult-use market opening, we've brought additional equipment into our facilities that allow us to further supply the growing demand for Item 9 Labs' superior product offerings, while our phased approach starts to take shape."
Brothers, Andrew and Nick Bowden have worked together in construction for the past five years and with a goal to always improve with each build. Key highlights include the first Net Zero Building project in the United States-the completely self-sustaining Dusk Scottsdale building located in Scottsdale, Arizona-as well as designing and permitting a multifamily building to be off-the-power-grid. Nick Bowden has also been a franchisee of a popular tool distribution franchise; this experience will be beneficial to the Company with its previously announced merger with OCG Inc. (ONE Cannabis Group) and its dispensary franchise Unity Rd.
Nick Bowden added, "There are a lot of similarities in cannabis and commercial construction, but there are also a lot of differences and specialized equipment that's needed. Recognizing this a few years ago, I immersed myself in the industry, learning how to incorporate the efficiencies honed throughout my career to create the best indoor environment for cannabis to thrive. I've been working alongside the Item 9 Labs team for the past few years and am excited to officially join the family."
About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX:INLB) is a vertically integrated multi-state cannabis operator headquartered in Arizona. The Company creates best-in-class products and canna-business solutions designed to help people become the best versions of themselves. With an award-winning CPG brand and nationally recognized application team, Item 9 Labs improves the cannabis experience while providing transparency, consistency, and well-being for those relying on them. For additional information, please visit: item9labscorp.com.
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.
Item 9 Labs
Jayne Levy, Director of Communications
Email: [email protected]
Email: [email protected]
SOURCE: Item 9 Labs Corp.