Item 9 Labs announced today its efforts to streamline operations and consolidate employee duties. This has led to several strategic team appointments as the company prepares to integrate with the approaching transformational acquisition of Sessions Cannabis, a cannabis retail franchise based in Canada.
In an effort to streamline operations in its path to profitability, Item 9 Labs Corp. has worked to reduce operating expenses, while increasing gross margin on its Item 9 Labs branded products. With a goal of efficient profit creation and shareholder value, the company has consolidated employee headcount by 20 percent, which it said reduces many redundancies. Further, in concert with the personnel shifts, the company has implemented other cost-saving measures designed to reduce total overhead expenses by more than 15 percent.
Last week, Item 9 Labs announced leadership changes with the appointment of its Chief Franchise Officer, Mike Weinberger, to Chief Executive Officer. His promotion and these key internal team shifts are expected to steward the Company's future rapid expansion as it prepares to enter an international market with its pending acquisition.
"We believe the Sessions acquisition has the potential to be a true game changer for Item 9 Labs Corp.," Weinberger said. "Not only does it significantly increase our retail footprint and bring us into a new country, but we will be able to continue rapidly growing our store count because we now have the right people in the right seats. Our team leads below are the reason we have reached where we are today. Most can count their years in cannabis and franchising on two hands, and several have been with our Item 9 Labs and Unity Rd. brands from the start. They have done a phenomenal job lifting others up and pushing us along our growth plan."