PHOENIX — Phoenix-based Item 9 Labs Corp. has secured $19 million in financing with plans to expand its marijuana cultivation facility by more than 3,000% in Arizona.
The publicly-traded company will use $13.5 million to buy 45 acres next to its existing 19,200-square-foot cultivation facility that sits on five acres in Coolidge, south of Phoenix in Pinal County.
The master site development consists of six additional steel buildings that are just under 10,000 square feet each, said Andrew Bowden, CEO of Item 9 Labs (OTC: INLB).
Upon completion, the site will comprise 640,000 square feet of operations space, including five acres of outdoor cultivation, and will create more than 200 jobs, Bowden said.
