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May 25, 2022, 8:17 a.m. EDT

U.S. cannabis company Item 9 Labs buys Canada's Sessions Cannabis

Phoenix-based Item 9 Labs Corp. (OTC:INLB) said Wednesday it'll pay an undisclosed sum to acquire Canada's Sessions Cannabis, which generates about C$70 million in annual sales with 43 stores in Ontario. Item 9 Labs Corp. CEO Andrew Bowden said the acquisition "fast-tracks our entry into the Canadian market." Shares of Item 9 Labs are down 9.9% in 2022, compared to a drop of 46% by the AdvisorShares Pure US Cannabis ETF (PSE:MSOS) .

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