1933 Industries Cancels One Year Extension and Amendment of Its Convertible Debentures

Rhea-AI Summary

1933 Industries (CSE:TGIF)(OTCQB:TGIFF), a cannabis consumer packaged goods company, announced it will not amend its 10% Senior Unsecured Convertible Debentures due September 14, 2021, extending maturity to September 14, 2022. The existing indenture will remain unchanged. The Company operates two subsidiaries, managing cultivation and manufacturing of cannabis products.

1933 Industries owns 91% of Alternative Medicine Association and 100% of Infused MFG. Their product suite includes various cannabis formats aimed at both medical and recreational users.

Positive

• 1933 Industries continues to manage its debt obligations without a maturity extension, maintaining financial discipline.
• The Company has a diversified portfolio, controlling cultivation and manufacturing assets through subsidiaries.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 5, 2021 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCQB:TGIFF), a vertically-integrated cannabis consumer packaged goods company, announces that the Company has determined not to proceed with the amendment put forth to extend the maturity date its 10% Senior Unsecured Convertible Debentures due September 14, 2021 to September 14, 2022. Accordingly, the Company did not enter into a supplemental indenture with Odyssey Trust Company and the indenture remains unchanged.

About 1933 Industries Inc.

1933 Industries is a vertically-integrated, growth-orientated company, focusing on the cultivation and manufacturing of cannabis consumer branded goods in a wide range of product formats. Operating through two subsidiaries, the Company controls all aspects of the value chain with cultivation, extraction, processing, and manufacturing assets supporting its diversified portfolio of cannabis brands and licensing partners. The Company owns 91% of Alternative Medicine Association, LC (AMA), and 100% of Infused MFG LLC. www.1933industries.com

About Alternative Medicine Association

AMA is a licensed medical and adult-use cannabis cultivation and extraction subsidiary that produces its own branded line of unique cannabis products and manufactures third-party brands. AMA's extensive menu of cannabis products include: craft cannabis flower, pre-rolls, full spectrum oils, high quality distillates, proprietary blends of terpenes, vaporizer products and boutique concentrates such as shatter, crumble, batter, sugar wax, diamonds, and live resin. With state-of-the-art cultivation and extraction facilities based in Las Vegas, Nevada, AMA seeks to offer medical patients and recreational users alike a cannabis experience that's exceptional, potent, and consistent in quality. www.amanev.com

About Canna Hemp™

With an extensive product line that includes topicals, creams, vapes, elixirs, capsules, lip balms and pre and post workout recovery sports products, 1933 Industries' proprietary Canna Hemp™ brand utilizes the power of CBD to bring natural wellness. The Company's flagship products, the Canna Hemp™ Relief Cream and Canna Hemp X™ Recovery Cream are recognized as best topicals in the market. Canna Hemp X™ is a CBD sports recovery cream for athletes, bridging the gap between recovery and top performance. www.cannahemp.com

For further information please contact:

Alexia Helgason, VP, IR and Corporate Communications
604-674-4756 (ext. 1)
alexia@1933industries.com

Paul Rosen, CEO
604-674-4756 (ext. 1)

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: 1933 Industries Inc.

View source version on accesswire.com:
https://www.accesswire.com/644658/1933-Industries-Cancels-One-Year-Extension-and-Amendment-of-Its-Convertible-Debentures

FAQ

What did 1933 Industries announce on May 5, 2021?

On May 5, 2021, 1933 Industries announced it will not proceed with an amendment to extend the maturity date of its 10% Senior Unsecured Convertible Debentures.

What is the current maturity date for 1933 Industries' convertible debentures?

The current maturity date for 1933 Industries' convertible debentures remains September 14, 2021.

What companies does 1933 Industries control?

1933 Industries controls 91% of Alternative Medicine Association and 100% of Infused MFG.

What is the stock symbol for 1933 Industries?

The stock symbol for 1933 Industries is TGIFF.