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1933 Industries Inc. (TGIFF) is a Nevada-based cannabis cultivator and producer engaged in the cultivation and manufacturing of a diverse range of cannabis consumer-packaged goods. The company's proprietary brands, including AMA and Level X, offer wholesale flower, pre-rolls, and extracted products in the Nevada market. In addition, the national CBD brand, Canna Hemp™, provides wellness products like tinctures, gummies, and topicals. With a focus on optimizing operational efficiencies and increasing cultivation yields, 1933 Industries continues to innovate and adapt to market trends.
1933 Industries Inc. (CSE:TGIF)(OTCQB:TGIFF) reported its Q1 2023 financial results, achieving record revenues of $5.64 million, a 129% increase year-over-year. The gross margin reached $2.0 million, while the company posted an adjusted EBITDA of $0.1 million. Despite a net loss of $1.2 million, management highlights a disciplined cost strategy and ongoing demand for AMA branded products. The results underscore the company's growth trajectory in the cannabis sector, despite facing pressure from competitive pricing.
1933 Industries Inc. (CSE:TGIF, OTCQB:TGIFF) announced its financial results for Q4 and Fiscal 2022. Revenues rose to $12.54 million, up from $11.98 million in 2021. Expenses increased to $20.21 million, largely due to a one-time goodwill impairment charge. Net loss was $18.07 million, compared to $6.29 million the previous year. The company significantly improved its cannabis yield and stabilized operations, leading to decreased expenses of $1.9 million. With strong growth expected in 2023, 1933 Industries aims to enhance efficiency and profitability.
1933 Industries (CSE:TGIF)(OTCQB:TGIFF) has finalized the sale of a vacant property in Las Vegas for US$2.65 million. Acquired in 2017 for US$1.8 million, this sale will not affect ongoing cultivation operations nearby. Proceeds will enhance working capital and repay part of the Line of Credit, which will remain active for one year. The company specializes in cannabis consumer goods, holding significant stakes in manufacturing subsidiaries.
1933 Industries (CSE:TGIF, OTCQB:TGIFF) has secured a line of credit up to US$1,000,000 from its Chairman and CEO, Paul Rosen. This Loan has an interest rate of 11% per annum and a one-year term, with senior security interests in all company assets as collateral. Withdrawals require approval from the Lender and the interest rate rises to a minimum 2% if repaid early. The funds will support the growth of its cannabis consumer products, including cannabis flower and CBD goods.
1933 Industries Inc. (CSE:TGIF, OTCQB:TGIFF) announced the approval of debenture amendments, with 96% of debenture holders voting in favor. Key amendments include reducing the conversion price to $0.05 per share and extending the maturity date to December 31, 2023. Additionally, the company issued 13,490,000 stock options at $0.05 per share to directors and employees. These changes may enhance liquidity and allow for greater flexibility in financing. Detailed information is available in the Management Information Circular on SEDAR.
1933 Industries Inc. (CSE:TGIF)(OTCQB:TGIFF) announced an Extraordinary Meeting for its Debentureholders on August 24, 2022, at 9:00 a.m. PT. The meeting aims to vote on amendments to the company's 10% Senior Unsecured Convertible Debentures, which include:
- Amending the conversion price to $0.05 per share
- Reducing the interest payment share price from $0.10 to $0.05
- Extending the maturity date to December 31, 2023
The Board of Directors recommends approval of these amendments.
1933 Industries Inc. (CSE:TGIF)(OTCQB:TGIFF) held an extraordinary meeting for holders of its 10% Senior Unsecured Convertible Debentures due September 14, 2022. Debentureholders voted on four proposed amendments, of which only one, regarding forced conversion price, was accepted. With only 18.7% of debentureholders participating, the company believes higher voter turnout could have led to acceptance of other amendments. The Board unanimously recommended the changes, considering them beneficial for shareholders. Further actions are under consideration by the Board.
1933 Industries Inc. (CSE: TGIF, OTCQB: TGIFF) reminds holders of its 10% Senior Unsecured Convertible Debentures due September 14, 2022, to vote at the upcoming meeting on July 13, 2022. The Board recommends voting in favor of proposed amendments, including a revised conversion price of $0.05 per share and extending the maturity date to December 31, 2023. Amendments also include reducing interest payment prices and adjusting forced conversion prices. A detailed circular has been distributed to debentureholders, urging participation in the virtual meeting.
1933 Industries reported its Q3 2022 financial results, revealing a revenue increase of 33% to $4.26 million compared to Q2 2022. The company's gross margin declined to 47% from 73% in Q3 2021. However, total expenses surged to $13.67 million, primarily due to a non-cash goodwill impairment of $11.47 million. The firm faced a net loss of $12.38 million, significantly worse than a net income of $0.58 million in Q3 2021. Additionally, the termination of the acquisition deal with Day One required repayment of $500,000 in loans.
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