1933 Industries Inc. (OTCMKTS:TGIFF) has announced its Q1 2021 financial results for the three months ended October 31, 2020, in which revenue was around $2.7 million.
1933 Industries report 13% QoQ revenue growth
The revenue reported in Q1 2021 was a 13% increase quarter over quarter attributed mainly to the launch of pre-rolls and cannabis flower in the Nevada market. Because of the in-demand strains and improved plant genetics, 1933 Industries’ cannabis products and new saleable flower have sold out on every harvest thanks to an increase in demand for craft cannabis continues to be strong in Nevada even though the pandemic has impacted tourism. The company reported an adjusted EBITDA loss of $1.4 million, a 26% YoY and 81% QoQ improvement.
Alternative Medicine Association, the company’s licensed cultivation and production subsidiary, posted revenue of $1.6 million with a gross margin of around $164,000. Its other subsidiary, Infused MFG, which focuses on hemp-derived CBD products manufacturing under the Canna Hemp™ brand, generated $1.1 million with a gross margin of $565,000. 1933 Industries ended the quarter with $2 million in cash, having completed a private placement financing for a total of $918,720.
1933 Industries restructured to streamline operations
During the quarter, the company placed a restructuring plan to streamline and improve operations, which resulted in a 61% reduction in a net loss. 1933 Industries discontinued projects that didn’t show satisfactory return in investment as it seeks to boost performance. This has helped the company to continue positioning itself as a leader in the craft cannabis and hemp CBD products segment.
1933 Industries sold its first cannabis flower in Q1 2021 as it started scaling up production from its facility and continued cultivating quality strains and improve plant genetics. Most importantly, the company added key dispensary accounts in Las Vegas for the Alternative Medicine Association branded cannabis flower, cannabis concentrates and infused pre-rolls. Equally, the company continues to build its retail and online distribution of Canna hemp™ products, which are a strategic priority for Q2 2021.
 Reports Revenue Of $2.7 Million In Q1 2021 Driven By Sales In Nevada){kind=link}