1933 Industries Inc (OTCMKTS:TGIFF) reported a growth of 8.5% YoY to CAD 3.406 million in Q2 2021 revenues. The company lowered its loss to CAD 1.409 million.
Focuses on high-quality output
Pre-rolls and smokable flower accounted for a larger portion of the cannabis sales in Q2 2021 in Nevada. To improve growth, 1933 focuses on maintaining its output, plant genetics and optimize manufacturing/ cultivation operations.
In Nevada, the company enjoys higher demand for concentrates, pre-rolls, and craft-style flower.
Its G&A expenses declined by 57% YoY in Q2 2021 to CAD 3.1 million. The company’s margins rose by 112.5% YoY to CAD 1.7 million in Q2 2021. It is on the backdrop of reduced dependence on third-party biomass.
AMA’s licensed wholesaler of concentrates and premium cannabis flower posted revenues of CAD 2.7 million in Q2 2021.
The CBD manufacturing subsidiary of 1933, Infused MFG, reported revenues of CAD 0.7 million in Q2 2021.
1933 is building its online presence and putting in e-commerce efforts to improve growth.
CEO and Chairman of 1933, Paul Rosen, said the company is committed to building shareholder value by maintaining positive cash flow and achieving profitability. The company maintains a strong balance sheet because of the strong foundation laid a year ago.
1933 streamlined its operations to reduce operational spending, boost revenues and strengthen cash balance. The company focuses on improving manufacturing, expanding the extraction capabilities, and developing premium strains besides expanding its CBD products.
Raises a capital of CAD 918,720
1933 raised capital of CAD 918,720 through a private placement by issuing 13.920 million units.
The company appointed its CEO Paul to the board of directors. Following the appointment of Paul, Eugene Ruiz will relinquish the post of president.
1933 also raised capital of CAD 4.955 million through a bought-deal offering on March 4, 2021.
1933 operates licensed recreational and medical cannabis manufacturing and cultivation facilities through its two subsidiaries. It focuses on the legal cannabis market in the US to ramp up growth.
The company holds a 100% stake in Infused MFG LLC and a 91% stake in AMA (Alternative Medicine Association LLC).
1933 seeks to capitalize on the burgeoning opportunities emerging as a result of the legalization of cannabis in the US.