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1933 Industries Announces Third Quarter 2022 Financial Results


VANCOUVER, BC / ACCESSWIRE / June 29, 2022 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, is pleased to announce its third quarter ("Q3 2022") financial results for the three and nine months ended April 30, 2022. All amounts expressed are in Canadian dollars.

Financial statements are prepared in accordance with International Financial Reporting Standards. Detailed information regarding the Company's financial results as well as management's discussion and analysis can be found at https://sedar.com/ and https://1933industries.com/investors/financial-information

During fiscal 2022, the Company made substantial changes to its cultivation and production facilities which have resulted in significant improvements in the quality of its flower and the input for its extracted products, as well as higher productivity and quantity of units sold. These changes have led the Company to achieve higher revenues compared to its previous quarter and have laid the foundation for improved performance going forward. The Company's cannabis cultivation subsidiary recorded a 33% increase in revenues from the sale of cannabis flower, pre-rolls and extraction products due to the optimization of both its cultivation and processing facilities. Output from its cultivation has been drastically increasing and yield has almost doubled from a year ago. The Company deployed strategic capital to make the necessary improvements and hired operations and sales leadership, which have resulted in improved performance in both output and added self-space in dispensaries. Focus was also placed on reducing the cost of goods, which in turn increased gross margins.

The Company and Day One Beverages, Inc. (Day One) mutually agreed to terminate the binding Letter of Intent between the parties for the Company to acquire 100% of all of the authorized and issued shares of Day One. After a full due diligence review, the parties mutually agreed that it would be in their best interests to not move forward with acquisition. Under the terms of the mutual termination, Day One repaid all funds provided by the Company via interim loans of approximately USD$500,000.

Q3 2022 Financial Highlights
Q3 2022 Q2 2022 Q3 2021
Revenues
$4,256,280 $3,208,082 $3,370,510
Gross margin
$2,010,693 $1,470,286 $2,467,154
Expenses
$13,667,716 $2,404,798 $1,884,481
Net income/loss for the period
$(12,375,391) $(819,814) $582,673
Basic and diluted loss per share
(0.03) $(0.00) 0.00
Comprehensive loss for the period
$(12,235,156) $(647,979) $(513,716)
Adjusted EBITDA loss
$336,104 $(340,150) $1,404,081
Cash balance
$966,053 $803,187 $5,918,633
Total assets
$33,725,904 $44,637,986 $47,036,485
Total liabilities
$22,451,940 $21,111,356 $19,293,232
Total liabilities and shareholders' equity
$33,725,904 $44,637,986 $27,743,253

Q3 2022 CONSOLIDATED OPERATING FINANCIAL HIGHLIGHTS

Q3 2022 KEY DEVELOPMENTS

DEVELOPMENTS SUBSEQUENT TO APRIL 30, 2022

Please note the next financial release dates in accordance with the continuous disclosure schedule set out by the British Columbia Securities Commission:

Financial Release Dates

Reporting QuarterRelease Date
Q4/YE 2022November 28, 2022
Q1/2023December 30, 2022
Q2/2023April 3, 2023
Q3/2023June 29, 2023
Q4/YE 2023November 28, 2023

About 1933 Industries Inc.
1933 Industries is a Nevada-based, growth-orientated company, focusing on the cultivation and manufacturing of a large portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. Its product offerings include: THC flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; Canna Hemp™, national cannabidiol (CBD) brand of infused wellness products including tinctures, gummies, topicals and sport recovery products. The Company owns 91% of Alternative Medicine Association, LC (AMA) and 100% of Infused MFG LLC (Infused).
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. 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. Ultra-craft brand Level X is an exclusive collection of exotic strains, selected specifically for their distinctive terpene profiles, high THC levels, and flavonoids. 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

AMA is also licensed in Nevada as an adult-use cannabis distributor.

About Canna Hemp™
With over 50 products in its portfolio, the Canna Hemp™ brand offers products in a variety of verticals and consumption formats, including, effects-based tinctures, topicals, vape pens and cartridges, gummies, and capsules for Sleep, Relief, Calm, Focus and Energy. High-grade CBD and a proprietary blend of terpenes formulated for specific effects are key differentiators for the Canna Hemp™ line. The Company recently introduced previously untapped cannabinoids Cannabigerol (CBG) and Cannabinol (CBN) to its portfolio of products with a new line of natural tinctures and gummies.
www.cannahemp.com

For further information please contact:
Alexia Helgason, VP, IR, Marketing, Media
604-728-4407
[email protected]

Paul Rosen, CEO
[email protected]

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/707094/1933-Industries-Announces-Third-Quarter-2022-Financial-Results


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