1933 Industries (OTCQX: TGIFF), a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD products in Nevada, Colorado and California, reported financial results for its 2019 fiscal first quarter.
For the three months ended October 31, 2018, the company reported a loss of $3.05 million, versus a loss of $570,695 for the same period last year. Earnings per share were a loss of $0.01, versus a per share loss of $0.06. The company had a quarterly revenue of $4.62 million, versus $2.46 million last year. Gross profit was $1.93 million for the first quarter, versus a $1.16 million last year.
“We are pleased to report another strong quarter of steady growth from our subsidiary companies. Increased demand for our cannabis products in the States of Nevada, California and Colorado are continuing to fuel this growth, while we focus on expanding wholesale capacity for our THC line of products and increasing sales of our CBD products across the U.S.,” 1933 Industries CEO Brayden Sutton said in a statement.
“To maintain this growth, we have added key members to our team in finance, business development, sales and marketing and operations. We continue to make progress on our expansion in Las Vegas and remain focused on both organic and accretive growth in the next quarter,” Sutton noted.
Additionally, 1933 Industries says that it will increase its capacity to produce cannabidiol (CBD) extracts from its initial target of 200 kilogram to an estimated 2,000 kilogram per month.
The company has received approvals for new zoning and permitting for hazardous materials from the County Town Board, the Planning Commission and the Board of County Commissioners from Clark Country in Nevada, to move ahead with proposed plans to renovate the company’s 12,160-sq.-ft. building, which will house a cannabis production facility as well as the proposed CBD Lab. The company has already secured an Industrial Hemp Handler Certificate from the Nevada Department of Agriculture Industrial Hemp program.