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1933 Industries Inc. (CSE: TGIF)(OTCQB: TGIFF)started the new year by releasing its unaudited interim consolidated financial statements for the first fiscal 2024 quarter ending October 31, 2023, in Canadian dollars.

1933 reported revenues of $5.5 million, an 11% increase from $5.0 million for the fiscal 2023 first quarter. The company attributed the increase to the improvements to the cultivation facility completed at the end of 2023. The company also delivered a net loss of $0.4 million versus a net loss of $1.2 million for the same period last year.

Despite the improvements in revenue and trimming the losses, expenses rose to $2.1 million versus last year’s $1.2 million. The company attributed the increase in expenses to the prior period receiving payroll tax refunds from the IRS of $0.5 million and recovery of a fair value adjustment related to Infused MFG inventory of $0.4 million.

“We are pleased to report revenues of $5.5 million, as well as operational improvements in gross profit and positive adjusted EBITDA compared to the same period last year. As a non-dispensary house brand, AMA products have strong market presence in several categories and consistently rank among the top 5 brands sold in Nevada. Our ability to offer a large variety of quality cannabis products with assured consistency and that meet changing consumer demands has made AMA a sought-after brand”, said Paul Rosen, Chairman and CEO of the company.

1933 owns 91% of the Alternative Medicine Association (AMA), the company’s cultivation and production subsidiary focused on the medical and adult-use cannabis market, and 100% of consumer-packaged goods manufacturer Infused MFG LLC (Infused). The company’s revenue is derived from wholesale cannabis sales in Nevada (AMA), and the sale of hemp-derived wellness products (Infused) under the Canna Hemp brand.

Debenture Moves

As part of the work to get its financial house in order, 1933 said it would extinguish upon maturity, the principal debt of its 10% Senior Unsecured Convertible Debentures Due December 31, 2023, and then issue a new 10% unsecured convertible debenture. With a two-year maturity, the New Debenture will be convertible into units for $0.05 per unit. Rosen added, “We are encouraged by our steady progress towards profitability and are hopeful and optimistic that over the two years, overall market conditions will improve.”

The accrued and unpaid interest due under the older debentures of approximately $1,294,000 will be paid in common shares of the company, at $0.05 per share which will lead to an issuance of an aggregate of 25,880,000 shares.

 

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Debra Borchardt, KahliBuds, 420GrowLife