VANCOUVER, March 30, 2020 /CNW/ - 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE: TGIF) (OTCQX: TGIFF), a vertically-integrated cannabis consumer packaged goods company, is pleased to announce that it has begun its second harvest of cannabis plants from its cultivation facility located in Las Vegas, marking the beginning of continuous harvests in Nevada.
"This is an important milestone for our Company as we move into full production. We have spent several months optimizing the new Las Vegas facility, enhancing our genetics programme to develop varieties of strains and cultivars to meet the demands of our consumers and we are pleased with our progress to date. With the surge in demand during the COVID-19 pandemic, we are working closely with the dispensaries and responding to our clients' needs. We will be utilizing the current harvest for the production of our AMA branded concentrates and for our licensed brands Blonde™ and Denver Dab Co.", remarked Mr. Chris Rebentisch, 1933 Industries CEO. He added, "We are nimble and capable of adjusting our production to meet the needs of our consumers, which gives us a competitive advantage."
The following strains are being harvested and products will be available in licensed dispensaries throughout Nevada:
Afgoo x Maui Wowie
Ethos Hash Plant Bx1
Inzane In the Membrane
"We have spent considerable time conducting genetics hunting and receiving valuable feedback from the market will be key when selecting the best strains to develop commercially. We are known for producing some of the best concentrates in the market and we are working diligently, testing new strains and ensuring that we are harvesting every two to three weeks", said Mr. Ryan George, Director of Cultivation at Alternative Medicine Association, the Company's cultivation arm. "We are also pleased to report that we are growing DNA Genetics strains in every zone, with flowers available in the coming weeks and months. The Jack Herer strain will be ready for sale in approximately four months."
The timing for harvesting cannabis flowers is critical to ensure quality and consistency. Drying, lab testing and preparing the product for sale takes roughly a month from harvest, meaning that product from this harvest will be available in the market by the end of April. The Company's vertically integrated model focuses on controlling the supply chain where appropriate. Continuous harvests and steady-state production results in fewer purchases from and reliance on third-party biomass, improved quality of input materials, more consistent products and lower costs of production.
About 1933 Industries Inc. 1933 Industries is a vertically-integrated company, focusing on the cultivation and manufacturing of cannabis consumer branded goods in a wide range of product formats. Operating through two subsidiaries, the Company controls all aspects of the value chain with cultivation, extraction, processing, and manufacturing assets supporting its diversified portfolio of cannabis brands and licensing partners.
Our award-winning proprietary portfolio of brands include: AMA flower and AMA concentrates as well as CBD-infused Canna Hemp™, Canna Hemp X™, and Canna Fused™ products. Partners under licensing agreements include: Birdhouse Skateboards™, Blonde™ Cannabis, Bloom™, Denver Dab Co., Grizzly Griptape, OG DNA Genetics, The Pantry Company, PLUGplay, and The Original Jack Herer®.
The Company owns 91% of Alternative Medicine Association, LC (AMA), and 100% of Infused MFG LLC. 1933 Industries continues to focus its operations in the licensed US cannabis industry as a multi-state operator in Nevada, Colorado and California. The Company operates in California via a management services agreement with Green Spectrum Trading Inc., a medicinal and recreational cannabis business licensee in the state.
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.
For further information: Alexia Helgason, VP, IR and Corporate Communications, 604-674-4756 (ext. 1), [email protected]; Chris Rebentisch, CEO & Director, 604-674-4756 (ext. 1)