1933 Industries Announces Surplus Real Estate Asset Sale

Rhea-AI Summary

1933 Industries (CSE:TGIF)(OTCQB:TGIFF) has finalized the sale of a vacant property in Las Vegas for US$2.65 million. Acquired in 2017 for US$1.8 million, this sale will not affect ongoing cultivation operations nearby. Proceeds will enhance working capital and repay part of the Line of Credit, which will remain active for one year. The company specializes in cannabis consumer goods, holding significant stakes in manufacturing subsidiaries.

Positive

• Sale of property for US$2.65 million enhances liquidity.
• Proceeds will be utilized to repay Line of Credit, improving financial stability.
• Cultivation operations remain unaffected by the sale.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 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 that it has completed the sale of a vacant property located in Las Vegas, Nevada, for total gross proceeds of US$2.65 million, prior to customary closing adjustments.

The industrial property located at 5035 Geist Avenue was initially purchased in 2017 for US$1.8 million. The property includes the lot and a vacant building, and its sale will not impact current cultivation activities conducted in the adjacent building. The Company's cultivation facility encompasses 68,000 sq. ft., with approximately 30,000 sq. ft of canopy, and can accommodate additional future canopy expansion.

Proceeds from the transaction will be directed to working capital purposes and to repay funds drawn from its Line of Credit (see news release dated September 9, 2022), in addition to accrued interest and any applicable fees. The Line of Credit remains in place for a one-year term.

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 CBD 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
alexia@1933industries.com

Paul Rosen, CEO
paul@1933industries.com

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 relating to the settlement of transactions between the Company and Day One. 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/718077/1933-Industries-Announces-Surplus-Real-Estate-Asset-Sale

FAQ

What did 1933 Industries announce on September 29, 2022?

They announced the sale of a vacant property in Las Vegas for US$2.65 million.

How much was the property sold for by 1933 Industries?

The property was sold for US$2.65 million.

What will the proceeds from the property sale be used for?

Proceeds will be directed to working capital and repaying a Line of Credit.

What is the size of the cultivation facility of 1933 Industries?

The cultivation facility covers 68,000 sq. ft., with a 30,000 sq. ft canopy.

What did 1933 Industries purchase the property for in 2017?

The property was purchased for US$1.8 million.