Welcome to our dedicated page for 1933 Inds news (Ticker: TGIFF), a resource for investors and traders seeking the latest updates and insights on 1933 Inds stock.
News and updates for 1933 Industries Inc. (CSE:TGIF, OTC:TGIFF) focus on its role as a Nevada-based licensed wholesale producer of cannabis consumer products. The company’s releases highlight its cultivation and extraction activities at a 68,000 sq. ft. indoor facility and the performance of its flagship brands, particularly Alternative Medicine Association (AMA) and Level X, in the Nevada market.
Readers can expect news about financial results, where 1933 Industries reports on revenue, gross profit, margins and net income, along with commentary on operational efficiencies and cost-saving initiatives. The company has emphasized periods of positive income, consecutive profitable quarters and improvements in earnings, positioning these updates within the context of the Nevada cannabis market and broader industry conditions.
Another key news theme is the company’s capital structure and convertible debentures. Releases describe the issuance, repurchase and cancellation of unsecured convertible debentures, as well as reminders and guidance to debenture holders regarding conversion deadlines and terms. The company explains how debenture conversions and repurchases affect its outstanding liabilities, liquidity and ability to continue operating, and why conversion is viewed by the board as a constructive outcome for stakeholders.
News items also address regulatory and industry developments, including references to U.S. federal actions related to cannabis scheduling and amendments to the Farm Bill affecting hemp-derived products. 1933 Industries discusses how these changes may influence competition from hemp-derived THC products and create potential opportunities for licensed operators in legal states such as Nevada. For ongoing insight into the company’s operations, financial performance, balance sheet actions and regulatory commentary, this news feed provides a consolidated view of 1933 Industries’ public communications.
1933 Industries, a Nevada-focused cannabis cultivator, has filed for a Management Cease Trade Order (MCTO) with the British Columbia Securities Commission due to its inability to file its audited annual financial statements for the year ended July 31, 2024, by the November 28, 2024 deadline. The delay stems from unsuccessful audit fee negotiations with its existing auditor, although an agreement has now been reached. The audit is expected to be completed by January 27, 2025. The MCTO restricts trading by key executives but does not affect non-insider investors. The company will issue bi-weekly updates until the filings are completed and confirms no other defaults or insolvency proceedings.
1933 Industries, a Nevada-focused cannabis cultivator and producer, has announced that its common stock has been moved from the OTCQB Market to the OTC Pink Open Market. This transition occurred because the company no longer meets the minimum closing bid price standards required for continued eligibility on the OTCQB. Despite this change, the Pink Open Market still provides brokers with a regulated platform for transparent trading of 1933 Industries' stock.
1933 Industries (CSE:TGIF, OTCQB:TGIFF), a Nevada-focused cannabis cultivator and producer, has announced the resignation of Mr. Rick Skeith from its Board of Directors, effective immediately. Mr. Skeith had been serving as a director of the company since 2015. The company expressed gratitude for his valuable contributions during his tenure and extended best wishes for his future endeavors. This change in the board composition marks a significant development for 1933 Industries, potentially impacting its governance structure and strategic direction.
1933 Industries reported its Q3 2024 financial results, showing a significant turnaround with a net profit of $0.1 million, compared to a net loss of $3.3 million in Q3 2023. Total revenues for Q3 reached $4.9 million, a rise from $4.1 million in Q3 2023, while year-to-date (YTD) revenues were $15.1 million, up from $13.3 million the previous year.
The company achieved a gross profit of $2.3 million in Q3 2024, reversing a gross loss of $1.6 million from the prior year, driven by operational efficiencies and facility upgrades. Adjusted EBITDA for YTD was a positive $0.7 million, compared to a loss of $2.6 million in 2023.
1933 Industries' AMA brand ranked #1 in flower and concentrates sales in Nevada. However, operating expenses increased to $2.2 million in Q3 2024, up from $1.8 million in Q3 2023. The company also renegotiated convertible debentures maturing in December 2023, extending maturity to 2025.
Additionally, the company suspended its Canna Hemp™ CBD division and announced a private placement to raise up to $1.8 million, preparing for potential industry changes regarding cannabis rescheduling in the U.S.
1933 Industries announced a non-brokered private placement financing to raise up to $1.8 million by issuing up to 120 million units at $0.015 per unit.
Each unit includes one common share and one share purchase warrant, exercisable at $0.05 for five years. The funds will enhance company facilities and cover general administrative expenses.
The private placement is open to Canadian residents and will close around July 22, 2024, pending regulatory approvals. The company may pay finder's fees as permitted by policy and laws.
Chairman and CEO Paul Rosen highlighted the company’s strategic review for potential mergers, asset sales, and a business focus shift to leverage the expected rescheduling of cannabis. The AMA brand was noted for its top sales performance in Nevada's concentrate, flower, and pre-roll categories.
The employment agreement of General Counsel and VP Caleb Zobrist has ended.
1933 Industries, a Nevada-based cannabis cultivator, announced an extension of the expiry date for its 3,700,000 outstanding warrants. Initially set to expire on June 13, 2024, the new expiry date is now November 9, 2025. These warrants, originally issued on November 9, 2020, have an exercise price of $0.075. All other terms of the warrants remain unchanged.
Summary not available.
Summary not available.
Summary not available.
Summary not available.