PR Newswire
VANCOUVER, Nov. 28, 2018
VANCOUVER, Nov. 28, 2018 /PRNewswire/ - 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE: TGIF) (OTCQB: TGIFF), a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD wellness products, is pleased to announce financials for the fourth quarter and the year ending July 31st, 2018. All amounts expressed are in Canadian dollars unless stated otherwise.
Fiscal 2018 Highlights
"We are very pleased with the results of our first full year of operations as a public entity and we have experienced substantial growth through our operating subsidiaries. 1933 has invested significant capital in building out our new cultivation and production facilities in Las Vegas, which will be operational in the new year," stated Mr. Brayden Sutton, President and CEO of the Company. He added, "The Company is actively expanding its footprint in Nevada, California, Colorado and is currently evaluating opportunities in other legal jurisdictions."
Selected Annual Information
The Company recorded annual revenue of $8,214,915 and $4,335,768 generated from AMA and Infused respectively. Net loss for the year ended July 31, 2018 was $5,729,052. The Company's loss was primarily driven by investment in future growth initiatives.
Alternative Medicine Association ("AMA" - 91% ownership)
Infused Manufacturing ("Infused" - 91% ownership)
Consolidated Results
2018 | 2017 | 2016 | ||||||
Total revenue | $ | 12,649,926 | $ | 1,030,297 | $ | - | ||
Gross profit | 6,450,709 | 230,714 | - | |||||
Net loss | (5,729,052) | (2,740,657) | (3,674,780) | |||||
Comprehensive loss | (4,791,300) | (3,793,029) | (3,674,780) | |||||
Basic and diluted loss per share | (0.02) | (0.06) | (0.10) | |||||
2018 | 2017 | 2016 | ||||||
Current assets | $ | 13,398,978 | $ | 1,971,873 | $ | 24,693 | ||
Total assets | 41,339,616 | 18,897,362 | 413,693 | |||||
Current liabilities | 2,391,088 | 2,890,483 | 707,568 | |||||
Total liabilities | 4,356,119 | 2,890,483 | 707,568 |
2018 Fourth Quarter Highlights
For the three-month period ending July 31, 2018, the Company reports revenue of $3,905,243 from the sale of medical and adult-use cannabis and hemp/CBD infused products, an 18% increase from $3,317,497 during the previous quarter.
Selected Quarterly Information
Q4 | Q3 | |
Revenue | $ 3,905,243 | $ 3,317,497 |
Gross Profit | $ 2,012,812 | $ 1,463,550 |
Non-Current Assets | $ 28,536,283 | $ 24,494,836 |
Cash at end of period | $ 9,649,422 | $ 13,098,874 |
Total Liabilities | $ 4,356,119 | $ 3,646,252 |
In Q4, Infused reports $1,546,508 in sales revenues, an increase of 30% from $1,192,051 in Q3 from its hemp-based, CBD-infused wellness product lines.
Alternative Medicine Association reports $2,282,485 in sales revenue in Q4, up 9% from $2,102,453 in Q3, driven by strong sales of cannabis flower and concentrates.
The Company's advisory arm, Spire Global Strategy reported consulting revenue of $84,993 for the fourth quarter.
Developments in Q4
1933 Industries achieved steady growth during its fourth quarter and completed significant corporate developments, including:
Subsequent Developments:
Detailed information on the financials and the management's discussion and analysis can be found at https://sedar.com/
About 1933 Industries Inc.
1933 Industries Inc. is a vertically integrated cannabis company with operations in the United States and Canada. Operating through three subsidiary companies, 1933 Industries owns licensed medical and adult-use cannabis cultivation and production assets, proprietary hemp-based, CBD infused products, CBD extraction services and a specialized cannabis advisory firm supporting clients in security, intelligence and due diligence.
Please visit our new website at www.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. 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/1933-industries-inc-announces-fourth-quarter-and-year-end-financial-results-300757277.html
SOURCE 1933 Industries Inc.