Friday Night (TGIF.C) has changed its name to 1933 Industries, a rebranding which punctuates the company’s announced relocation from Alberta to BC.
The company’s new name references the year American prohibition of alcohol, which brought stigma to its users and pushed its distribution into the black market, was ended.
Today, our Company welcomes the dawn of a new era of legalization in Canada, as well as in the United States, where medical cannabis has been legalized in 31 states and for recreational purposes in 9 states.
-Brayden Sutton, President and CEO.
The decision to relocate and rebrand was approved by shareholders on April 24. The company’s ticker symbols on the CSE and OTCQB will be unaffected by the change.
1933 Industries name change invites comparisons between the legalization of cannabis and alcohol. The company aims to capitalize on the burgeoning cannabis market in the same way above-board businesses legitimized the industry by replacing bootleggers in the early 20th century.
1933 bolsters board of directors
On Monday, the company announced the appointment of Chris Rebentisch to its board as the USA CEO. Rebentisch is the founder of one of 1933 Industries’ subsidiaries, Infused MFG.
Chris has been instrumental in strengthening and expanding our current operations and increasing revenue growth. Chris is overseeing our expansion initiatives in the US and his leadership and expertise will be valuable as the Company moves into its next growth phase.
–Brayden Sutton, President and CEO.
Infused MFG offers hemp and CBD derived products. The company has secured a production and distribution licensing agreement with Denver Dab and recently purchased 12,160 square foot CBD Isolate Lab in Las Vegas.
Additional assets
1933 Industries also owns a 91 percent interest in both the Alternative Medicine Association and Spire Global Strategy.
The Alternative Medical association was the first licensed cultivator to sell cannabis in Las Vegas. As reported by Equity Guru’s Lukas Kane, the subsidiary is just one arm of 1933 Industries’ revenue stream.
Alternative Medicine Association and Infused MFG reported combined sales in July of $1.6M CAD, a 362% increase over July 2017.
Assuming that doesn’t increase in months to come, you’re looking at $4.8m per quarter in revenue. And that’s before the big move into the hemp market, which Nevada is a perfect venue for.
The Alternative Medical Association currently has 12,000 square feet of cultivation space. Ongoing expansion of their facilities is expected to deliver a total of 67,750 square feet.
1933 Industries’ third subsidiary is Spire Global Logistics. The advisory firm assists in keeping companies from law enforcement to the cannabis industry compliant with regulations in their respective sectors.
Forbes reported in 2017 that a significant number of cannabis companies were in violation of regulations: “76% of all operators fail at least on inventory requirements, 72% on security and surveillance requirements, 67% on labeling and packaging, 64% on business records and 53% on transport and storage.”
1933 Industries recorded CAD$3,317,497 in revenue for Q1 and $8,744,683 for Q1 and the preceding two quarters.
With Canopy Growth (WEED.T) having recently acquired $5 billion designated investment, 1933 Industries is making a case for acquisition by the industry giant.
Disclaimer: 1933 Industries is a marketing client and we own stock.