- 10-X canopy expansion nears completion:
Construction on TGIF’s new 67,750 sq. ft. cannabis grow-op is nearing 70% completion and is on track to wrap-up in January 2019.
Once online, the facility will significantly increase cultivation capacity to an estimated 700-800 lbs per month.
The facility will include more than 42,000 sq. ft of canopy space. Plant clones are being readied for transfer into the new facility to ensure a smooth ramp up in cultivation.
Occupancy is expected within the first two weeks of February 2019.
- Production Facility and CBD Lab Expansion Under Permitting:
In August, 2018 TGIF took over a 12,160 sq. ft. building next to the under-construction cultivation facility.
TGIF’s team has been working closely with local and state authorities to get the required permits.
The size of the facility and type of extraction materials require new zoning and permitting for hazardous materials
Zoning process schedule:
- November 29 – County Town Board
- December 18 – Planning Commission
- December 19 – Board of Commissioners
- January 29 – Clark County Building and Safety Department for review and final approvals
If the meetings go well, the permitting process is expected to be completed by Q1, 2019. The facility retro-fit will take about 10 weeks. Anticipated move-in date is April 2019.
- Retail Sales License Application
A license application for a retail cannabis store has been submitted to Clark County, which has jurisdiction over the Las Vegas Strip. It’s the nation’s 14th-largest county, home to 2.25 million citizens and 46 million visitors a year.
If the application is successful TGIF would have one of 10 new licenses allocated to the County.
The State of Nevada Department of Taxation expects to issue conditional licenses to successful applicants in December 2018. The green light to operate will occur when “all local jurisdictional requirements and final state inspection are met.”
Adding a retail location is in line with the Company’s vertically integrated business strategy.
1933 Industries has operations in the United States and Canada:
- First licensed cultivator in Las Vegas
- Long Nevada grow history
- Restricted licenses for cultivation and production
- Rapid infrastructure build-out
- Expanding real estate portfolio
- Strong foothold in CBD) and THC products
- Established brand identity
- Growing sales and margins
- Hemp-processing and CBD extraction vertical
- New 67,750 sq. ft. cultivation-only facility
- Expanding production space to 12,160 sq. ft.
- New hemp processing facility to produce CBD extracts for full spectrum oils, distillates and isolates
The first year of legalized recreational pot in Nevada generated $500 million sales and raised nearly $70 million in tax revenue, including $27.5 million for schools and $42.5 million for a state “rainy day” contingency fund.
Nice work, when you can get it.
According to the Nevada Dispensary Association, the state could pull in a cool $1 billion in taxes from the weed business in the first 7 years of legal recreational cannabis.
The Dispensary Association projected more than 8,000 jobs will be generated during that time.
“We are well-positioned to benefit from Nevada’s growing retail sales, which, according to industry experts, is expected to reach $1B by 2022”, stated Brayden Sutton, President and CEO of 1933 Industries. “We have invested significantly in the State of Nevada with two large facilities on over 4 acres of land to accommodate our growth moving forward.”
Note: on October 12, 2018 TGIF reported that its subsidiary, Infused MFG achieved a record year of growth in Nevada, California and Colorado – reaching 80x Growth Milestone.
Infused MFG revenue increased from US$7,403 in June of 2017 to over US$600,000 per month in just 14 months. Infused’s line of hemp-based, CBD-infused products contributed to the robust revenue growth.
Full Disclosure: 1933 Industries is an Equity Guru marketing client, and we own stock.