1933 Industries Announces that its New Cultivation Facility is Nearing Completion, Provides Update on Las Vegas Expansion Projects and Announces Retail Sales Application
1933 Industries Inc. (CSE:TGIF, FWB:1QF, OTC:VPGDF) (the “Company” or “1933 Industries”) a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD wellness products, is pleased to provide an update regarding its expansion projects in Las Vegas, Nevada.
10-fold Canopy Expansion Nears Completion
The Company reports that construction on its new 67,750 sq. ft. cannabis cultivation facility in Las Vegas is nearing 70% completion and is on track to wrap-up in January 2019, with occupancy expected within the first two weeks of February 2019. Once online, the facility will significantly increase cultivation capacity to an estimated 700-800 lbs.
The facility will include more than 42,000 sq. ft of canopy space and plant clones are being nurtured and readied for transfer into the new facility to ensure a smooth ramp up in cultivation.
Production Facility and CBD Lab Expansion Under Permitting
The Company took possession in August of the newly purchased 12,160 sq. ft. building, adjacent to the cultivation facility and has been working closely with the appropriate authorities to secure all necessary permits. The size of the proposed processing facility and the amount of extraction materials that will be stored onsite requires new zoning and permitting for hazardous materials and the zoning process is scheduled as follows:
- 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
Based on the results of these meetings, the permitting process is expected to be completed by the first quarter of the new year and the retro fit will take approximately 10 weeks to complete, with an anticipated move-in date in April 2019.
Retail Sales License Application
The Company’s additional land purchase allows for further expansion into a retail operation in conjunction with its current assets. A license application for a retail cannabis store has been submitted to Clark County. If successfully approved, the Company would obtain 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, and the license will become operational 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.
“We are well-positioned to benefit from Nevada’s growing retail sales, which, according to industry experts, is expected to reach $1B by 2022”, commented Mr. Brayden Sutton, President and CEO of 1933 Industries. “We are pleased to be nearing construction of our new cultivation facility and we are working closely with local authorities to bring the new production facility online. 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,” added Mr. Sutton.
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 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.
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