1933 Industries Inc. (CSE:TGIF,OTCQX:TGIFF,FWB:IQF) CEO Chris Rebentisch recently discussed the company’s expansion plans, including a new 67,000-square-foot indoor cannabis cultivation facility.
1933 Industries Inc. (CSE:TGIF,OTCQX:TGIFF,FWB:IQF) CEO Chris Rebentisch recently joined the Stock Day podcast to discuss the company’s expansion plans, including a new 67,000-square-foot cannabis cultivation facility. Rebentisch also provided an overview of the company’s recent progress, including a partnership with skateboarding legend Tony Hawk.
The company’s 67,000-square-foot, state-of-the-art indoor cultivation facility in Nevada is expected to increase 1933 Industries’ cultivation capacity by 500 percent. Rebentisch expects the first harvest from the facility to begin in December. As for the old facility, 1933 Industries intends to retrofit it to a 10,000-square-foot extraction facility, to ensure that the company can meet its current product quotas. According to Rebentisch, the company’s existing extraction facility is running for 16 hours per day to keep up with the current demand.
Despite the size advantages that the California market presents, Rebentisch believes that Arizona will be the next big market within the US. The population in Arizona alone is greater than the entire state of Nevada and the state “has already made US$750 million a year in medical cannabis sales, which is expected to triple when rec is green-lighted.” 1933 Industries is already servicing approximately half of the dispensaries in the state.
Rebentisch also addressed the direct-to-consumer trend that the industry has been seeing. He believes that the brands are what’s going to survive in the industry because people are going to buy that brand no matter where it is located. Brand consistency and quality are what is going to make consumers purchase and use the products. Rebentisch does believe that the retail aspect will move online and that those who are new to cannabis will continue to visit dispensaries for the first little bit to educate themselves and to ask questions before moving to the online platform as well.
To listen to the full interview, click here.