1933 Industries announces board and executive management changes and provides a corporate update
VANCOUVER, May 31, 2019 /PRNewswire/ - 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE: TGIF) (OTCQX: TGIFF) a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD wellness products, is pleased to announce the appointment of Mr. Chris Rebentisch to the role of Chief Executive Officer, overseeing the Company's operations going forward, effective May 29th, 2019. Mr. Brayden Sutton will remain Chairman of the Board of Directors.
The Company also reports that Mr. Terry Taouss has been appointed to the Board of Directors, while Mr. Andrew Richards will be stepping down as Director, effective May 30th, 2019. Mr. Steve Radusch has been named Chief Financial Officer, taking over the position from Mr. Ryan Maarschalk. The Company wishes to thank both Mr. Richards and Mr. Maarschalk for their valuable contributions to the Company over the past year.
Management Appointments
Mr. Rebentisch founded Infused MFG. ("Infused") in 2017, after personally developing the intellectual property for the Company's line of hemp-based, CBD Infused consumer branded goods which experienced over 8,000% growth during its first year. Mr. Rebentisch has been responsible for managing the Company's THC subsidiary, Alternative Medicine Association ("AMA"), and has overseen the Company's expansion initiatives and product growth across the US. He has positioned 1933 Industries as a strong operator in one of the fastest growing cannabis markets in the US and across a number of verticals.
Mr. Sutton is a distinguished figure in the cannabis sector, with over a decade of experience as a company builder in the space, having worked from inception with some of the industry's most recognized names such as Aurora Cannabis and The Supreme Cannabis Company. Under his leadership, Mr. Sutton led the development of the Company and its assets, raised the required capital, and built the Company with sustainable, scalable profitability as the primary goal. He demonstrated strong capital efficient practices that have set the Company apart from its peers and prepared it for the inevitable shift in American sentiment and policy towards cannabis, and CBD in particular. Mr. Sutton's vision and knowledge of the rising opportunities and important trends in the cannabis space in the U.S. and Canada will continue to be utilized as the Company advances to the next growth phase.
Mr. Radusch is a seasoned accounting and finance specialist, bringing over 25 years of experience in financial operations, cash management, corporate restructuring, debt and equity financings, mergers and acquisitions and public company reporting. Adept in the capital markets in the US, Mr. Radusch has public company reporting experience, including preparation of financial statements and filings for both small and large filers. He most recently served as CFO for a licensed cannabis company in Nevada, where he guided that company in its preparation for an eventual exchange listing. Mr. Radusch was the CFO of a start-up technology company where he led the company's capital raising activities and patent protection. He has also served as acting CFO/Controller for divisions in both a $100+ billion Fortune 10 company and a $7 billion Fortune 500 company. Mr. Radusch's appointment as CFO is effective June 17th, 2019.
Board of Directors
The Company is pleased to welcome Mr. Terry Taouss as an independent Director. Mr. Taouss is an entrepreneur with operational experience scaling fast-growing businesses and is currently a Principal of AdProfs. He previously served as President of Tidal Royalty Corp., a publicly-traded cannabis financing company. Prior to that, Mr. Taouss was part of the founding management team at SiteScout, an advertising technology company that he helped profitably lead through its acquisition in 2013. He subsequently served as the Managing Director of Centro Canada, with carriage over strategy, product, marketing and sales, and was a member of the Centro executive team, helping guide strategy for the company's broader technology and services offering. Mr. Taouss is a member of the Law Society of Ontario and practiced corporate law in Canada for several years.
Operational Update
Cultivation facility on track to begin operations
AMA reports that it received a Temporary Occupancy Permit for its cultivation facility, triggering the next round of required inspections. The purpose-built facility with fully automated irrigation and fertigation systems and climate controlled rooms is being readied to accept thousands of clones in order to meet full production targets. AMA has begun to install equipment in preparation for the move.
Extraction capacity expansion to meet rising demand
Well-known for its craft concentrate products, AMA will be expanding its extraction footprint from 500 sq. ft. to over 14,000 sq. ft. Distillate production capacity is expected to increase from 40 liters per month to 200 liters per month, therefore increasing the Company's ability to deliver its branded product line to an undersupplied market. The extraction facility will include a commercial cannabis kitchen for the production of edibles and beverages, expected to be operational in the fall of 2019.
Hemp extraction facility designed as one of the largest in Nevada
The Company reports that it received engineering designs for the proposed hemp extraction and processing facility, which once approved, will allow the Company to move forward with the procurement of equipment for the facility.
Canna Hemp™ continues extensive product distribution
Nationally recognized, the Canna Hemp™ brand resonates with customers seeking the benefits of CBD and hemp. Canna Hemp™ products represent the fastest growing segment of the Company's consumer branded goods and are now available in over 700 retail outlets across the US. Infused reports that it has increased its production space by moving its operations to a 14,000 sq. ft. facility with capacity for over $3M worth of inventory per month.
Management Commentary
Mr. Rebentisch said, "As the first entrant into the legal cannabis market in Las Vegas, we have been able to leverage our early mover advantage to establish our brand, secure our distribution and gain market share. We are the largest single supplier of branded goods in Nevada and sell our CBD line in 46 states. We have a strong sales force, education and brand ambassador programs and licensing agreements for white label production. We are in the process of building and expanding our assets to support our brands and boast the capacity and ability to deliver over 100 products to an undersupplied market". He added, "The management and board reorganization will position the Company for future growth and shareholder value creation as we seek to increase CBD product distribution across the country, secure the supply of raw materials and focus on multi-state and international expansion."
About 1933 Industries Inc.
1933 Industries Inc. is a vertically integrated cannabis company with operations in the United States and Canada. 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. Its proprietary brands include AMA, Canna Hemp™, Canna HempX™, Canna Fused™, Canna Hemp Paws™, and Nineteen 33 THC. Birdhouse Skateboards™, OG DNA Genetics, Denver Dab Co., The Real Kurupt's Moon Rocks and Gotti's Gold under licensing agreements.
About Canna Hemp™
Canna Hemp™ CBD Relief Cream was named "Best Topical" by Leafy's Best in State: The Top State Specific Products and Experiences of 2018. Infused's award-winning transdermal Pain Relief Cream delivers fast-acting targeted relief to areas of discomfort, combating inflammation, arthritis joint pain, backaches, muscles spasms, strains, bruises, cramps, and headaches.
http://www.cannahemp.com
https://www.leafly.com/news/strains-products/best-in-state-2018-nevada-cannabis
About Canna HempX™
Canna Hemp X™ was named "Best Topicals for Pain" by Herb's Guide to the Best Cannabis Products on the Planet. Canna Hemp X™ is a CBD sports recovery cream for athletes to help focus on recovery and wellness. From soothing pain, aiding with muscle spasms, healing assistance for bruises, injuries, or arthritis relief, Canna Hemp X™ bridges the gap between recovery and top performance.
https://herb.co/learn/best-cannabis-products/
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.
SOURCE 1933 Industries Inc.
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