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Wednesday, 04/26/2023 9:23:17 AM

Wednesday, April 26, 2023 9:23:17 AM

Post# of 2035
**NEWS** 1933 Industries Reports Second Quarter 2023 Financial Results and Announces Ester Vigil as President

Mr. Paul Rosen, Chairman and CEO of 1933 Industries commented, "Wholesale pricing pressure continues to impact cultivators in Nevada, with lower sale prices on cannabis products experienced across the industry. In addition, the Company has chosen to deal with some legacy infrastructure issues that compressed our overall capacity this quarter. During the reporting period, the Company continued to focus on strengthening its operation. Necessary and essential infrastructure improvements to the Company's cultivation facility, including improvements to the facility's irrigation, air movement and humidification systems have been initialized and are well underway. A build-up of inventory will be the Company's priorities in the following quarters in order to increase the production of sellable dried flower and pre-rolls. We expect flower prices to stabilize in the near future, and we expect as well that the launch of consumption lounges will create a new attraction for visitors to the state and expand cannabis-related tourism. The Company is well positioned to benefit from increased demand, flower price stabilization, and the strength of its top brand and in-demand products that deliver excellent value to consumers.

Operationally, the Company has made substantial improvements in lowering its debt load, reducing expenses, and conserving its working capital over the last several quarters. The Company recorded positive Adjusted EBITDA for a second quarter in a row, a milestone in the Company's history."

I'm liking the 52% increase over last year for the last six months. Also liking the second consecutive quarter of positive adjusted EBITDA. To me $9.2 million in sales over six months with positive EBITDA is a big success to build on. Especially considering where things were when Paul took over. Hopefully the reported facility upgrades have already started to increase supply to Nevada dispensaries. Hoping for some really big spring and summer quarters. Fingers crossed :) Congrats to the team on their successes in 2022!!! Good luck to all moving forward :)

1933 Industries looking to build off strong start in 2023 with more revenue growth strategies


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