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It will begin manufacturing its line of proprietary CBD wellness products for sale in California dispensaries
1933 Industries Inc () (OTCMKTS:TGIFF) is moving westward into the most populous US state with a new manufacturing and cultivation operation in California, the company announced Tuesday.
Vancouver-based 1933 Industries said it is poised to begin manufacturing its line of proprietary CBD wellness products for sale in California dispensaries.
The company is also debuting its Alternative Medicine Association-branded THC products in the Golden State.
READ: 1933 Industries expects growth in vape sales in 2020 as it posts fiscal 1Q numbers
The move comes at a time when California’s cannabis sales are reported to grow to US$7.2 billion by 2024, according to data provided by 1933. Pot sales in the state represent around 24% of legal cannabis sales in the US, a US$2.5 billion figure. California’s market share is nearly equal to the combined sales of the next three largest cannabis markets of Colorado, Washington and Oregon.
It expects a recovery in vape sales to boost its fortunes, while it gains from expanded cannabis production in Nevada and licensing deals
1933 Industries Inc () (OTCMKTS:TGIFF) CEO Chris Rebentisch said Monday that the company anticipates a recovery in vape sales as it reported first quarter financial results for fiscal year 2020.
In a statement accompanying the Vancouver, British Columbia company’s latest numbers, Rebentisch said: “Company revenues for first quarter 2020 were impacted by lower than expected sales from vape products, largely attributed to the rampant use of vitamin E acetate in black market products.”
“Despite weakness in this segment, we anticipate a recovery in vape sales across both our Alternative Medicine Association (AMA) and Infused MFG subsidiaries as well as the demand in the supply chain for distillate normalizing in Nevada in early 2020.”
READ: 1933 Industries signs second licensing deal with OG DNA Genetics
The 1933 Industries boss said that with over “100+ SKUs across 5 product lines,” and 8 licensing partners, the company’s “diversified product portfolio and product mix” will help to boost future growth.
