1933 Industries Reports Q2 2024 Financials with Significant Growth

1933 Industries Inc., a Nevada-focused cannabis cultivator and producer, disclosed its unaudited interim consolidated financial statements for Q2 2024, showcasing notable year-over-year growth. The company, owning major shares in Alternative Medicine Association (AMA) and the entirety of Infused MFG LLC, reported Q2 revenues of $4.74 million and a year-to-date revenue of $10.3 million. This financial upturn is marked by a gross profit increase of 543% from the previous year, demonstrating substantial operational efficiencies and strategic improvements in its cultivation facility.

CEO Paul Rosen attributed the financial achievements to disciplined cost reductions and operational optimizations, mentioning AMA's top 5 brand status in Nevada. Despite December's historical sales dip, January rebounded strongly, contributing to the quarter's success. The report also highlighted a revenue increase of 10% in Q2 2024 compared to Q2 2023, and a significant gross profit jump due to operational efficiencies and recent facility upgrades.

In operational highlights, the company completed facility enhancements in Las Vegas, including a large-scale retrofit of its irrigation system and the addition of a new bloom room. Furthermore, 1933 Industries renegotiated convertible debentures to support its financial structure, while board member Lisa Capparelli stepped down to pursue other opportunities.

The financial statements, prepared in accordance with International Financial Reporting Standards, promise further details on the company's fiscal health and future prospects. With the next financial disclosures scheduled for July and November 2024, 1933 Industries remains a key player in the Nevada cannabis landscape.