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1933 Industries Inc (OTCMKTS:TGIFF) Reports A Drop 17% In Q3 2020 Revenues

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1933 Industries Inc (OTCMKTS:TGIFF) posted revenues of $2.6 million (down 17%) in Q3 2020. Its net loss narrowed to $4.7 million from $6.4 million in Q2 2020.

Operational highlights

1933 Industries populated all the 15 grow rooms at its Las Vegas-based cultivation facility and continuously harvested every two weeks. It achieved a 68% drop in public company spending besides minimizing 46% SG&A since the beginning of this year.

Introduces the wellness products line

1933 Industries unveiled wellness products developed using organic hemp seed oil. Its wellness products comprise capsules, balms, creams, lotions, and tinctures. The company manufactured these innovative products using its TerpFX blend of cannabis terpenes to produce a high feeling to the users. 1933 Industries specially developed wellness products using the proprietary formulation for customers searching for all-natural and high-quality ingredients to suit their lifestyles, distinct needs, and experiences.

Cannabidiol strains of hemp and 60 to 70% of alcohol are the key ingredients in CBD tinctures, helping to provide relief from pain and anxiety.

President at 1933 Industries, Gene Ruiz, said several of its customers need products developed using high-quality hemp. The company manufactured hemp-based products to satisfy the diverse needs of valued customers.

Since the introduction in 2016, Cannabis Hemp Wellness line gained people’s trust because of the proven quality and safety of the proprietary formulae’s ingredients and effectiveness. The customers can buy Canna Hemp brand products online through Walmart, eBay, Homvare, and Rakuten.

Focuses on e-commerce

1933 Industries is focusing sales through online modes to ensure delivery of its high-quality Canna Hemp products to the doorstep of clients’ homes because ongoing coronavirus has impacted the retail stores nationwide.

Recruits interim CEO

1933 Industries appointed Paul Rosen as an Interim CEO. He, along with the president, will guide the new phase of the development.

Paul gained considerable expertise in the international cannabis industry. He established several companies and invested significant amounts in the past ten years. Paul is also a co-founder of Cronos Group Inc (NASDAQ:CRON) and worked as its CEO and President. He is working as an executive chairman at Global Go.

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