While giving a roundup of the just-ended year, 1933 Industries Inc (OTCMKTS:TGIFF) reported a lot of positives. Notably, the company noted strong performance concerning meeting key milestones. In particular, the firm said a total of $12.6 million in sales revenue for FY2018. As such, the firm can comfortably execute its business strategy.
A strong foundation for success
According to Mr. Brayden Sutton, President, and CEO of 1933 Industries, the excellent performance is down to sound operational management. Further, Sutton attributes the success to business practices that stick to priorities and are diligent. As per the CEO, all these came together to build a solid foundation that ensured the year is successful.
Notably, 1933 Industries started the year with various priorities it wanted to achieve. Notably, the company wanted to deliver infrastructure build-out which would enable them to meet demand. Interestingly, the firm delivered on that. Also, the firm intended to expand their product pipeline while increasing the size of sales revenue in every quarter. Notably, the firm acknowledged that they could only deliver the priority by “building a world-class team.”
1933 Industries expanding CBD production capacity
According to Sutton, meeting demand for hemp-related products was the biggest challenge for 2018. Notably, the United States passed the 2018 Farm Bill which legalized cultivation and distribution of hemp and its products. While recognizing the passage of the Bill, the Company anticipates an expanded CBD market.
As such, the firm intends to expand its focus on goods under the CBD brand. According to the firm, demand for Cannabidiol is quite high, and as a result, there is an increase in hemp farming. In that sense, the firm announced that it would increase its production capacity of CBD in Las Vegas. Notably, 1933 Industries will “increase its capacity to produce cannabidiol extracts from its initial target of 200 kilograms to an estimated 2,000 kilograms per month.”
Towards the goal of increased CBD production, the firm acquired necessary certificates and approvals from authorities. Notably, 1933 Industries already possesses the Industrial Hemp Handler Certificate necessary to produce CBD in Nevada.