1933 Industries’ AMA Ranks as a Top Brand in Nevada and Company Reconvenes Extraordinary Meeting of Debentureholders on July 13th (TGIFF)
VANCOUVER, BC / ACCESSWIRE / July 7, 2022 / 1933 Industries Inc. (the “Company” or “1933 Industries“) (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, is pleased to report that its cannabis brand, Alternative Medicine Association (AMA), has achieved top ranking status in Nevada, according to leading market research companies BDSA and Headset.
AMA earned a spot in BDSA’s Brand Insights: Top 5 brands to watch in the Nevada market and was a top ten ranked brand by dollar sales in the market. AMA’s roots run deep in the state as the first cannabis cultivator in Southern Nevada. Since 2015, AMA has consistently produced a wide range of cannabis products for both the medical and recreational sectors. AMA has been gaining market recognition and reputation as a cultivator of premium flower and concentrated products. According to Headset, which provides leading insights into cannabis consumer trends, three AMA badder concentrates made the top ten list based on 3-month data of units sold.
“Earning a spot as a top 5 brand to watch is a significant milestone for AMA as an Indy brand competing against well-established multi-state operators. This is a testament both to the quality of our products and to our ability to earn coveted shelf space and widespread distribution in a competitive marketplace,” stated Mr. Paul Rosen, Chairman and CEO of 1933 Industries. “We are pleased to reach this milestone as we continue to improve our cultivation and extraction capabilities to increase yield and productivity. I recognize the incredible contributions made by Steven Licon, our VP of Operations, and Ester Vigil, our Director of Sales. With a talented team with the skills to produce consistent quality, and with strong relationships in place with retailers, we are confident that we have a strong foundation in place and that we are well positioned to scale capacity.”
Extraordinary Meeting of Debentureholders
The Company announces that it will reconvene the Adjourned Extraordinary Meeting of Holders of 10% Senior Unsecured Convertible Debentures Due September 14, 2022 (“Debentureholders“) to July 13, 2022.
The meeting details are as follows:
Date: July 13, 2022
Time: 9:00 a.m. (Pacific Time)
Place: Virtual Meeting Only
An Addendum is being presented to Debentureholders with the following amendments for consideration:
- Revising the proposed amended conversion price applicable to the Debentures to $0.05 per share, being the lowest price at which the Company is permitted to amend the Conversion Price;
- and Revising the proposed extended maturity date for the Debentures to December 31, 2023.
The proposed Debenture Amendments relating to the conversion of interest and forced conversion remain unchanged and unaffected by the Addendum and continue to be submitted for approval by the Debentureholders as follows:
- To reduce the price per share for interest payments on the Debentures from $0.10 to $0.075 per share;
- To amend the price at which the Company may require a forced conversion of the Debentures from $0.15 to $0.10 per share, such conversion to be made at the amended Conversion Price of $0.075 per share.
The Company believes that the amendments set forth in the Addendum are in line with Debentureholders’ expectations. The Board of Directors unanimously recommends that Debentureholders vote in favour of each of the Amendments.
A Management Information Circular (“Circular“) containing a detailed description of the Addendum and Debenture Amendments has been mailed to the Company’s Debentureholders of record. The meeting is scheduled to be held virtually and the Company encourages Debentureholders to vote by proxy, in accordance to the instructions provided in the Circular. The Circular has been filed under the Company’s profile on SEDAR and is available at www.sedar.com and is also posted on the Company’s website at www.1933industries.com/investors/eom-materials
About 1933 Industries Inc.
1933 Industries is a Nevada-based, growth-orientated company, focusing on the cultivation and manufacturing of a large portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. Its product offerings include: THC flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; Canna Hemp™, national cannabidiol (CBD) brand of infused wellness products including CBD tinctures, gummies, topicals and sport recovery products. The Company owns 91% of Alternative Medicine Association, LC (AMA) and 100% of Infused MFG LLC (Infused).
About Alternative Medicine Association
AMA is a licensed medical and adult-use cannabis cultivation and extraction subsidiary that produces its own branded line of unique cannabis products. AMA’s extensive menu of cannabis products include: craft cannabis flower, pre-rolls, full spectrum oils, high quality distillates, proprietary blends of terpenes, vaporizer products and boutique concentrates such as shatter, crumble, batter, sugar wax, diamonds, and live resin. Ultra-craft brand Level X is an exclusive collection of exotic strains, selected specifically for their distinctive terpene profiles, high THC levels, and flavonoids. With state-of-the-art cultivation and extraction facilities based in Las Vegas, Nevada, AMA seeks to offer medical patients and recreational users alike a cannabis experience that’s exceptional, potent, and consistent in quality. www.amanev.com
AMA is also licensed in Nevada as an adult-use cannabis distributor.
About Canna Hemp™
With over 50 products in its portfolio, the Canna Hemp™ brand offers products in a variety of verticals and consumption formats, including, effects-based tinctures, topicals, vape pens and cartridges, gummies, and capsules for Sleep, Relief, Calm, Focus and Energy. High-grade CBD and a proprietary blend of terpenes formulated for specific effects are key differentiators for the Canna Hemp™ line. The Company recently introduced previously untapped cannabinoids Cannabigerol (CBG) and Cannabinol (CBN) to its portfolio of products with a new line of natural tinctures and gummies.
For further information please contact:
Alexia Helgason, VP, IR, Marketing, Media
Paul Rosen, CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements relating to the settlement of transactions between the Company and Day One. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.