on 1933 Industries Inc. (NASDAQ:TGIFF)
1933 Industries Reports Record Revenue for Fiscal 2024
1933 Industries Inc., a cannabis cultivator based in Nevada, announced its financial results for the fourth quarter and fiscal year ending July 31, 2024. The company achieved record revenues of CAD 19.3 million, marking a 15% increase from the previous year. This growth is attributed to the strong performance of its Alternative Medicine Association (AMA) brand in the Nevada cannabis market.
The company's fiscal 2024 highlighted a significant turnaround, with a gross profit of CAD 2.9 million compared to a loss in the prior year. Additionally, the net loss narrowed to CAD 0.6 million from CAD 14.6 million in fiscal 2023, reflecting improved operational efficiency.
Key to this success was the reduction in production costs, leading to a gross margin increase of 14%. Despite discontinuing its Canna Hemp™ CBD line due to market challenges, the company remains a leading cannabis brand in Nevada.
R. E.
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