John SchroyerNevada-based 1933 Industries (CSE:TGIF)(OTC PINK:TGIFF) managed to get its financial losses somewhat under control last year, and this week reported losing only C$600,000 for its 2024 fiscal year, which ended July 31. That’s down from losses of C$14.6 million in its 2023 fiscal year.
Revenue for the full fiscal year was up 15% year-over-year to C$19.3 million, and the company’s gross profit was up to C$2.9 million, as opposed to a gross loss in 2023 of C$1.4 million the year prior, according to the long-delayed financial filing.
The financial turnaround was due to increased cultivation efficiencies, improved market valuations and the strength of its Alternative Medicine Association (AMA) brand, 1933 said in a press release, which led to “record revenues” for the 2024 fiscal year.
During the fiscal year,1933 also discontinued its Canna Hemp CBD product line, which it said had turned into a drag on operational costs “due to the declining CBD market.”
The company’s first quarter 2025 financial filing is expected to be available within five business days, 1933 added.
Earlier this month, CEO Paul Rosen’s resignation went into effect, and the reins were handed to interim CEO Brian Farrell.
As of July 31 last year, 1933 had C$16.8 million in total assets, including C$449,184 in cash, against C$21.7 million in total liabilities.
