The company completed the sale of two parcels consisting of 2.78 acres of M1 zoned land, located in Las Vegas.1933 Industries originally purchased the lots for $835,000 in 2017. Proceeds from the sale will be used for general working capital.
"As the company has no anticipated plans or need to build on these lots, monetizing this unutilized land provides the company with additional non-dilutive capital to further execute on its strategic initiatives," Paul Rosen, chairman and CEO of the company, stated. "The company remains laser focused on the long-term growth of the Company, prioritizing revenue growth, increasing profitability, scaling cultivation capacity, improving our product mix and enhancing marketing and product development. The additional funds provide 1933 Industries with additional resources to achieve these goals."
Price Action
1933 Industries shares closed Friday market session 4.08% lower at $0.0353 per share.
