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1933 Industries Announces Third Quarter 2022 Financial Results

VANCOUVER, BC / ACCESSWIRE / June 29, 2022 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, is pleased to announce its third quarter ("Q3 2022") financial results for the three and nine months ended April 30, 2022. All amounts expressed are in Canadian dollars.Financial statements are prepared in accordance with International Financial Reporting Standards. Detailed information regarding the Company's financial results as well as management's discussion and analysis can be found at https://sedar.com/ and https://1933industries.com/investors/financial-informationDuring fiscal 2022, the Company made substantial changes to its cultivation and production facilities which have resulted in significant improvements in the quality of its flower and the input for its extracted products, as well as higher productivity and quantity of units sold. These changes have led the Company to achieve higher revenues compared to its previous quarter and have laid the foundation for improved performance going forward. The Company's cannabis cultivation subsidiary recorded a 33% increase in revenues from the sale of cannabis flower, pre-rolls and extraction products due to the optimization of both its cultivation and processing facilities. Output from its cultivation has been drastically increasing and yield has almost doubled from a year ago. The Company deployed strategic capital to make the necessary improvements and hired operations and sales leadership, which have resulted in improved performance in both output and added self-space in dispensaries. Focus was also placed on reducing the cost of goods, which in turn increased gross margins.The Company and Day One Beverages, Inc. (Day One) mutually agreed to terminate the binding Letter of Intent between the parties for the Company to acquire 100% of all of the authorized and issued shares of Day One. After a full due diligence review, the parties mutually agreed that it would be in their best interests to not move forward with acquisition. Under the terms of the mutual termination, Day One repaid all funds provided by the Company via interim loans of approximately USD$500,000.

Q3 2022 Financial Highlights
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