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Cannabis company 1933 Industries Inc. (OTC:TGIFF) announced Friday that it has obtained both Clark County and Nevada Department of Taxation final approvals for transferring its cultivation licenses to a new facility in Las Vegas.
These approvals enable the company to start transferring its cannabis plants.
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The transfer will include 5,000 clones and 200 moms to populate the new facility, 1933 Industries said. It would take around one month for the clones to vegetate before they enter the flower cycle.
"We will start acclimatizing the plants in the new rooms and ensure that all life-support systems, such as temperature, irrigation, light and humidity controls are functioning as designed," Tim Spencer, the company's director of cultivation, said in a statement.
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In this new facility, 1933 Industries plans to produce around 700-800 pounds of dried cannabis monthly that will will be used for its AMA-branded flower and concentrate products.
"Our 26 in-house plant varieties were carefully selected for their quality and terpene profiles. Our goal is to cultivate premium flower to produce the best concentrates in the Nevada market at reasonable prices," Spencer said.
The company will begin working with breeder partner OG DNA Genetics once it settles into the new location, he said.
1933 Industries Inc. is a vertically integrated cannabis company operating across the U.S. and Canada, known for its brands such as AMA, Canna Hemp, Canna HempX, and Nineteen 33 THC. It runs licensed medical and adult-use cannabis cultivation assets.
The stock was trading higher by 1.36% at 33 cents at the time of publication Friday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.