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1933 Industries subsidiary sells, then leases back Las Vegas cultivation site

The company received $10.45 million for the recently constructed site and its 1.4 acres of land

Alternative Medicine Association Las Vegas cultivation facility
The lease-back deal is scheduled to last 10 years with option to extend in five-year increments to as long as 20 years

Alternative Medicine Association, a subsidiary of 1933 Industries Inc (CSE:TGIF) (OTCMKTS:TGIFF), completed a sale and lease-back of its Las Vegas cultivation facility.

The company received US$10.45 million for the recently constructed site and its 1.4 acres of land. It expects to receive an additional $750,000 once the facility is entirely completed and has its proper permits.

AMA expects to have all its permits within 45 days and has received a Temporary Occupancy Permit. The lease-back deal is scheduled to last 10 years with option to extend in five-year increments to as long as 20 years.

READ: 1933 Industries names CEO Brayden Sutton chairman of the board

"We are pleased to complete the Sale Transaction and leverage our real estate asset to support our growth,” CEO Brayden Sutton said. “We funded the purchase of the land and construction of the facility without incurring any debt, so the full sale proceeds are available for working capital and to fund acquisitions in key cannabis markets."

1933 is a vertically-integrated medical and adult-use cannabis company with operations in the US and Canada. In addition to controlling 91% of AMA, it owns all of Infused MFG and Spire Global Strategy.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: 1933 Industries Inc

Price: 0.265 CAD

CSE:TGIF
Market: CSE
Market Cap: $73.6 m
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