Cannabis cultivator and producer 1933 Industries Inc (CSE:TGIF) (OTCQX:TGIFF) said Thursday that it is taking steps to increase its Las Vegas capacity to produce cannabidiol extracts from its initial monthly target of 200 kilograms to an estimated 2,000 kilograms.
The Vancouver-based company said in a release that it received local regulatory approval for new zoning and permitting for hazardous materials in Clark County, Nevada. The approval allows 1933 Industries to move ahead with plans to renovate a 12,160-square-foot building that will house a cannabis production facility as well as a cannabidiol lab.
READ: 1933 Industries stokes Las Vegas capacity expansion in anticipation of medical and recreational cannabis product demand
The company has already received an industrial hemp handler certificate from the Nevada Department of Agriculture.
Plans call for the lab to process wholesale hemp-derived cannabidiol extracts, used to produce oils, distillates and isolates.
"As pioneers in the cannabis industry in Nevada, we have the vision, resources, know-how and in-house talent to ensure a successful venture into this emerging and exciting field," Chris Rebentisch, USA chief operations officer and founder of Infused MFG, a 1933 Industries subsidiary, said in a statement.
Shares of 1933 Industries climbed C$0.02 to C$0.38 in Thursday’s Canadian trading. They slipped US$0.01 to US$0.27 on the OTC Markets.
Earlier this month, the company announced that it had been accepted for trading on the OTCQX, the top tier of the three marketplaces for over-the-counter stocks.
Contact Dennis Fitzgerald at [email protected]