The Company reports that construction on its new 67,750 sq. ft. cannabis cultivation facility in Las Vegas is nearing 70% completion and is on track to wrap-up in January 2019, with occupancy expected within the first two weeks of February 2019. Once online, the facility will significantly increase cultivation capacity to an estimated 700-800 lbs.
The facility will include more than 42,000 sq. ft of canopy space and plant clones are being nurtured and readied for transfer into the new facility to ensure a smooth ramp up in cultivation.
Production Facility and CBD Lab Expansion Under Permitting
The Company took possession in August of the newly purchased 12,160 sq. ft. building, adjacent to the cultivation facility and has been working closely with the appropriate authorities to secure all necessary permits. The size of the proposed processing facility and the amount of extraction materials that will be stored onsite requires new zoning and permitting for hazardous materials and the zoning process is scheduled as follows:
- November 29: County Town Board
- December 18: Planning Commission
- December 19: Board of Commissioners
- January 29: Clark County Building and Safety Department for review and final approvals
Based on the results of these meetings, the permitting process is expected to be completed by the first quarter of the new year and the retro fit will take approximately 10 weeks to complete, with an anticipated move-in date in April 2019.
Retail Sales License Application
The Company’s additional land purchase allows for further expansion into a retail operation in conjunction with its current assets. A license application for a retail cannabis store has been submitted to Clark County. If successfully approved, the Company would obtain one of 10 new licenses allocated to the County. The State of Nevada Department of Taxation expects to issue conditional licenses to successful applicants in December 2018, and the license will become operational when all local jurisdictional requirements and final state inspection are met. Adding a retail location is in line with the Company’s vertically integrated business strategy.
“We are well-positioned to benefit from Nevada’s growing retail sales, which, according to industry experts, is expected to reach $1B by 2022”, commented Mr. Brayden Sutton, President and CEO of 1933 Industries. “We are pleased to be nearing construction of our new cultivation facility and we are working closely with local authorities to bring the new production facility online. We have invested significantly in the State of Nevada with two large facilities on over 4 acres of land to accommodate our growth moving forward,” added Mr. Sutton.