Mr. Paul Rosen reports

1933 INDUSTRIES ANNOUNCES APPROVAL OF DEBENTURE AMENDMENTS

Holders of 1933 Industries Inc.'s 10 per cent senior unsecured convertible debentures due Dec. 31, 2023, approved the proposed amendments put forth during an extraordinary meeting held today.

The resolution being placed before the meeting was to consider, and if thought fit, to:

1. Approve the extinguishment of the debentures upon maturity and the principal debt owed thereunder, excluding any interest in arrears, through the issuance of a unit to the debentureholders, each unit being issued at a deemed price of two cents per $1 of principal, and one share purchase warrant exercisable into one additional common share of the company at a price of five cents for a period of five years from the date of issuance;
2. Approve the extinguishment of the debentures upon maturity and the principal debt owed thereunder, excluding any interest in arrears, through the issuance of a new 10 per cent unsecured convertible debenture with a two-year maturity, convertible into units at a price of five cents per unit, each unit comprising one common share of the company and one share purchase warrant, subject to certain acceleration provisions as more particularly defined in the indenture governing the new debenture;
3. Authorize the board of directors of the company, in its sole discretion, to determine which of 1 or 2 will be in the best interest of the company and proceed with either 1 or 2 above or to not act upon this resolution, all without the further approval or authorization of the debentureholders.

At the meeting, $2,506,000 or approximately 76.66 per cent of the outstanding debentures were represented by proxy. Debentureholders voted 78 per cent in favour, representing 1,956,000 shares, for the extraordinary resolution considering two debenture settlement options, and authorizing the board of directors of the company to proceed with one of the options, while 550,000 shares were voted against.

"On behalf of the board and the entire company, I wish to thank the debentureholders for their overwhelming support of the settlement options," said Paul Rosen, chairman and chief executive officer of 1933 Industries. "The board of directors will decide and announce which of the two options it chooses to proceed with before the maturity date."

The company anticipates that the settlement of the debentures would occur upon or shortly following the maturity date, subject to Canadian Securities Exchange approval.

Further details of the amendments are contained in the management information circular filed under the company's profile on SEDAR+ and on the company's website.

About 1933 Industries Inc.

1933 Industries is a Nevada-based company, focusing on the cultivation and manufacturing of a large portfolio of cannabis consumer packaged goods in a variety of formats for both the wholesale and retail markets. Its product offerings through its in-house brands include: wholesale flower, prerolls and extracted products under the AMA and Level X brands for the Nevada market; and Canna Hemp, a national cannabidiol (CBD) brand of wellness products that includes tinctures, gummies, topicals and sports recovery products. The company owns 91 per cent of Alternative Medicine Association LC (AMA) and 100 per cent of Infused MFG LLC.

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