VANCOUVER, May 15, 2018 /CNW/ - Friday Night Inc. (the Company or Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF), a leading cannabis, hemp and CBD producer in Nevada, and its subsidiary, Alternative Medicine Association ("AMA"), are pleased to announce that construction is underway on the new cultivation facility. The Company also announces that it has signed a purchase agreement on a new building that will be used for cannabis production, processing and extraction.
Construction of New Cannabis Cultivation Facility is Underway
The Company is pleased to report that work has begun on AMA's new cannabis cultivation facility in Las Vegas, Nevada. The Company was granted approval from the Clark County Zoning Commission in Nevada, for its building redesign from a one story, 35,000 sq. ft. facility to a two story, 67,750 sq. ft. facility for cannabis cultivation on 1.4 acres in an M-1 (Light Manufacturing) (APZ-1) (AE-75) Zone. The new facility, when completed, increases AMA's total footprint from the current 12,000 sq. ft. to a total of 79,000 sq. ft. and allows the Company to significantly increase flower cultivation to support AMA's own line of cannabis-based products and white-label extraction for multiple well-known cannabis brands in the State of Nevada.
Purchase Agreement signed for a New Cannabis Production, Processing and Extraction Facility
Friday Night is also pleased to announce they have entered into a purchase agreement for an existing 12,160 sq. ft. building adjacent to the future cultivation facility, which will be utilized for cannabis production, processing and extraction purposes. AMA's current production space is less than 2,000 sq. ft. yet contributes more than half of AMA's overall revenue. Management is confident that a larger production facility which increases the current footprint more than 6-fold will play a key role in the Company's aggressive growth strategy in Nevada. The purchase price is USD $2,250,000 and the subjects are anticipated to be removed within 30 days.
Due mainly to the upcoming increase in cultivation and production space, Friday Night also announces the decision to continue the management contract of Harvest Foundation. The Company evaluated the potential advantages of expanding the current contract to encompass an acquisition and has since decided to postpone acquisition talks.
"It is every company's desire to grow and become a significant player amidst all their competitors. AMA has already claimed a significant role in the Nevada market and with the new construction and the expanded work space for production, AMA's world class team can expand their talents, scale up operations and continue to provide the Nevada marketplace with the cannabis brands they demand."
– Drew Milburn, Alternative Medicine Association
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp-based assets in Las Vegas Nevada as well as an international cannabis and mining security logistics consulting firm. The Company owns 91% of Alternative Medicine Association, LC (AMA), a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of unique cannabis-based products and manufactures other third-party brands. Infused MFG, also a 91% owned subsidiary, produces hemp-based, CBD products, thoughtfully crafted of high quality organic botanical ingredients. The Company's wholly-owned subsidiary, Spire Secure Logistics is a leading provider of customized security programs, compliance, information technology, buildout design, and due diligence services for the legal cannabis, mining and investment sectors. Friday Night Inc. is focused on strengthening and expanding its current operations.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Friday Night Inc.
For further information: Alexia Helgason, Corporate Communications, 604-674-4756 (ext. 1), Alexia@FridayNightInc.com