Friday Night Inc. (the “Company”) (CSE:TGIF) (FRANKFURT:1QF) is pleased to provide an update on its Nevada operations and expansion plans.
In the month of August, Alternative Medicine Association (“AMA”) and Infused MFG., both 91% owned assets, continued to see strong product demand in the recreational cannabis market. As a result both companies have taken steps to increase operational throughput.
AMA has added 3 additional employees to the team, plus 7 new Las Vegas dispensaries to its customer base in the month of August.
Infused MFG. is now using its new built-out production space and has been focused on streamlining its processes. In August, Infused MFG. added 2 new employees to the team plus 8 Las Vegas dispensaries to their sales network.
On August 25th, Friday Night announced it had entered into a land purchase agreement for 1.39 acres of land that includes approved plans to build a 33,000 sq. ft. building. The land is in escrow and Friday Night is currently completing its due diligence review before closing which includes plans on increasing this building to 66,000 useable sq. ft. This is a complex process, which includes several key steps. To date, it has already:
- Obtained a commitment from NV Energy to provide an additional 4,000 amps of 480 volt, 3-phase power to the site at an estimated cost of $162,500 USD.
- Solicited and received a bid to build the outer structure for under $1,400,000 USD.
- Hired a licensed surveyor to complete a “separation survey” to verify the site complies with the regulations on the required distances from schools, churches and community centers.
- Hired an engineer to update the soil analysis report, which is in progress.
- Currently hiring an engineer to update the building plans so construction can commence immediately after closing on the land purchase agreement.
- Begun the Clark County planning and zoning approval process and is preparing its Land Use Application for its Special Use Permit. To make the County Commission Meetings scheduled in early November, this will be completed and approved by September 27.
Friday Night intends to complete all of these due diligence steps in a timely manner and will close on the land acquisition no later than December 5th, 2017. Construction would begin shortly thereafter.
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. 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. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Joe Bleackley, Corporate Communications
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. This news release includes forward-looking statements with respect to the entering into a definitive agreement, the future exercise of the option regarding the vape lounge and the regulatory environment in Canada. 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 failure to enter into a definitive agreement, inability to attract new customers in Nevada as a result of the license, the inability of the Company to take advantage of the license arrangement and 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 or the Canadian Securities Exchange.
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