Vancouver, BC (FSCwire) - Friday Night Inc. (the "Company") (CSE:TGIF) (FRANKFURT:1QF) is pleased to provide an update on the Company’s 91% owned asset, Alternative Medicine Association, LC (AMA), which continues to achieve record sales in Las Vegas.
AMA earned $902,000 CDN in gross revenues for the month of June 2017. This is a $611,000 increase over the prior months sales and represents a monthly revenue growth of 210%. This was due to the retail demand leading up to the July 1st rollout of adult-use cannabis sales. The first 4 days of legal cannabis sales in the state brought in $3 million USD which generated $500,000 USD in tax revenue. The Company expects this strong demand to continue and is planning accordingly.
Due to this expected increase in demand for dried cannabis and derivative products, the Company is currently evaluating real estate options in Las Vegas, with the goal of finding a larger footprint for the AMA facility to take full advantage of the current landscape.
Mr. Brayden Sutton, CEO of the Company commented, "Timing is everything and we feel that every day counts in this sector as it evolves so quickly. American roots, but global growth; we have a first-mover advantage in Las Vegas that will only last so long. While we are elated with the increasing performance of AMA, we are also in a constant state of evaluating additional accretive opportunities to further our brand around the world.”
About Friday Night Inc. and its subsidiary Alternative Medicine Association, LC
Friday Night Inc. is a Canadian public company which owns and controls both hemp and cannabis based operations in Nevada with plans to expand both within and outside of the state. Through its recently-acquired 91% subsidiary, Alternative Medicine Association, LC, the Company owns and operates a licensed medical and adult use marijuana cultivation and production facility in Las Vegas, Nevada and produces its own line of cannabis-based extracts including shatter, live resin, wax and oils including vape oils, flavored vape oils, terpene enhanced oils, and clear distillates and manufactures other third-party brands of similar products.
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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 in respect to assumptions of market demand, market share, potential real estate acquisitions and future business opportunities. 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. The Company disclaims any obligation to update forward looking information contained herein, except to the extent required by law.
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