Vancouver, British Columbia--(Newsfile Corp. - June 21, 2017) - Friday Night Inc. (CSE: TGIF) is the latest new listing on the Canadian Securities Exchange, and trades under the symbol "TGIF", having transferred its listing from the TSX Venture Exchange, where it previously traded as QuikFlo Health.
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The company entered the cannabis sector, through the acquisition of 91% of two Las Vegas based companies.
Alternative Medicine Association, known as AMA, is a licensed medical marijuana producer, and Infused Mfg. provides hemp based and CBD infused products. AMA, the first medical marijuana business licensed in Las Vegas, currently has sales of approximately US$200,000 per month. AMA holds both cultivation and production licenses, and anticipates receiving a recreational license under the new regulations. Only those companies currently holding medical production licenses can apply for recreational licenses prior to June 2019, thereby strengthening the company's competitive advantage.
The Infused products company, with growing sales, has developed several products using hemp and CBD infusions, and prepare mixes to which THC can be added by State legal facilities.
Nevada presents significant opportunities for investors and operators in the legal cannabis market due to the state's rank as a top tourism destination and generous patient reciprocity laws. An Arcview/New Frontier market research report projected an annual compound growth rate of 51% for legal marijuana sales in Nevada, reaching US$629 million by 2020.
The company amalgamated its shares on the basis of one new share for every two old shares.
To close the acquisition, Friday Night issued 32,750,000 post-consolidated shares, paid US$3.4 million, and assume approximately US$1.59 million in debt.
Brayden Sutton, President & CEO, stated: "We are excited to enter into one of the most highly anticipated new markets in the sector. With a proven corporate team and some of the best operators in the space running the facilities, the company is perfectly positioned as a first mover in Clark County."
Concurrent with this acquisition, the company completed a private placement for gross proceeds of $6.6 million through the issuance of approximately 43.5 million units at $0.15 on a post consolidation basis.
Each unit consisted of 1 share and one-half a warrant, with each full warrant exercisable at $0.30 for 24 months. The shares are trading at $0.28.
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