SEATTLE, WA , Dec. 13, 2017 (GLOBE NEWSWIRE) -- CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article covering Friday Night Inc.’s (CSE: TGIF) (CNSX: TGIF) (TGIF.CN) (OTCQB: TGIFF) leadership position in the Nevada cannabis market and its plans to expand into other areas and geographies over the long-term.
Established in Las Vegas Market
The legal cannabis industry is projected to grow from $6.9 billion in 2016 to nearly $22 billion by 2021, according to ArcView Research, fueled by the legalization of medical and adult-use marijuana. Last November, Nevadans voted to legalize adult-use marijuana throughout the state, which has seen more than 35.7 million tourists so far this year. These tourists are largely focused on entertainment, which makes adult-use marijuana a natural upsell.
Friday Night owns 91% of Alternative Medicine Association (AMA), which has a facility designed for cannabis cultivation and production. AMA was the very first cannabis cultivator licensed in Las Vegas and has developed a leading brand there. Last year, the facility generated $1.1 million in sales and management anticipates $5 million in revenue this year.
AMA has a diverse product pipeline, including “Vegas J’s” famous pre-rolls brand and strains with the highest THC percentages in the state. The company also offers high quality lines of various extracts, created by some of the best talent in the business. AMA is also the official Nevada producer of The Real Kurupt’s Moonrocks, Vader Extracts, Spectrum Concentrates, Mari and has several other exclusive production agreements.
Friday Night has also recently closed on a Land Purchase Acquisition in Nevada for 1.39 acres of land in unincorporated Clark County. The property is zoned M-1 (Light Manufacturing) and includes several site improvements including a 33,000 sq. ft. footprint for a building with footings already poured and in the ground, full perimeter security fences, water hook-ups for the full sprinkler system throughout the future warehouse, and 2,000 amps of power. It is anticipated that this footprint will host a two-story cultivation facility of up to 66,000 sq. ft. of canopy.
Building an Extraction Footprint
The legal cannabis industry may be grabbing a lot of headlines, but the non-psychoactive cannabidiol (CBD) market is a growing subset of the industry. According to the Hemp Business Journal, the market for CBD-based products will grow from $202 million last year to $2.1 billion by 2020, driven by growing consumer awareness of its potential health benefits. Hemp-based CBD products can be imported and purchased in all 50 states without a prescription.
Friday Night has a CBD infused product company - Infused Manufacturing - that provides both medicinal and topical products with significant existing sales. Over the next three years, management hopes to grow sales from $650,000 to $5 million, which would make it a significant contributor to its overall bottom line. The company’s brands include hemp-based topicals under the CannaHemp and Canna Blends trademarks.
Notably, the company’s hemp-based product lines also include Canna Hemp Paws, which targets the rapidly growing pet segment. According to the American Pet Products Association, pet owners will spend nearly $70 billion on their pets this year. These figures include nearly $15 billion spent on supplies and over-the-counter medicine, which is where hemp-based products could be incorporated to help improve quality of life.
Friday Night Inc. (CSE: TGIF) (OTCQB: TGIFF) represents a compelling investment opportunity in the burgeoning cannabis industry. With existing cultivation and extraction operations in Nevada, the company is already generating meaningful revenue that’s diversified into two areas of the industry. Management plans to continue to grow these companies while exploring expansions into both California and Canada with its growing product lines.
Please follow the link to read the full article: http://www.cannabisfn.com/friday-night-early-mover-nevada-global-expansion-plans/
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