Calgary, Alberta (FSCwire) - Friday Night Inc. (the "Company") (CSE:TGIF) (FRANKFURT:1QF) is pleased to provide an update on the Company’s recreational license, as well as an update on the current landscape in Clark County, Nevada, as it relates to the proposed July 1st, 2017 roll-out of adult-use cannabis.
Brian Sandoval, the governor of Nevada has already included $70 million dollars in projected revenues from the new taxes on both medical and recreational marijuana this fiscal year. To accelerate those revenues, the State and local governments have worked tirelessly to begin new recreational sales by July 1st, 2017. Friday Night has applied to the State and received its conditional approval to cultivate and process recreational marijuana effective July 1st, 2017. The Company has also submitted its business license application and is waiting for an appointment with the zoning department in Clark County as the final step to receive its recreational permits.
The language in the original statute required that only licensed wholesale alcohol distributors could transport the recreational marijuana from the cultivator to the dispensary. The State determined that there would not be enough alcohol distributors to meet the demand for recreational transportation and initially ruled that existing medical marijuana entities could also transport their own product to market. The alcohol distributors sued to block the State’s decision. On Tuesday, June 20th, the judge sided with the alcohol distributors and ruled that only alcohol distributors could be licensed to transport recreational marijuana. The State immediately approved the 5 alcohol distributors who had applied to transport the recreational marijuana. Since they have not handled this specific product before, they are now scrambling to get their facilities and equipment qualified to be ready by July 1st. There may be minor deficiencies in meeting the initial surge in demand for getting product from the cultivators to the dispensaries but it will be ironed out and the flow will be handled as it has in other States that have done similar. The Company does not anticipate any problems or significant delays. The Company continues to produce high quality flower and extracts and looks forward to the projected increase in revenues from recreational sales.
Mr. Mark Zobrist, director of Alternative Medicine Association, LC, the Company’s 91% subsidiary, commented, “This is a tremendous opportunity for the Company. To be in Las Vegas and witness the beginning of adult use of cannabis, combined with the already strong demand for medicinal purposes, is very exciting. The local and State officials are to be congratulated for staying the course and doing it in a tightly regulated, professional manner.”
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 subsidiary, Alternative Medicine Association, LC, the Company owns and operates a licensed medical 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.
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 regulatory approval in respect to the acquisition of new businesses and raising funds. 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.