VANCOUVER, June 6, 2018 /CNW/ - Friday Night Inc. (the Company or Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF), a leading cannabis, hemp and CBD producer in Nevada, is pleased to announce the closing of the previously announced purchase agreement dated May 15th, 2018 on a production building in Las Vegas, Nevada.
The existing 12,160 sq. ft. building is located adjacent to the construction site that will house Alternative Medicine Association's (AMA) new cannabis cultivation facility. The newly-acquired production building will be utilized solely for production, processing and extraction and was purchased for USD $2,250,000. The Company has filed a re-zoning application with the appropriate authorities. AMA's range of products include its own line of cannabis flower and concentrates as well as recognized brands produced under licensing agreements for Vader Extracts Nevada, Krypted Inc., and Kurupts Moonrocks.
Hemp Processing Facility – The CBD Isolate Lab
The Company also announces that its new production building will house a separate hemp processing facility (the "CBD Lab") operated by its subsidiary, Infused MFG. With a monthly processing target of 6,000 lbs. /2721 kg. of hemp biomass, the CBD Lab is expected to produce 440 lbs. /200 kg of cannabidiol or CBD extracts, which will be utilized to produce full spectrum oils, distillates and isolates. With a current market range of approximately USD $5,000 - $7,000 per kg, the CBD Lab will become a significant revenue generating division for the Company in wholesale hemp derived CBD extracts. The Company anticipates that the CBD Lab will be in production in the fall of 2018, in order to process what is expected to be Nevada's largest fall harvest of industrial hemp crops.
Chris Rebentisch, President and CEO of Infused MFG commented, "The CBD Lab will allow us to cut production costs of our Canna Hemp™ product line by more than one-third and provide us with the ability to control the quality of extracts. This in turn will increase the amount of CBD used in our products without needing to raise prices." Mr. Rebentisch added, "As production of CBD in the United States increases and prices fall, having our own processing facility will better position our price points in any market conditions".
Mr. Brayden Sutton, President & CEO of Friday Night Inc. said, "The extraction market has been validated and this production building shows how serious we are about increasing our footprint with our world class products. We are also very excited about the new CBD Lab, which provides another revenue stream in a rapidly growing market and brings our own costs down."
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 as well as an international cannabis and mining security logistics consulting firm. The Company owns 91% of Alternative Medicine Association (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. The Company's wholly-owned subsidiary, Spire Secure Logistics is a leading provider of customized security programs, compliance, information technology, buildout design, and due diligence services for the legal cannabis, mining and investment sectors. Friday Night Inc. is focused on strengthening and expanding its current operations.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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. 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. 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.
View original content with multimedia:http://www.prnewswire.com/news-releases/friday-night-inc-announces-closing-of-purchase-agreement-on-building-for-expanded-cannabis-production-and-announces-plans-for-hemp-processing-facility-in-las-vegas-300660616.html
SOURCE Friday Night Inc.
View original content with multimedia: http://www.newswire.ca/en/releases/archive/June2018/06/c4580.html
News Provided by Canada Newswire via QuoteMedia