Vancouver, British Columbia (FSCwire) - Friday Night Inc. (Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF) is pleased to announce that it has entered into a letter of intent to acquire 100% of Harvest Foundation LLC, a cannabis cultivation facility located adjacent to Friday Night’s Alternative Medicine Association (“AMA”). This transaction is subject to closing conditions customary to a transaction of this type, including due diligence and regulatory approval.
Harvest Foundation is a Nevada cultivation licensee for medical and recreational cannabis. Their facility is approximately 10,000 sq. ft. and is conveniently located adjacent to the current AMA facility in Las Vegas, Nevada. AMA currently manages the Harvest Foundation cultivation facility under contract.
The Company has agreed to a purchase price for $1 million USD plus 10 million common shares in Friday Night and 1/5 of a stock purchase warrant, with each whole warrant priced at 120% of the market price at closing. The shares will be escrowed over 36 months.
Brayden Sutton, President and CEO commented, “Integrating the Harvest Foundation license and facility into our business is a huge milestone and this new license effectively doubles our current cultivation capacity.”
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. The company owns 91% of Alternative Medicine Association, LC (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. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Joe Bleackley, Corporate Communications
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 or the Canadian Securities Exchange.
Source: Friday Night Inc (CSE:TGIF, OTCQB:TGIFF, FWB:1QF)
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