Friday Night Inc. a Major Player in Nevada’s Booming Cannabis Market -- CFN Media
SEATTLE, June 12, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing the soaring Nevada legal cannabis market and Friday Night Inc.’s (CSE:TGIF) (CNSX:TGIF) (TGIF.CN) (OTCQB:TGIFF) position as an early mover in the state, especially in the Las Vegas area. Las Vegas and the surrounding Clark County account for nearly 75% of Nevada’s population, and the city drew about 39 million tourists in 2017. If a company wants to be a player in the Nevada cannabis market, Las Vegas is the place to be. Friday Night’s 91% owned Alternative Medicine Association (AMA) was the first licensed cannabis cultivator in Southern Nevada, and the company recently announced expansion plans in the area to grow its capacity in the crucial market.
Nevada legalized adult-use of cannabis in July, 2017, and sales so far have exceeded state projections. Nevada expected to take in about $50 million in cannabis-related taxes in the first year. Through three quarters (as of the end of March 2018) cannabis tax revenues reached just under $49 million. Total combined taxable sales topped $385 million over the period, and adult-use sales (as opposed to medical marijuana and cannabis-related goods) are gaining momentum. In short, Nevada’s legalization has been an unqualified success to this point.
What Friday Night Has
Friday Night holds a 91% stake in the aforementioned AMA, as well as a 91% stake in Infused Manufacturing. AMA focuses on cannabis cultivation and branded products, including extracts. It operates a ~12,000 square foot facility and is currently building a 67,750 sf to significantly increase its cultivation capacity to meet the increased demand. The company’s own brands, which include flower strains, Vegas Js prerolls, and various concentrates, are available in dispensaries throughout the state. AMA also produces concentrates on a white label and licensed basis for other brands.
Infused Mfg. is focused on cannabidiol (CBD) extracts from hemp. Featuring the extensive Canna Hemp™ line, Infused products can be found in dispensaries throughout Nevada as well as in other states such as California and Colorado. Online ordering is available, and the company also manufactures products for other brands through a white label program.
Where Friday Night Is Headed
Friday Night’s biggest developments lie in its new facility construction. The company is vastly expanding cultivation capacity with its new, purpose-built, state of the art grow operation. But Friday Night’s recent acquisition of a ~12,000 sf building adjacent to the new cultivation site could be just as important to the company going forward.
On its current 12,000 sf foot site, AMA devotes about 2,000 sf to extraction and product manufacturing, as opposed to flower production. Though operating in a much smaller area, this aspect accounts for over 50% of the company’s revenues. Having the new 12,000 sf building, intended for extraction and product manufacturing, right next door to the new cultivation site should streamline operations and significantly add to the company’s revenue generating abilities.
Infused Mfg. will also expand into the newly-acquired building, setting up the “CBD Lab” to process hemp into CBD extracts at the rate of about 200 kg/extract per month. The company anticipates the new facility will cut its production costs by more than 33% and will increase the quality of its extracts. Friday Night anticipates the CBD Lab will add a significant revenue stream for the company.
Friday Night is also looking to expand its presence outside of Nevada. Infused recently signed a licensing agreement with Denver Dab Company, whereby DDC will manufacture and distribute Canna Hemp™ products throughout Colorado, including creams, lotions, vape pens, vape cartridges, and pet products.
What’s the Outlook?
Oil and extract products have been gaining market share on cannabis flower in pretty much every legal market in North America. As more products are introduced, and as consumers realize they don’t have to smoke anything to realize the benefits of cannabis, that trend will likely only escalate. Friday Night is firmly positioned to capitalize on this trend in Nevada with its two subsidiaries, and is beginning to branch out into other markets as its capacity grows. The company bears watching in the coming months as the Nevada market reaches new heights, Friday Night’s expanded facilities come online, and revenue streams expand.
Please follow the link to read the full article: http://www.cannabisfn.com/friday-night-inc-major-player-nevadas-booming-cannabis-market/
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