(Photo Credit - Vaping360.com)
This morning, Gilla Inc. (OTC:GLLA) announced that the company has entered into a production and licensing agreement with Friday Night Inc.'s (CSE:TGIF) Alternative Medicine Association, LC to launch Gilla's new portfolio of cannabis concentrates in Nevada.
Gilla Inc. is a manufacturer, marketer and distributor of both nicotine and cannabis e-liquids for vaping.
Alternative Medicine Association is a Nevada-licensed medical marijuana establishment with operations in and around Las Vegas. The company was recently acquired by Friday Night Inc. Just last week, Friday Night Inc. (CSE:TGIF) made its public market debut on the Canadian Securities Exchange.
The agreement grants Alternative Medicine Association an exclusive five-year license to produce and distribute Gilla's line of cannabis concentrate products including its high terpene vape oils, naturally extracted vape oils and high grade, naturally extracted cannabis crystals in Nevada. Alternative Medicine Association will manufacture the products at its Las Vegas medical marijuana cultivation and production facility. In regards to distribution, Gilla will provide marketing support, a brand name and operating guidance. The sale of products is expected to be launched concurrently with Nevada's adoption of recreational marijuana on or around July 1st. As consideration for the agreement, Gilla will receive a 15% royalty of gross revenues generated by the products.
Mr. Graham Simmonds, Chairman and CEO of Gilla
"This is a significant milestone for Gilla and we are very excited for the opportunity to work with our new partner to launch our newly developed portfolio of cannabis products alongside the adoption of recreational marijuana in Nevada, AMA was the first-licensed MME in southern Nevada and operates a premier facility in the Las Vegas area. Their expertise and cultivation capacity has positioned them to become an industry leader in the wholesale marijuana business. In furthering our multi-jurisdictional mandate, the Company is working on a number of additional licensing opportunities in both the United States and Canada to bring Gilla's branded cannabis products to additional jurisdictions this year."
Mr. Mark Zobrist, CEO of Alternative Medicine Association
"This is an excellent opportunity for Friday Night to broaden its product offering in preparation for the upcoming implementation of recreational marijuana in the State of Nevada." He added, "Our team is very impressed with the quality of the Gilla product offering and we look forward to a mutually-successful business relationship."
We're working on marijuana stock profiles for both Gilla Inc. and Friday Night Inc., so check back soon and be sure to subscribe to our marijuana stock newsletter to find out when they become available.
In the meantime, find more developments out of Nevada ahead of their recreational implementation by checking out our Nevada marijuana news page. Also, be sure to connect with The Daily Marijuana Observer on Facebook, Twitter and Instagram.
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