(Image Credit - Investment Zen)
This morning, Friday Night Inc. (CSE:TGIF)(OTC:VPGDF) announced that its 91% owned subsidiary, Alternative Medicine Association, achieved record revenues in the month of June.
About Alternative Medicine Association (AMA)
Alternative Medicine Association owns and operates a licensed medical and adult use marijuana cultivation and production facility in Las Vegas, Nevada. The company produces its own line of cannabis extracts, as well as manufactures products for third-party brands. One of these third-party brands is Gilla Inc. (OTC:GLLA). Gilla recently entered into a production and licensing agreement with Alternative Medicine Association to launch Gilla's new portfolio of cannabis concentrates.
Record Monthly Revenues
In the month of June, Alternative Medicine Association's gross revenues were $902,000 CAD. On a month over month basis, revenues grew by $611,000 CAD or 210%. This growth was attributable to retail demand in preparation for the start of adult-use sales on July 1st.
Expansion Plans
Due to the increased demand related to adult-use sales, Friday Night Inc. is looking at real estate in and around Las Vegas with the goal of finding a larger facility for AMA, allowing them "to take full advantage of the current landscape".
Management Commentary
Friday Night Inc.’s CEO, Mr. Brayden Sutton had this to say about AMA and their record June revenues:
"Timing is everything and we feel that every day counts in this sector as it evolves so quickly. American roots, but global growth; we have a first-mover advantage in Las Vegas that will only last so long. While we are elated with the increasing performance of AMA, we are also in a constant state of evaluating additional accretive opportunities to further our brand around the world."
Market Reaction
In early trading Friday, shares of Friday Night Inc. are up roughly 17% on the CSE. The company's OTC Markets symbol hasn't traded today. After getting hit hard in the markets following their IPO, shares of Friday Night Inc. are still down more than 18% from their IPO price of $0.30 CAD.
Conclusion
We're working on a marijuana stock profile for Friday Night Inc., so check back soon and be sure to subscribe to our marijuana stock newsletter to find out when it becomes available.
In the meantime, find more developments out of Nevada as adult-use sales kick off by checking out our Nevada marijuana news page. Also, be sure to connect with The Daily Marijuana Observer on Facebook, Twitter and Instagram
D/M/O
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