Canadian-based Friday Night Inc. (TGIFF) reported its first-quarter results with C$2.5 million in gross revenues versus no revenue from the same time period in 2016. The stock jumped over 18% on the news to lately trade at 71 cents on the OTC Marketplace.
While the revenues were signs of great progress, the company did deliver net losses of C$599,582 versus last year’s net loss of C$113,290 for the same time period. The losses were associated with the increased expenses as the company has worked to enter the Nevada market. Although the company reported a net loss, it also recorded gross profits of C$1.1 million and is well-positioned with C$5.6 million in cash at the end of the quarter.
“These results prove how large our footprint is becoming and attest to how healthy the market is in Nevada,” said Brayden Sutton, CEO of Friday Night. “Our team has worked incredibly hard to achieve such great results, and as we fine-tune operations and expand our facilities and partnerships within and outside the state, we are getting very close to becoming cash flow positive.”
Developments in Q1 According To The Company’s Statement
- Friday Night announced on August 4th that its 91% owned subsidiary, Alternative Medicine Association signed an exclusive license agreement with “Krypted”, a vaping brand from California, to increase its Nevada offerings.
- Friday Night entered into a land purchase agreement to expand the AMA facilities. The proposed building will be a 66,000 sq. ft. state of the art cultivation facility.
- Friday Night’s CannaHemp brand launched CannaHemp Paws, which brought a new product to the pet CBD market.
- On September 15th, 2017, “Kurupt” granted exclusive rights to AMA to grow, process and distribute “The Real Kurupt’s MoonRock” in Nevada.
- Management closed two financings of convertible debenture units for a total of $6,500,000 aggregate principal amount.
Friday Night 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.