Quikflo Health (CVE:QF) has changed its name to Friday Night Inc (CNSX:TGIF).
The change follows the completion of its previously announced acquisition of stake in two cannabis-based businesses in Las Vegas, Nevada.
The State of Nevada currently regulates and controls medical marijuana, and has announced its intention to do the same for recreational use as early as July, 2017.
Friday Night acquired 91% stakes in Alternate Medicine Association (AMA), a licensed medical marijuana producer, and Infused Mfg, a company that provides hemp-based and cannabidiol-infused products.
In all, Friday Night issued 32.75mln shares (after a stock consolidation that halved the number of shares in issue) and paid US$3.5mln in cash for the stakes, and also took on US$1.59mln of the acquired companies’ debt.
AMA was the first medical marijuana business licensed in Las Vegas, and has current sales of around US$ 200,000 per month. It holds both cultivation and production licenses. Under the current rules in Nevada, only licensed medical cannabis producers can currently apply for recreational licenses.
The Infused products company has developed several products using hemp and cannabidiol (or CBD) infusions, and prepared mixes to which tetrahydrocannabinol (or THC) can be added by State legal facilities. The company has achieved growing sales to date.
In conjunction with the acquisitions, Brayden Sutton has become the chief executive officer of Friday Night and has been named to the board of directors.
Sutton previously served as an executive vice president for Supreme Pharmaceuticals Inc. (CVE:FIRE) and has also held executive positions with both public and private companies operating in the cannabis industry.
Capital markets veteran Brian Keane has also joined the board.
“We are excited to enter into one of the most highly anticipated new markets in this sector. With a proven corporate team and some of the best operators in the space running the facilities, the company is perfectly positioned as a first mover in Clark County,” Sutton said.
“I could not be more pleased with how far we've come and with the opportunities that lie ahead for TGIF shareholders,” he added.