Sign up
Pharma Capital

Friday Night posts revenue of $1mln in first weeks as Nevada focused cannabis firm

In June this year, the firm announced the purchase of a 91% stake in Alternate Medicine Association (AMA)
1511988333_WelcomeToLasVegas.jpg
Las Vegas is in Nevada

Newly formed Las-Vegas focused recreational cannabis firm Friday Night Inc (CNSX:TGIF)  posted around US$1mln of revenue and gross profit of $230,714 in the last six weeks of the fourth quarter in its year to July 31, sending shares racing.

It said it's now building on these numbers and will announce first quart results in December this year.

In June this year, the firm announced the purchase of a  91% stake in Alternate Medicine Association (AMA), a licensed medical marijuana producer -  the second firm to get such a licence in Nevada and the very first in Vegas. 

It also acquired a 91% stake in  Infused Mfg - a company that provides hemp-derived and cannabidiol (or CBD) products.

"We are very pleased to report these revenues for our first six weeks of business as Friday Night Inc, thanks to the exceptional performance of the teams at AMA and Infused."

"We look forward to reporting our continued success and growth milestones to our shareholders," said president and chief executive Brayden Sutton.

Shares on Thursday added 13.95% to C$0.49.

Giles_55af4ddca6481.jpg


Register here to be notified of future Company articles
View full profile

Timeline

View All

© biotech Capital 2017

Biotech Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed biotech companies to interact with institutional and highly capitalised investors.
Headquartered in London, Biotech Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Biotechnology market.