The Company announced a strong quarterly report with sales increases from both subsidiaries in Las Vegas, Nevada. Alternative Medicine Association (“AMA”) has increased its focus on producing higher quality plants that command a higher price in the marketplace. Infused Mfg. has increased its product offering and both its top line sales and profits significantly contributed to the Company’s bottom line. Canna Hemp products have been successfully received in Nevada and are now selling in retail locations in California and additional sales representatives have been added to expand the distribution network. With the recent acquisition of Spire Secure Logistics, management feels it has acquired a business with significant cash flow potential that will benefit from the growing cannabis sector.
Q2 Financial Highlights (Amounts in CND dollars)
- Total sales increase from $2,464,487 in Q1 to $2,962,699 in Q2, which represents a 20.2% increase
- US operations 6-month total sales of $5.4 million
- Gross profit in Q2 of $1,579,127
- Cash at end of period of $15,753,139
- Infused MFG increased sales by 45%
- AMA increased sales by 11%
Selected Quarterly Information
The following table shows results for the quarter ended January 31, 2018 in Canadian dollars.
3 months ended January 31, 2018
Cash at end of period
Developments in Q2
- On November 3, 2017, the Company announced an agreement with MariMed Advisors for an exclusive licensing deal to produce MariMed THC products including their unique sublingual “Melts” product line, a THC and CBD “Mints” line, “Kalm Corn” products and the “Betty Eddies” and “Berry Bombs” line of products. Under the terms of the agreement, AMA is, on an exclusive basis, producing these and other MariMed products using their proprietary processes and distributing these products to all dispensaries in Nevada.
- On November 10, 2017, Friday Night announced that AMA had executed an agreement to provide cultivation services to another Nevada licensed facility owned by Harvest Foundation.
- On December 6, 2017, the Company announced that AMA had signed a production contract to produce high-grade concentrates for a major dispensary chain in Nevada.
The following transactions were entered subsequent to January 31, 2018:
- The Company acquired as a wholly owned subsidiary, Spire Secure Logistics Inc., a Canadian private company specializing in security, intelligence, and compliance with international clients and expertise in both the regulated cannabis industry and other sectors.
- The Company closed on the purchase of an additional 2.78 acres of land contiguous to its current location that will host its new cultivation facility. It now owns over 4.17 acres following the transaction on a major thoroughfare in Las Vegas. The Company plans to build a new state-of-the-art 67,000 sq. ft. cultivation facility on this land that will help further scale both revenue and product lines.
- Friday Night announced on February 21st that it had terminated its letter of intent dated December 20, 2017 to acquire Body & Mind Inc. in an all-stock transaction.
Management focused and executed on several milestones surrounding its Nevada business expansion plans.
Detailed information on the financials and the management’s discussion and analysis can be found at http://sedar.com/.
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp-based assets in Las Vegas Nevada as well as an international cannabis and mining security logistics consulting firm. 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. The Company’s wholly-owned subsidiary, Spire Secure Logistics is a leading provider of customized security programs, compliance, information technology, buildout design, and due diligence services for the legal cannabis, mining and investment sectors. Friday Night Inc. is focused on strengthening and expanding its current operations.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Friday Night Inc.
For further information: Alexia Helgason, Corporate Communications, 604-674-4756 (ext. 1), Alexia@FridayNightInc.com
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.