$TGIF Updates On Recreational License and State of Affairs in Nevada

Friday Night Updates On Recreational License and State of Affairs in Nevada

Calgary, Alberta – June 28th, 2017 – Friday Night Inc. (the “Company”) (CSE:TGIF) (FRANKFURT:1QF) is pleased to provide an update on the Company’s recreational license, as well as an update on the current landscape in Clark County, Nevada, as it relates to the proposed July 1st, 2017 roll-out of adult-use cannabis.

Brian Sandoval, the governor of Nevada has already included $70 million dollars in projected revenues from the new taxes on both medical and recreational marijuana this fiscal year.  To accelerate those revenues, the State and local governments have worked tirelessly to begin new recreational sales by July 1st, 2017.  Friday Night has applied to the State and received its conditional approval to cultivate and process recreational marijuana effective July 1st, 2017.  The Company has also submitted its business license application and is waiting for an appointment with the zoning department in Clark County as the final step to receive its recreational permits.

 

The language in the original statute required that only licensed wholesale alcohol distributors could transport the recreational marijuana from the cultivator to the dispensary.  The State determined that there would not be enough alcohol distributors to meet the demand for recreational transportation and initially ruled that existing medical marijuana entities could also transport their own product to market.  The alcohol distributors sued to block the State’s decision.  On Tuesday, June 20th, the judge sided with the alcohol distributors and ruled that only alcohol distributors could be licensed to transport recreational marijuana.  The State immediately approved the 5 alcohol distributors who had applied to transport the recreational marijuana.  Since they have not handled this specific product before, they are now scrambling to get their facilities and equipment qualified to be ready by July 1st.  There may be minor deficiencies in meeting the initial surge in demand for getting product from the cultivators to the dispensaries but it will be ironed out and the flow will be handled as it has in other States that have done similar.  The Company does not anticipate any problems or significant delays.  The Company continues to produce high quality flower and extracts and looks forward to the projected increase in revenues from recreational sales.

 

Mr. Mark Zobrist, director of Alternative Medicine Association, LC, the Company’s 91% subsidiary, commented, “This is a tremendous opportunity for the Company.  To be in Las Vegas and witness the beginning of adult use of cannabis, combined with the already strong demand for medicinal purposes, is very exciting.  The local and State officials are to be congratulated for staying the course and doing it in a tightly regulated, professional manner.”

 

About Friday Night Inc. and its subsidiary Alternative Medicine Association, LC

Friday Night Inc. is a Canadian public company which owns and controls both hemp and cannabis based operations in Nevada with plans to expand both within and outside of the state. Through its recently-acquired subsidiary, Alternative Medicine Association, LC, the Company owns and operates a licensed medical marijuana cultivation and production facility in Las Vegas, Nevada and produces its own line of cannabis-based extracts including shatter, live resin, wax and oils including vape oils, flavored vape oils, terpene enhanced oils, and clear distillates and manufactures other third-party brands of similar products.