CFN Media Group ("CannabisFN"), the leading creative agency and
media network dedicated to legal cannabis, announces publication of
an article covering how and why Friday Night
Inc. (CSE:TGIF)(CNSX:TGIF)(TGIF.CN)(OTCQB:TGIFF), recognizing
the importance of security and compliance in the unfolding cannabis
industry, recently acquired Spire Secure Logistics Inc.
The move accomplishes a number of things for Friday Night,
including the diversification of its revenue stream, entry into
international markets, the addition of experienced talent to its
team, and further assurance of its own security and compliance
efforts.
Canada’s existing medical marijuana program is among the most
advanced and complete in the world. The licensing procedures are
tightly controlled, and distribution is done via mail to patients
with doctor approval. With recreational legalization approaching
this summer, that framework is going to be retooled into a much
more diverse and free-ranging retail operation that will be
governed by varying provincial regulations. In short, compliance
and security for Canadian cannabis companies is about to get a
whole lot more complex. Add that to the already complex and
confusing regulatory landscape in the United States, along with
legalization efforts (both recreational and medical) across the
globe, and it’s clear there is a market opportunity here.
How Spire Secure Logistics Fits
Spire was founded by CEO Andy Richards (34 years of law
enforcement experience with a particular focus on organized crime
investigations and a deep familiarity with complex, often
international cases) and COO Jeff Meyers (24 years of law
enforcement, including organized crime and cross-border regulation,
coupled with recent international security for mining interests).
Richards and Meyers were acutely aware of the role the black market
plays in cannabis and founded Spire to help companies avoid issues
as the industry gains traction.
Spire has recognized a need for mitigating regulatory and
compliance risks through investigative due diligence - both
proactively and in particular during transactions. Recent issues
both inside and outside the cannabis space have demonstrated that
circumstances involving undisclosed personnel issues, compliance
concerns, or other sources of risk have had a negative effect on
shareholder confidence. Spire secures shareholder value in a world
of known and unknown threats, focusing on maximizing upside
potential, while protecting against downside risk.
In a recent conversation, Mr. Richards stated, “We anticipate
signing our 7th and 8th clients this week, with 20 more prospective
clients in discussions and a deep business development pipeline
behind that.” Friday Night has committed an investment of $1
million to expand Spire’s client base, both in Canada and
globally.
The acquisition not only expands Friday Night’s revenue stream
and international presence, it also gives the company an expert’s
view on its own security and compliance issues. With the addition
of Mr. Richards to the Friday Night Board of Directors, the company
has expert guidance as well in terms of the evaluation of security
risks in any potential acquisition or partnership.
As Friday Night CEO Brayden Sutton stated, “Spire is uniquely
equipped to keep companies safe, secure, and compliant – which in
turn creates more shareholder value and peace of mind. I am
extremely honored to call the Spire team a part of our family and
look forward to the increased level of intelligence and awareness
it brings us as a company, whether that be in current operations or
when evaluating other opportunities in the sector.”
Friday Night Developments
As Friday Night Inc. diversifies into other market sectors, it
continues to build shareholder value in its foundational
cultivation business. The company’s 91% owned Alternative Medicine
Association (AMA), the first cannabis cultivator licensed in Las
Vegas. AMA also manages the cultivation operations next door, for
Harvest Foundation, another cultivation licensee. Friday Night has
an agreement to acquire Harvest Foundation in full. When completed,
the acquisition would basically double the company’s cultivation
capacity, helping it grab a larger share of the fairly recent
Nevada recreational market.
The company’s other main subsidiary, the 91% owned Infused MFG,
produces hemp-based CBD products. Infused recently introduced its
products into California with great success, leading to the
addition of two more sales reps to further expand distribution.
Friday Night sees the early success in California as an extremely
encouraging sign and expects the company’s Canna Hemp brand to
continue strong sales growth in both existing and new markets.
Friday Night also recently announced eligibility with The
Depository Trust Company (DTC), meaning its stock is now more
easily and efficiently traded electronically than in the past. DTC
eligibility opens the stock to investors who previously may have
avoided it due to trading difficulties, and could lead to a more
liquid market for the shares.
Looking Ahead
Friday Night Inc.’s acquisition of Spire Secure Logistics Inc.
is a sign of a company in smart growth mode, in a quickly expanding
and constantly changing industry. As the cannabis sector gains
legitimacy, security and compliance are more important than they
ever have been. The addition of Spire shows that Friday Night
recognizes the opportunity both to expand its presence in the
emerging security sector, as well as to ensure its own compliance
as the company expands operations.
Please follow the link to read the full
article: http://www.cannabisfn.com/friday-night-diversifies-business-revenue-acquisition/
About CFN Media
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network dedicated to legal cannabis. We help marijuana businesses
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