Friday Night: Well Positioned in Nevada’s Growing Rec Market -- CFN Media
March 09 2018 - 9:00AM
CFN Media Group ("CannabisFN"), the leading creative agency and
media network dedicated to legal cannabis, announces publication of
an article discussing the fast start for Nevada’s recreational
marijuana sales and the prime position established by Friday
Night Inc. (CSE:TGIF) (CNSX:TGIF) (TGIF.CN) (OTCQB:TGIFF) in
the state. The company operates an existing cultivation facility
and has near term plans to expand into a 67,000 sq. ft. state of
the art facility. In addition to Nevada’s medical and recreational
market, the company is targeting nationwide opportunities in the
cannabidiol (CBD) space and positioning itself to expand into
California’s market.
Recreational Sales Near $200 Million
Nevada’s recreational cannabis market has already generated more
than $200 million in sales since legalization just six months ago.
Driven by over 45 million visitors to Las Vegas each year, these
sales surpassed the total revenue generated by Colorado and
Washington State in the early months of their recreational cannabis
programs. Nevada’s monthly sales average about $32 million,
compared to more mature market numbers of $96.7 million in Colorado
and $79.7 million in Washington State.
Despite early concerns and hurdles, the state’s early start
program was largely successful in handling the influx of new
recreational use customers. The program enabled licensed medical
dispensaries to sell recreational marijuana while rules for the
adult-use program were finalized. With adult-use in place, there
will be only around 130 licensed recreational dispensaries, which
is far fewer than any other recreational market in the country.
These dynamics bode well for companies that have already
established a recreational presence in Nevada. Early revenue
figures suggest that the majority of the state’s recreational
cannabis income comes from the tourism industry rather than its
existing population.
Friday Night’s Leading Position in Nevada
Friday Night is a Nevada-licensed cannabis producer focused on
building lifestyle brands for both the medical and recreational
markets.
The company owns an existing cultivation facility in Las Vegas,
Nevada, as well as a separate CBD infused product company providing
medical and topical product mixes. The company was the first to be
approved in Southern Nevada by both state and local jurisdictions,
which provided it with a valuable head start in the state’s
lucrative market.
Earlier this month, the company announced that it closed on the
purchase of an additional 2.78 acres of land that’s contiguous to
its current location that will host its new cultivation facility.
Its majority-owned Alternative Medical Association 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.
"The additional land will allow for future expansion of the
cultivation facility as well as a new production facility when
needed,” said Mark Zobrist, Managing Partner of Alternative
Medicine Association. “It could also be used as the location for a
retail dispensary license application if the company decides to
apply when that window opens again. This acquisition gives us a
strategic advantage and flexibility for our long-term plans to meet
the market demand.”
Looking Ahead
Friday Night Inc. (CSE:TGIF) (OTC:TGIFF) represents a compelling
investment opportunity in Nevada’s lucrative recreational cannabis
market. With Nevada sales already moving past $200 million, the
company has a tremendous opportunity given its proximity to Las
Vegas, expansion projects, and move into other markets. Investors
may want to take a closer look at the stock given these short- and
long-term potentials.
Please follow the link to read the full
article: http://www.cannabisfn.com/friday-night-well-positioned-nevadas-growing-rec-market/
For more information, visit the company’s website
at www.fridaynightinc.com.
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media
network dedicated to legal cannabis. We help marijuana businesses
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