Calgary, Alberta (FSCwire) - Friday Night Inc. (the "Company") (CSE:TGIF) (FRANKFURT:1QF) has entered into a production and distribution licensing agreement (the “Licensing Agreement”) with Gilla Enterprises Inc. (“Gilla”), a wholly-owned subsidiary of Gilla Inc. (OTCQB:GLLA), to introduce and launch Gilla’s new portfolio of cannabis concentrate products in the State of Nevada. The Licensing Agreement was entered into by the Company’s recently-acquired subsidiary, Alternative Medicine Association, LC (“AMA”), a Nevada-licensed medical marijuana establishment.
Under the terms of the Licensing Agreement, Gilla granted to AMA an exclusive five-year license to produce and distribute Gilla’s unique array of cannabis concentrate products including its high terpene vape oils, naturally extracted vape oils and pure crystalline or high grade, naturally extracted cannabis crystals (together, the “Licensed Products”) in the State of Nevada. AMA will manufacture the Licensed Products in its medical marijuana cultivation and production facility located in Las Vegas, Nevada for wholesale distribution utilizing Gilla’s standard operating procedures, marketing support and brand name that will be announced and formally launched in the coming weeks. The Licensed Products are scheduled to be launched for sale on or around July 1st, 2017 in conjunction with the adoption of recreational marijuana by the State of Nevada. As consideration for the license and rights granted under the Licensing Agreement, Gilla will receive a fifteen percent royalty of gross revenues generated by the Licensed Products.
“This is an excellent opportunity for us to broaden our product offering in preparation for the upcoming implementation of recreational marijuana in the State of Nevada,” stated Mr. Mark Zobrist, CEO of AMA. He added, “Our team at AMA is very impressed with the quality of the Gilla product offering and we look forward to a mutually-successful business relationship.”
Mr. Jason Provost, SVP of Business Development of Gilla stated, “We are extremely excited for the opportunity to partner with AMA to launch our new portfolio of cannabis concentrate products into the Nevada marketplace at such an exciting time.” He continued, “Together with AMA’s expertise in cultivation and processing, we are well positioned to advance our brand and product portfolio across Nevada and we look forward to working closely with AMA’s team to make this a successful endeavor.”
About Gilla Inc.
Gilla Inc. manufactures, markets and distributes E-liquid for use in vaporizers and develops turn-key vapor and cannabis concentrate solutions for high terpene vape oils, pure crystalline, high performance vape pens and other targeted products. Gilla aims to be a global leader in delivering the most efficient and effective vaping solutions for nicotine and cannabis related products. The Company’s multi-jurisdictional, broad portfolio approach services both the nicotine and cannabis markets with high quality products that deliver a consistent and reliable user experience.
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.
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. This news release includes forward-looking statements with respect to the regulatory approval in respect to the acquisition of new businesses and raising funds. 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. Such risk factors may cause the inability of the Company to successfully commercialize any of its biomedical technologies.