Vancouver, British Columbia--(Newsfile Corp. - July 6, 2017) - Friday Night Inc (CSE: TGIF), which owns and controls both hemp and cannabis based operations in Nevada, was excited to report that Nevada is now the 5th US State to approve adult-use cannabis for recreational consumption. Adults 21 years of age and older can now purchase and possess up to one ounce of cannabis, with an estimated two-thirds of all purchases coming from tourists visiting the state.
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Through its recently acquired subsidiary, Alternative Medicine Association, known as AMA, Friday Night owns and operates a licensed medical marijuana cultivation and production facility in Las Vegas, and produces its own line of cannabis-based extracts, including shatter, live resin, wax, and oils such as vape oils, flavored vape oils, terpene enhanced oils, and clear distillates.
Mark Zobrist, Director of Alternative Medicine Association, known as AMA, stated: "We expected a good turnout to kickoff the July 1st adult-use celebration, but lines were still exceeding 100 people, 6 hours later at some locations. We were making deliveries to stock retail stores until 11pm Friday night. Our grower commented that at this rate the state could be out of cannabis by the end of the month."
Several reports suggest that many of the 44 licensed retail outlets in Nevada had "customers lined up around the corner" with 39 of those locations being right in the city of Las Vegas.
Tick Segerblom, Nevada State Senator stated: "This day is the culmination of two years of hard work by an army of Nevadans. I'm very proud to be a part of it. It's going to be a historical day in the history of Las Vegas."
The new legal cannabis market, the most heavily regulated industry in Nevada, is expected to generate well over US$60 million in tax revenue over the next two years. The proceeds from the 15% cultivation tax on all cannabis products in the state will go toward schools, and a 10% tax collected from recreational cannabis sales will go toward a rainy-day fund for the state.
There are currently 29 states with a medicinal program in place, and more expected soon.
An Arcview/New Frontier market research report projected an annual compound growth rate of 51% for legal marijuana sales in Nevada, reaching US$629 million by 2020.
Brayden Sutton, President & CEO, stated: "We are excited to enter into one of the most highly anticipated new markets in the sector. With a proven corporate team and some of the best operators in the space running the facilities, the company is perfectly positioned as a first mover in Clark County."
Friday Night recently completed a private placement for gross proceeds of $6.6 million through the issuance of approximately 43.5 million units at $0.15 on a post consolidation basis, with each unit consisting of 1 share and one-half a warrant, with each full warrant exercisable at $0.30 for 24 months.
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