VANCOUVER, BC / ACCESSWIRE / December 20, 2017 / Friday Night Inc. (Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF) is pleased to announce financial results for the first quarter ending October 31, 2017.
Q1 Financial Highlights
- Strong US operational results of approximately CDN $2.5 million in gross revenue
- Record gross profit of $1,133,979
- Cash at end of period of $5,637,152
Selected Quarterly Information
The following table shows results for the quarter ended October 31, 2017 in Canadian dollars.
|
3 months ended October 31, 2017 |
|
|
(unaudited) |
|
|
Revenue |
$2,464,487 |
|
Gross Profit |
$1,133,979 |
|
Non-Current Assets |
$17,604,463 |
|
Cash at end of period |
$5,637,152 |
|
Total Liabilities |
$5,627,525 |
The cannabis market in Nevada is robust and has grown dramatically since recreational use was approved beginning July 1, 2017. The Company experienced revenue growth and believes this will continue for future periods. US operations have been extremely strong through the first quarter with almost CDN$2.5 million of gross sales.
Brayden Sutton, CEO of Friday Night commented, "These results prove how large our footprint is becoming and attest to how healthy the market is in Nevada. Our team has worked incredibly hard to achieve such great results, and as we fine tune operations and expand our facilities and partnerships within and outside the state, we are getting very close to becoming cash flow positive."
Developments in Q1
- Friday Night announced on August 4th that its 91% owned subsidiary, Alternative Medicine Association ("AMA") signed an exclusive license agreement with "Krypted", a vaping brand from California, to increase its Nevada offerings.
- Friday Night entered into a land purchase agreement to expand the AMA facilities. The proposed building will be a 66,000 sq. ft. state of the art cultivation facility.
- Friday Night's CannaHemp brand launched CannaHemp Paws, which brought a new product to the pet CBD market.
- On September 15th, 2017, "Kurupt" granted exclusive rights to AMA to grow, process and distribute "The Real Kurupt's MoonRock" in Nevada.
- Management closed two financings of convertible debenture units for a total of $6,500,000 aggregate principal amount.
- Management focused and executed on several milestones surrounding its Nevada business expansion plans.
Detailed information on the financials and the management's discussion and analysis can be found at http://sedar.com/.
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp based assets in Las Vegas Nevada. The company owns 91% of Alternative Medicine Association, LC (AMA), a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of unique cannabis-based products and manufactures other third-party brands. Infused MFG, also a 91% owned subsidiary, produces hemp-based, CBD products, thoughtfully crafted of high quality organic botanical ingredients. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Joe Bleackley, Corporate Communications
604-674-4756
[email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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. 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 discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange.
SOURCE: Friday Night Inc.