Friday (no pun intended) was the first day of trading for Friday Night Inc. (CSE:TGIF) on the Canadian Securities Exchange. Based in Las Vegas, Nevada, Friday Night Inc. owns 91% of two cannabis-based businesses; Alternate Medicine Association LC, a Nevada licensed medical marijuana producer and Infused Mfg., LLC, a producer of hemp-based CBD infused products.
The medical marijuana producer holds both cultivation and production licenses and currently does approximately $200,000 per month in sales. Alternate Medicine’s facility is 12,000 square feet and they have the longest growing history of any medical marijuana enterprise in Nevada.
The state of Nevada legalized recreational marijuana in the most recent election, and the state government is currently building out the program. Under the current rules, only existing licensed medical cannabis businesses can apply for recreational licenses, putting Friday Night in a good place to get ahead of others that don’t currently hold medical licenses.
Friday Night also has a strong management team, the company’s President and CEO previously served as the Executive Vice President for Supreme Pharmaceuticals (TSX-V:FIRE) and has carried additional Executive positions in cannabis companies including Invictus MD Strategies (TSX-V:IMH), Aurora Cannabis (TSX-V:ACB) and CannaRoyalty (CSE:CRZ). Additionally, Friday Night’s Director, Mr. Brian Keane has more than 18 years of capital markets and consulting experience at firms including Ladenburg Thalmann & Co and Qualified Capital.
There are 130,337,210 shares issued and outstanding and 16,657,399 shares reserved for issuance. The shares have a CUSIP assigned of “358367 10 0” and an ISIN of “CA358367 10 0 1”. The transfer agent for Friday Night Inc. will be TSX Trust Company.
In midday trading Friday, shares of Friday Night Inc. (CSE:TGIF) are down 5% from their opening price of $0.30 CAD. At the time of this writing, 710,900 shares of TGIF have traded.