Friday Night looking to expand production capability as Las Vegas customer go potty – Proactive Investors UK

Friday Night Inc () is looking for larger premises in Las Vegas so it can keep up with demand for cannabis.

The companys subsidiary, Alternative Medicine Association (AMA), had a record month in June as Las Vegas retailers stocked up on product ahead of the legalization of the sale of recreational marijuana in Nevada.

AMA earned $902,000 in gross revenues for the month of June, 2017, up from $291,000 the previous month.

Going legal has been a good move for Nevada in terms of tax revenues, with sales of US$3mln in the first four days of the new era bringing in US$500,000 of tax revenue.

Friday Night said it expects demand for dried cannabis and derivative products to continue to grow and consequently is looking around for bigger facilities for AMA.

"Timing is everything and we feel that every day counts in this sector as it evolves so quickly, said Brayden Sutton, chief executive officer of Friday Night.

American roots, but global growth; we have a first-mover advantage in Las Vegas that will only last so long. While we are elated with the increasing performance of AMA, we are also in a constant state of evaluating additional accretive opportunities to further our brand around the world," he added.

Shares in Friday Night were up 19% at C$0.25 in lunchtime trading.

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Friday Night looking to expand production capability as Las Vegas customer go potty - Proactive Investors UK