September 6th, 2017
Friday Night Inc. Provides Update On Nevada Operations
Friday Night Inc. is pleased to provide an update on its Nevada operations and expansion plans.
In the month of August, Alternative Medicine Association (“AMA”) and Infused MFG., both 91% owned assets, continued to see strong product demand in the recreational cannabis market. As a result both companies have taken steps to increase operational throughput.
AMA has added 3 additional employees to the team, plus 7 new Las Vegas dispensaries to its customer base in the month of August.
Infused MFG. is now using its new built-out production space and has been focused on streamlining its processes. In August, Infused MFG. added 2 new employees to the team plus 8 Las Vegas dispensaries to their sales network.
On August 25th, Friday Night announced it had entered into a land purchase agreement for 1.39 acres of land that includes approved plans to build a 33,000 sq. ft. building. The land is in escrow and Friday Night is currently completing its due diligence review before closing which includes plans on increasing this building to 66,000 useable sq. ft. This is a complex process, which includes several key steps. To date, it has already:
Obtained a commitment from NV Energy to provide an additional 4,000 amps of 480 volt, 3-phase power to the site at an estimated cost of $162,500 USD.
Solicited and received a bid to build the outer structure for under $1,400,000 USD.
Hired a licensed surveyor to complete a "separation survey" to verify the site complies with the regulations on the required distances from schools, churches and community centers.
Hired an engineer to update the soil analysis report, which is in progress.
Currently hiring an engineer to update the building plans so construction can commence immediately after closing on the land purchase agreement.
Begun the Clark County planning and zoning approval process and is preparing its Land Use Application for its Special Use Permit. To make the County Commission Meetings scheduled in early November, this will be completed and approved by September 27.
Friday Night intends to complete all of these due diligence steps in a timely manner and will close on the land acquisition no later than December 5th, 2017. Construction would begin shortly after closing.
For more information, please contact:
Joe Bleackley
604-674-4756 (ext.1)
Joe@FridayNightInc.com
