VANCOUVER, BC / ACCESSWIRE / January 16, 2018 / Friday Night Inc. (Friday Night) (CNSX: TGIF) (FSE: 1QF) (OTCQB: TGIFF) is pleased to announce that it has entered into a letter of intent to acquire 100% of Harvest Foundation LLC, a cannabis cultivation facility located adjacent to Friday Night’s Alternative Medicine Association (“AMA”). This transaction is subject to closing conditions customary to a transaction of this type, including due diligence and regulatory approval.
Harvest Foundation is a Nevada cultivation licensee for medical and recreational cannabis. Their facility is approximately 10,000 sq. ft. and is conveniently located adjacent to the current AMA facility in Las Vegas, Nevada. AMA currently manages the Harvest Foundation cultivation facility under contract.
The Company has agreed to a purchase price for $1 million USD plus 10 million common shares in Friday Night and 1/5 of a stock purchase warrant, with each whole warrant priced at 120% of the market price at closing. The shares will be escrowed over 36 months.
Brayden Sutton, President and CEO commented, “Integrating the Harvest Foundation license and facility into our business is a huge milestone and this facility effectively doubles our current cultivation capacity.”
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.