Friday Night: Well Positioned in Nevada’s Growing Rec Market
March 9th, 2018
Exclusive, News, Top News
The cannabis industry is projected to reach more than $50 billion by 2026, according to Cowen & Co., driven by the legalization of adult-use cannabis across a growing number of states. While California represents the biggest opportunity, and Colorado and Washington are the most established markets, investors shouldn’t ignore fast-growing states like Nevada that could see strong growth rates due to its tourism industry.
Friday Night Inc. (CSE: TGIF) (OTCQB: TGIFF) has established a presence in Nevada where it operates an existing cultivation facility and has near term plans to expand into a 67,000 sq. ft. state of the art facility. In addition to Nevada’s medical and recreational market, the company is targeting nationwide opportunities in the cannabidiol (CBD) space and positioning itself to expand into California’s market. Investors may want to take a closer look given both near-term and long-term potential.
Recreational Sales Near $200 Million
Nevada’s recreational cannabis market has already generated more than $200 million in sales since legalization just six months ago. Driven by over 45 million visitors to Las Vegas each year, these sales surpassed the total revenue generated by Colorado and Washington State in the early months of their recreational cannabis programs. Nevada’s monthly sales average about $32 million, compared to more mature market numbers of $96.7 million in Colorado and $79.7 million in Washington State.
Despite early concerns and hurdles, the state’s early start program was largely successful in handling the influx of new recreational use customers. The program enabled licensed medical dispensaries to sell recreational marijuana while rules for the adult-use program were finalized. With adult-use in place, there will be only around 130 licensed recreational dispensaries, which is far fewer than any other recreational market in the country.
These dynamics bode well for companies that have already established a recreational presence in Nevada. Early revenue figures suggest that the majority of the state’s recreational cannabis income comes from the tourism industry rather than its existing population.
Friday Night’s Leading Position in Nevada
Friday Night is a Nevada-licensed cannabis producer focused on building lifestyle brands for both the medical and recreational markets.
The company owns an existing cultivation facility in Las Vegas, Nevada, as well as a separate CBD infused product company providing medical and topical product mixes. The company was the first to be approved in Southern Nevada by both state and local jurisdictions, which provided it with a valuable head start in the state’s lucrative market.
Earlier this month, the company announced that it closed on the purchase of an additional 2.78 acres of land that’s contiguous to its current location that will host its new cultivation facility. Its majority-owned Alternative Medical Association owns over 4.17 acres following the transaction on a major thoroughfare in Las Vegas. The company plans to build a new state-of-the-art 67,000 sq. ft. cultivation facility on this land that will help further scale both revenue and product lines.
“The additional land will allow for future expansion of the cultivation facility as well as a new production facility when needed,” said Mark Zobrist, Managing Partner of Alternative Medicine Association. “It could also be used as the location for a retail dispensary license application if the company decides to apply when that window opens again. This acquisition gives us a strategic advantage and flexibility for our long-term plans to meet the market demand.”
Friday Night Inc. (CSE: TGIF) (OTC: TGIFF) represents a compelling investment opportunity in Nevada’s lucrative recreational cannabis market. With Nevada sales already moving past $200 million, the company has a tremendous opportunity given its proximity to Las Vegas, expansion projects, and move into other markets. Investors may want to take a closer look at the stock given these short- and long-term potentials.
For more information, visit the company’s website at www.fridaynightinc.com.
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