Friday Night Diversifies Business, Revenue with Acquisition
Ryan Allway
March 1st, 2018
Exclusive, News, Top News
Canada’s existing medical marijuana program is among the most advanced and complete in the world. The licensing procedures are tightly controlled, and distribution is done via mail to patients with doctor approval. With recreational legalization approaching this summer, that framework is going to be retooled into a much more diverse and free-ranging retail operation that will be governed by varying provincial regulations. In short, compliance and security for Canadian cannabis companies is about to get a whole lot more complex. Add that to the already complex and confusing regulatory landscape in the United States, along with legalization efforts (both recreational and medical) across the globe, and it’s clear there is a market opportunity here.
Friday Night Inc. (CSE: TGIF) (OTCQB: TGIFF), recognizing the importance of security and compliance in the unfolding industry, recently announced the acquisition of Spire Secure Logistics Inc. The move accomplishes a number of things for Friday Night, including the diversification of its revenue stream, entry into international markets, the addition of experienced talent to its team, and further assurance of its own security and compliance efforts.
How Spire Secure Logistics Fits
Spire was founded by CEO Andy Richards (34 years of law enforcement experience with a particular focus on organized crime investigations and a deep familiarity with complex, often international cases) and COO Jeff Meyers (24 years of law enforcement, including organized crime and cross-border regulation, coupled with recent international security for mining interests). Richards and Meyers were acutely aware of the role the black market plays in cannabis and founded Spire to help companies avoid issues as the industry gains traction.
Spire has recognized a need for mitigating regulatory and compliance risks through investigative due diligence – both proactively and in particular during transactions. Recent issues both inside and outside the cannabis space have demonstrated that circumstances involving undisclosed personnel issues, compliance concerns, or other sources of risk have had a negative effect on shareholder confidence. Spire secures shareholder value in a world of known and unknown threats, focusing on maximizing upside potential, while protecting against downside risk.
In a recent conversation, Mr. Richards stated, “We anticipate signing our 7th and 8th clients this week, with 20 more prospective clients in discussions and a deep business development pipeline behind that.” Friday Night has committed an investment of $1 million to expand Spire’s client base, both in Canada and globally.
The acquisition not only expands Friday Night’s revenue stream and international presence, it also gives the company an expert’s view on its own security and compliance issues. With the addition of Mr. Richards to the Friday Night Board of Directors, the company has expert guidance as well in terms of the evaluation of security risks in any potential acquisition or partnership.
As Friday Night CEO Brayden Sutton stated, “Spire is uniquely equipped to keep companies safe, secure, and compliant – which in turn creates more shareholder value and peace of mind. I am extremely honored to call the Spire team a part of our family and look forward to the increased level of intelligence and awareness it brings us as a company, whether that be in current operations or when evaluating other opportunities in the sector.”
Friday Night Developments
As Friday Night Inc. diversifies into other market sectors, it continues to build shareholder value in its foundational cultivation business. The company’s 91% owned Alternative Medicine Association (AMA), the first cannabis cultivator licensed in Las Vegas. AMA also manages the cultivation operations next door, for Harvest Foundation, another cultivation licensee. Friday Night has an agreement to acquire Harvest Foundation in full. When completed, the acquisition would basically double the company’s cultivation capacity, helping it grab a larger share of the fairly recent Nevada recreational market.
The company’s other main subsidiary, the 91% owned Infused MFG, produces hemp-based CBD products. Infused recently introduced its products into California with great success, leading to the addition of two more sales reps to further expand distribution. Friday Night sees the early success in California as an extremely encouraging sign and expects the company’s Canna Hemp brand to continue strong sales growth in both existing and new markets.
Friday Night also recently announced eligibility with The Depository Trust Company (DTC), meaning its stock is now more easily and efficiently traded electronically than in the past. DTC eligibility opens the stock to investors who previously may have avoided it due to trading difficulties, and could lead to a more liquid market for the shares.
Looking Ahead
Friday Night Inc.’s acquisition of Spire Secure Logistics Inc. is a sign of a company in smart growth mode, in a quickly expanding and constantly changing industry. As the cannabis sector gains legitimacy, security and compliance are more important than they ever have been. The addition of Spire shows that Friday Night recognizes the opportunity both to expand its presence in the emerging security sector, as well as to ensure its own compliance as the company expands operations.
Disclaimer
The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please see our disclaimer below and follow the link to view our full disclosure outlining compensation: https://cannabisfn.com/legal-disclaimer/
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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