Friday Night Inc (CNSX:TGIF) says the land purchase agreement for its new growing facility has now closed and its design teams are finalising plans ahead of construction.
As previously reported the approval was received on the land use application at a Clark County commissioners hearing on November 8.
In August this year it struck a deal to buy 1.39 acres of land for US$432,000, which includes areas that could be used to grow marijuana.
The acquisition includes a 33,000-square-foot footprint for a building with footings already poured and full perimeter security fences, water hookups for the full sprinkler system throughout the future warehouse and 2,000 amps of power.
It has also secured an estimate from NV Energy to provide an additional 4,000 amps of power, which would support a two-storey cultivation of up to 66,000 sq ft of canopy.
In today's release, the recreational cannabis focused firm also invited people from all over the world visiting Las Vegas, Nevada, to the MJ Biz conference (MJBIZCON) - the world’s largest gathering of cannabis executives and exhibitors each season.
MJBIZCON starts on November 15 and runs until November 17 and is expected to host over 14,000 attendees and has a lineup of 650 exhibitors.
Las Vegas MJBIZCON show in 2013, 2014, 2015 and 2016 completely sold-out.
The company owns 91% of Alternative Medicine Association (AMA), a licensed medical and adult-use cannabis cultivation and production facility.
Yesterday, it said AMA had struck a deal to provide cultivation services to another Nevada-licensed facility owned by Harvest Foundation, sending shares soaring.
The facility is already under AMA's management and lied adjacent to the company's current cultivation facility.
Under the deal, AMA will now grow its own proprietary, high-yield strains in the Harvest Foundation facility.
This will provide additional pounds of flower and trim to Alternative Medicine, and will provide Harvest Foundation the most economical means of meeting market demand for its products.
Shares eased over 5% to C$0.34 each.