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Friday Night shares flying as it posts first quarter results

Gross revenue for the three months to end October was around C$2.5mln, with gross profit at around C$1.33mln
Friday Night shares flying as it posts first quarter results
Friday Night Inc is expanding in the Nevada recreational cannabis market

Nevada-focused cannabis firm Friday Night Inc  (CNSX: TGIF) saw shares race up nearly 30% on Wednesday as it posted first quarter results, which showed the strength of the market it is tapping into.

Gross revenue for the three months to end October was around C$2.5mln, with gross profit at around C$1.33mln.

The group had cash at the end of the period of C$5.6mln.

"These results prove how large our footprint is becoming and attest to how healthy the market is in Nevada," said Brayden Sutton, the firm's chief executive.

"Our team has worked incredibly hard to achieve such great results, and as we fine tune operations and expand our facilities and partnerships within and outside the state, we are getting very close to becoming cash flow positive."

The cannabis market in Nevada has grown dramatically since recreational use was approved at the beginning of July and the firm believes revenue growth will continue.

In June, 2017, the firm announced the purchase of a  91% stake in Alternate Medicine Association (AMA), a licensed medical marijuana producer -  the second firm to get such a licence in Nevada and the very first in Vegas.

It also acquired a 91% stake in  Infused Mfg - a company that provides hemp-derived and cannabidiol (or CBD) products.

Highlights of the  first quarter included AMA inking an exclusive license agreement with 'Krypted', a vaping brand from California, to increase its Nevada offerings.

The group also struck a land purchase agreement to expand the AMA facilities.

Yesterday, the firm revealed it had hired CFN Media to conduct a four-month investor and market visibility program, which began on December 13.

CFN Media will leverage its reach to mainstream and cannabis-focused investors and media across North America.

On Wednesday, shares in TGIF added over 29% to stand at C$1. Three months ago shares were at C$0.18.

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