July was a good month for sales at Friday Night Inc. (OTCQB:TGIFF)(CSE:TGIF), a diversified, Vancouver-based company with cannabis operations in Las Vegas, Nevada.
Amongst other holdings under its umbrella, Friday Night is 91% owner of Alternative Medicine Association (AMA), a licensed medical and recreational marijuana cultivation and production facility that produces its own line of novel cannabis-based products, as well as manufactures other brands for third-party customers.
The company also owns 91% of hemp-based CBD (cannabidiol) product producer Infused MFG and all of Spire Global Strategy, a provider of customized security solutions, compliance, IT, due diligence and more for an array of industries, primarily cannabis, finance and mining.
One year after kicking off operations in Nevada, Friday Night said that this past month produced record results from its Nevada subsidiaries. Alternative Medicine Association generated $1.6 million in sales during the month, a whopping 362% increase over the year prior month. Sales of AMA cannabis flower made up 35%of the revenue, while concentrates accounted for the other 65%.
Figures weren't provided for Infused MFG, but management did say that CBD products contributed 85 percent of July's sales, while hemp-based products were responsible for the remaining sales.
Chris Rebentisch, Head of U.S. Operations and Founder of Infused MFG, commented that the increased sales are the result of improved efficiencies in processes at current facilities while expansion projects are completed. "[W]e are working diligently to increase our footprint and expand our product line over the coming months," said Rebentisch in today's news release.
U.S.-listed shares fo Friday Night have bounced between negative and positive on the day, holding flat at $0.30 as the noon hour approaches in New York City. CSE-listed shares, on the other hand, are up 5.3%, or two Canadian cents, at C$0.395.
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