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Marijuana is becoming big business in Nevada. The state sold more than $27 million worth of marijuana in July (the first month of recreational marijuana sales).
When you compare Nevada’s first month to states like Colorado, Oregon and Washington, and the results are incredible. The state generated almost double what both Colorado and Oregon sold, and almost seven times what Washington sold.
Nevada seems to be pleased with its decision to legalize recreational marijuana. The state will benefit by putting the $10 million it received in taxes to work.
The marijuana industry in Nevada has been beneficial for investors. The growth has been a catalyst to companies and Friday Night (TGIF.CN) is one that we have been watching.
The company recently reported very strong numbers from its Nevada-based operations and we are excited by the opportunity offered through Friday Night.
The company is levered to the Nevada hemp and cannabis market through the acquisition of Alternative Medicine Association, which owns and operates a licensed medical marijuana cultivation and production facility in Las Vegas.
Enter Veterinary Vertical
Earlier this week, Friday Night announced that its subsidiary, Infused MFG expanded their Canna Hemp line to include a specialty line of CBD Pet Products which are selling under the name Canna Hemp Paws.
Infused MFG. has the production capacity to make 2,000 CBD Tincture units a day in their current Canna Hemp facilities. The products will offer 3 unique products targeted at the rapidly growing CBD pet products industry.
1. CBD Tinctures - a concentrated form of CBD oil that provides all the benefits of cannabis phytonutrients for pets that may need a higher dose of CBD. The initial product run of CBD Pet Tinctures has sold out.
2. Topical CBD Spray - a powerful CBD spray-on product formulated to improve your pets skin conditions and coat. The topical spray should be ready by November 1st
3. Edible Pet Treats - Snacks that have all the added CBD health benefits. The treats are currently being formulated and should be ready for sales by January 1st.
Canna Hemp Paws products will be available nationwide and will directly compete with Veterinarian products of the same caliber, which sell at much higher prices.
A Company to Watch
Friday Night has reported strong numbers and the stock has been an execution story. The company is a stock to watch and we favorable on the company’s strategic partnerships.
In July, Friday Night a contract with Blackbird for distribution and delivery. Blackbird was the first marijuana company to receive a license for distributing medical and recreational marijuana.
The company is led by an experienced management team that previously worked with several large-scale marijuana producers and is focused on a market that is seeing incredible growth. We are keeping an eye on this one.