Recreational cannabis-focused group Friday Night Inc (CNSX:TGIF, OTC:TGIFF) continues to make progress with long term plans - as it closed on a previously announced land purchase agreement in Nevada.
The purchase is of a further 2.78 acres of land which is contiguous to the current location that will host subsidiary Alternative Medicine Association's (AMA's) new cultivation facility.
READ: Friday Night completes acquisition of Spire Secure Logistics
AMA now owns 4.17 acres of land on a major thoroughfare in the city of Las Vegas, which includes the original plot of 1.39 acres that has already received a special use permit for cannabis cultivation and a building permit for its future 67,000 sq ft cultivation facility, the firm said.
Mark Zobrist, the managing partner of Alternative Medicine Association, said: "The additional land will allow for future expansion of the cultivation facility as well as a new production facility when needed.
"It could also be used as the location for a retail dispensary license application if the company decides to apply when that window opens again.
"This acquisition gives us a strategic advantage and flexibility for our long-term plans to meet the market demand as it grows."
Friday Night owns 91% of AMA, which is a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of cannabis-based products and manufactures other third-party brands.
Earlier this month, the firm closed its previously announced acquisition of Spire Secure Logistics - a group, which specialises in security is an expert in the cannabis industry.
READ: Friday Night shares advance as it pulls Infused MFG business spin-out
Friday Night issued 7.69mln common shares to the shareholders of Spire at a deemed price of 65 cents a share.
Spire has strengthened its team with the appointment of Tim Humberstone, a former law enforcement leader and someone who is regarded as an expert in Canada's regulated cannabis sector.
Humberstone will be Spire's chief strategy officer, charged with leading Spire's growth in Ontario.
Shares added nearly 10%% to C$0.78 in Toronto.
