Cannabis- focused Friday Night Inc (CSE:TGIF, OTCQB:TGIFF) saw shares shoot up 11% Thursday on the back of an announcement about its new acquisition Spire Secure Logistics and Canada.
In late February, the group said it had acquired Spire, which specializes in security and has expertise in the cannabis industry. It closed the deal in March.
Spire is led by experts with international backgrounds in covert and undercover operations to infiltrate and disrupt organized crime, including cartels and other violent gangs.
The new subsidiary is to provide strategic advice and expertise to a Canadian provincial government on security programs and infrastructure for the legal distribution and sale of cannabis, Friday Night said.
"We are pleased to be developing secure and compliant strategies and programs as Canadian provinces and cities begin to implement legal cannabis distribution and sales," said Friday Night director and Spire CEO Andrew Richards.
Friday Night also announced today the appointment of Kevin Mead as chief administration officer and director of International programs at Spire.
Mead is a 23-year career veteran of the Canadian Army and has served in numerous command, training and senior staff positions at tactical, operational and strategic levels.
Friday Night is a rapidly growing firm in the legal cannabis space.
It owns the first licensed cultivation facility in the Las Vegas area, Alternative Medicine Association (AMA), as well as the developer of hemp and cannabidiol (CBD) infused product maker called Infused Mfg.
Shares in Toronto added 11.34% to stand at C$0.54.