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Friday Night cancels plan to acquire Body & Mind

Friday Night Inc. terminated its letter of intent to acquire Body & Mind Inc. in an all-stock deal.

The two Canadian companies mutually agreed that the terms of the transaction were not in the best interests of their shareholders under the current market conditions.

"To keep renegotiating terms and delaying the closing date is not fair to shareholders on either side, all the while both companies may be missing other opportunities," Friday Night CEO Brayden Sutton said.

Friday Night is a Canadian public company that owns and controls cannabis and hemp-based assets in Las Vegas. Body and Mind is a development-stage company that produces medical marijuana.