Weekend Unlimited (CSE:YOLO)(FSE: 0OS1) (“Weekend” or the “Company”) is providing additional information in respect to its arm-length securities purchase agreement to acquire equity interests in California’s Canna Candys and Canna Medibles, adding a necessary edibles product portfolio as the Company executes on its strategy to build its flower, extracts and edibles verticals.
“The acquisition of Canna Candys and Canna Medibles will provide Weekend with strong products within each of the categories we are focused upon, flower, extracts and edibles,” said Mr. Cody Corrubia, President and CEO of Weekend. “Canna Candys are a CBD product while Canna Medibles are a THC product. The operations team is experienced, having built distribution in Southern California to 380 retail stores,” added Mr. Corrubia.
Canna Candys (CBD) and Canna Medibles (THC) Highlights:
- 2019 same channel revenue forecast of approximately USD$ 2 million*
- Active candy brand with distribution in 380 retail stores Southern California
- 31 flavors, single wrap candy and single wrap lollipop
- Strong operating team, production of new gummies, beverage and other edibles
- CBD only distribution deals being negotiated in NY, FL, NJ, NC, TX, CA
*Cost of goods 38% based on current available supply chain agreements and cost of goods for lab tested and approved raw material. Risks associated with the forecast are an increase in competition and costs, an adverse change in state regulation and consistent availability of lab tested and approved raw material.
Weekend has provided a secured loan of US$ 750,000 to date. It has the option to convert this note for 51% of the equity in the company that owns these brands. Weekend has the option, for a period of 60 days from the initial closing, to pay an additional US$ 690,000 and issue shares worth US$ 1,440,000 to acquire a further 29% of the company so as to own 80%. The final 20% can be purchased, during a time period ending 90 days after the first closing, for US$ 720,000, to be paid by cash, shares or a combination of the two as agreed to by the parties.
The parties are in the final due diligence stages and anticipates closing within 30 days.
Canna Candys will be a featured exhibitor, promoting Weekend Unlimited, at MJBizCon in Las Vegas from November 14th to 16th.
For further information, please contact:
Mr. Cody Corrubia, President and CEO
Telephone: 1 (236) 317-2812 – Toll free 1(888) 556-YOLO (9656)
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.