VANCOUVER, British Columbia, Feb. 26, 2019 /CNW/ -- Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: POT) (CSE: POT.CN) (FSE: 0OS1) (OTCQB: WKULF) announces that it has signed a letter of intent (LOI) with PPK LLC. to acquire vertically integrated operations in Wilburton, Oklahoma.
"We have strategically targeted Oklahoma, the state has moved faster than any other state in embracing the industry, and we see the business-friendly market translating into a consumer-friendly environment where the best brands will succeed for the long term," said Weekend President and CEO, Paul Chu.
The 7-acre property includes 20,000 ft2 of indoor facilities. Of the two main buildings, the larger 15,000 ft2 facility houses nursery/cultivation and extraction activities and includes a 1500 ft2 retail designated space for a concept store to be developed as a first location in Oklahoma.
The smaller building 5,000 ft2 is targeted to be production and packaging for existing Weekend brand Canna Candys for distribution and sales in Oklahoma. PPK has secured licenses in Oklahoma for cultivation, processing, transportation and has applied for a retail license.
The Company's product focus for the Oklahoma medical market will be centred upon vape cartridges, dab rigs and candy products. The brand strategy will be scalable and expand to beverages, topicals and supplements.
Weekend will provide expertise, capital and the brands to generate growth in the Oklahoma medical market. The growth strategy will focus upon quality, trusted products for Oklahoma patients, leveraging experience in markets such as California to establish a leadership position in the new, evolving Oklahoma market.
Facilities are in final stages of preparation to begin production in mid-March. The company's sales team is active, and delivery of the initial products are expected by 1 April 2019.
Under the terms of the LOI, Weekend will acquire 51% interest in the Oklahoma operation in exchange for $5,610,000, which will consist of 50% cash and 50% shares. Weekend shall have the option to purchase the balance of the operation on terms to be determined. The transaction is subject to the usual closing conditions for transactions of this nature, including due diligence, board approval and compliance with exchange policies.
About Weekend Unlimited Inc.
Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life's highest moments. The Company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. Learn more at www.weekendunlimited.com.
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.
For further information, please contact:
Mr. Paul Chu, President and CEO
Toll free 1(888)556-9656
E-mail: [email protected]
SOURCE Weekend Unlimited Inc.