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Weekend Unlimited reported record gross revenues and gross profits for 3rd quarter

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The company reported gross revenues of CDN$376,104 for the partial 3rd quarter, an increase of 1,138% over the CDN$30,387 reported during the 2nd quarter

Additional Information:

Company: Weekend Unlimited Industries
Website: http://www.WeekendUnlimited.com
Stock Symbol: CSE: POT
Date Published: Jun 15, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Weekend Unlimited Industries, a lifestyle cannabis company, has reported record gross revenues and gross profits for the 3rd quarter, which includes April, May and the first two weeks of June.

The company reported gross revenues of CDN$376,104 for the partial 3rd quarter, an increase of 1,138% over the CDN$30,387 reported during the 2nd quarter.

These results reflect sales of WKND! and Orchard Heights branded cannabis products in Oklahoma and WKND! Wellness CBD and health products sold between April 1st, 2020 thru June 15th, 2020 in Q3 2020.

During the month of June to date WKND! Wellness products saw a 487% increase in month-over-month sales generating the company a total of Cdn$286,051 in revenues, with cost of goods sold totalling Cdn$268,773, representing a gross profit Cdn$17,278, or 6%.

Robert Payment, CFO, stated: "This is a pinnacle moment for Weekend Unlimited that still has another two weeks to go in Q3. It is incredibly exciting to see these revenues and to be finally taking home profits. Being a Cannabis company with no debt, and products rapidly gaining in popularity, we are very optimistic leading into Q4."

Additionally, revenues of WKND! and Orchard Heights branded cannabis products during April and May 2020, saw a 78% increase over Q2 giving the Company Cdn$41,359 in revenues, with cost of goods sold totalling Cdn$27,136, and a gross profit of Cdn$14,223, or 34%.

The company’s prefilled WKND! vape cartridges, which contain pure cannabis distillate with cannabis-derived terpenes, are available in the company’s three proprietary flavors: Bliss, Escape and Now.

The Orchard Heights branded product line, featuring vape cartridges and rosin items launched in Oklahoma in the 3rd quarter and are being positioned as a mid-market brand to generate higher volumes.

Products are available to USA customers on the company’s WKND! Wellness hemp derived CBD online retail shop at www.WKNDwellness.com.

As reported by the Marijuana Business Daily last December, in less than a year, Oklahoma’s medical marijuana industry went from nonexistent to one of the largest and most valuable cannabis markets in the nation.

According to tax receipts released by the Oklahoma Tax Commission, sales of medical marijuana in the state stood at just over $258 million through the first 10 months of 2019 and were on pace to eclipse $350 million by the end of the year.

Chris Backus, President and CEO, stated: "Despite the pandemic environment we are generating record numbers in both revenue and gross profit. After going to market with an initial strategy focused on high volume, low margin products that would give WKND! brands maximum exposure, the Company is now positioned to decrease cost of goods through high volume orders, while continuing to increase overall sales and gross profit. As our product lines and distribution continue to expand and our brands continue to gain awareness in the United States, we are well positioned to take advantage of the exciting US Cannabis and Wellness market."

Management cautions that the number reported today have been prepared by management and have not been audited.

The shares are trading at $0.135.

For more information, please visit the company’s website at www.WeekendUnlimited.com or contact Chris Backus, President and CEO, at 236-317-2812 or email ir@WeekendUnlimited.com.

I’m Fiona Forbes for Investmentpitch Media