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Weekend Unlimited closes acquisition of 80% of Canna Candys and Canna Medibles in California

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This acquisition brings a distribution network of 380 retail stores in southern California and a product line including artisan handmade hard candies with 31 flavors and 10 flavors of single wrap lollipops.

Additional Information:

Company: Weekend Unlimited
Website: http://www.weekendunlimited.com
Stock Symbol: CSE: YOLO
Date Published: Nov 22, 2018
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

Weekend Unlimited Inc., a lifestyle cannabis company, has closed its acquisition of California-based Canna Candys with CBD products and Canna Medibles with THC products.

Weekend provided a secured loan of US$750,000 which has been converted into 51% of the equity in the company that owns these brands.

They paid an additional US$690,000 and is issuing shares worth US$1,440,000 to acquire a further 29% of the company, bringing the ownership up to 80%.

Weekend has an option to purchase the final 20% for US$720,000, which can be paid by cash, shares or a combination of the two.

This acquisition brings a distribution network of 380 retail stores in southern California and a product line including artisan handmade hard candies with 31 flavors and 10 flavors of single wrap lollipops.

The company is launching a new VESIsorb line of CBD and THC edibles using nanosize technology and new product lines including gummies, beverage packs and chocolates.

Highlights of the agreement include a forecast for same channel revenue of around US$2 million with a cost of goods at 38% based on current available supply chain agreements for lab tested and approved raw materials.

Cody Corrubia, President & CEO, stated: “This is a highly strategic acquisition for Weekend, following our business objective to identifying strong brands that require capital and expertise to grow. Paul Chu, CEO of Canna Candys, leads a team with tremendous product development expertise and a thriving distribution network in Southern California.”

Paul Chu, CEO of Canna Candys, stated: “Canna Candys and Canna Medibles are perfectly positioned to expand throughout US states where recreational or medical cannabis is legal. Now, as part of Weekend, we will expand our distribution to build upon the strong foundation in Southern California adding New York, Florida, Nevada, New Jersey, Texas and on to Europe and Asia.”

In addition to building its portfolio of brands in North America and internationally, the company has cannabis operations in Washington State and British Columbia.

Weekend Unlimited, which began trading on the CSE on October 15th, is currently trading at $0.145.

For more information, please visit the company’s website at www.weekendunlimited.com or contact investor relations at 236-317-2812 or email ir@weekendunlimited.com.

I’m Samantha Deutscher for Investmentpitch Media