Weekend Unlimited Announces Acquisition of Canna Candys and Medibles
Southern California market leader in the category, Canna Candys new infrastructure will accelerate expansion throughout US legal markets
VANCOUVER, BC, CANADA (10 January 2019) – Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: YOLO – FSE: 0OS1) is pleased to announce the closing of its acquisition of the remaining 20% of California’s Canna Candys and Canna Medibles that it did not previously own. Pursuant to the original purchase and sales agreement dated September 20, 2018, Company paid US $360,000 in cash and issued 5,106,383 shares at a deemed price of $0.094 per share to own 100%.
“Canna Candys is a developed brand with approximately 35% of hard candy market share in Southern California,” said Mr. Paul Chu, President and CEO of Weekend Unlimited. “The company is in the final steps to begin operations from a new licensed facility in Adelanto California, providing capacity in product development and manufacturing to grow substantially. The operations team is experienced, having built distribution in Southern California to 380 retail stores, and are expecting additional sales growth this year,” added Mr. Chu.
Canna Candys (CBD) and Canna Medibles (THC) Highlights:
- Canna Candys’ new licensed manufacturing facility in California will be operational in Q1 2019 producing hard candies and soft gummies.
- In addition to Canna Candys, Weekend Unlimited will be a 5% equity partner of High Desert Group, Inc. (HDG), the largest THC oil extractor in Adelanto California
- Weekend Unlimited’s edible THC + CBD production will come from California’s HDG facility
- The company will be focused on its channel build with a national distribution rollout focus for CBD edibles line throughout the USA, and THC edibles line in CA, WA, NV.
- 2019 same channel revenue forecast of approximately USD$ 2 million*
- 31 flavors, single wrap candy and single wrap lollipop
- New facility will accelerate production of new gummies, beverage and other edibles
- Distribution in 380 retail stores Southern California to be expanded in Q1
- CBD only distribution deals being negotiated in NY, FL, NJ, NC, TX, CA
- *Cost of goods 35-38%
For further information, please contact:
Mr. Paul Chu, President and CEO
Telephone: 1 (236) 317-2812 - Toll free 1(888) 556-YOLO (9656)
Suite 734 – 1055 Dunsmuir Street
Vancouver, B.C., V7X 1B1
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.
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