Weekend Unlimited Acquires Canna Candys And Canna Medibles

CANADA: Weekend Unlimited has announced 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%.

Weekend Unlimited Brands“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 newly 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%

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.

Weekend Unlimited Broadens Its Brand Portfolio, Adds Canna Candys And Canna Medibles

CANADA: Weekend Unlimited has provided 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.

Weekend Unlimited Brands“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.