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 $0.094 per share to own 100%.
“Canna Candys is a developed brand with approximately 35% of hard candy market share in Southern California,” said Mr. Paul Chu, President and CEO of Weekend Unlimited. “The company is in the final steps to begin operations from a newly licensed facility in Adelanto California, providing capacity in product development and manufacturing to grow substantially. The operations team is experienced, having built distribution in Southern California to 380 retail stores, and are expecting additional sales growth this year,” added Mr. Chu.
Canna Candys (CBD) and Canna Medibles (THC) Highlights:
- Canna Candys’ new licensed manufacturing facility in California will be operational in Q1 2019 producing hard candies and soft gummies.
- In addition to Canna Candys, Weekend Unlimited will be a 5% equity partner of High Desert Group, Inc. (HDG), the largest THC oil extractor in Adelanto California
- Weekend Unlimited’s edible THC + CBD production will come from California’s HDG facility
- The company will be focused on its channel build with a national distribution rollout focus for CBD edibles line throughout the USA, and THC edibles line in CA, WA, NV.
- 2019 same channel revenue forecast of approximately USD$ 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.