InvestmentPitch Media Video Discusses Weekend Unlimited's Closing of Acquisition of 100% of Canna Candys and Medibles - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2019) - Weekend Unlimited's (CSE: YOLO) (FSE: 0OS1) a cannabis lifestyle company, has closed the acquisition of the balance of 20% of California-based Canna Candys and Canna Medibles. The company paid US$360,000 and issued 5.1 million shares at a deemed price of $0.094 to acquire the full 100%. Canna Candys plans to begin producing hard candies and soft gummies at its new licensed manufacturing facility in California in the first quarter of 2019.
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Weekend will be a 5% equity partner of High Desert Group, the largest THC oil extractor in Adelanto, California, which in 2015, became one of the first cities in Southern California to embrace the medical marijuana industry. The company will be producing both THC and CBD products from this facility in order to accelerate production of new gummies, beverages and other edibles. Products will include single wrap lollipops and single wrap candy in 31 flavors.
The company is forecasting same channel revenue of approximately US$2 million in 2019, with a cost of goods estimated at 35% to 38%.
Weekend is focussed on building out its brand portfolio with a national distribution rollout for its edible line of CBD products throughout the USA, and its edible line of THC products in California, Washington and Nevada. The company is negotiating distribution deals for its CBD products in New York, Florida, New Jersey, North Carolina, Texas and California.
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