VANCOUVER, BC, CANADA (10 January 2019) – PRESS RELEASE – Weekend Unlimited Inc. has announced the closing of its acquisition of the remaining 20 percent of California’s Canna Candys and Canna Medibles that it did not previously own. Pursuant to the original purchase and sales agreement dated Sept. 20, 2018, the company paid US $360,000 in cash and issued 5,106,383 shares at a deemed price of $0.094 per share to own 100 percent.
“Canna Candys is a developed brand with approximately 35 percent of hard candy market share in Southern California,” said Paul Chu, president and CEO of Weekend Unlimited. “The company is in the final steps to begin operations from a new licensed facility in Adelanto California, providing capacity in product development and manufacturing to grow substantially. The operations team is experienced, having built distribution in Southern California to 380 retail stores, and are expecting additional sales growth this year."
Canna Candys (CBD) and Canna Medibles (THC) Highlights:
- Canna Candys’ new licensed manufacturing facility in California will be operational in Q1 2019 producing hard candies and soft gummies.
- In addition to Canna Candys, Weekend Unlimited will be a 5-percent equity partner of High Desert Group, Inc. (HDG), the largest THC oil extractor in Adelanto California.
- Weekend Unlimited’s edible THC and CBD production will come from California’s HDG facility
- The company will be focused on its channel build with a national distribution rollout focus for CBD edibles line throughout the USA, and THC edibles line in California, Washington and Nevada.
- 2019 same channel revenue forecast of approximately USD$ 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 New York, Florida, New Jersey, North Carolina, Texas and California
*Cost of goods 35-38 percent