Company streamlines operations to maximize results and names new CFO
VANCOUVER, BC / ACCESSWIRE / March 25, 2020 / Weekend Unlimited Inc. ('Weekend' or the 'Company') (CSE:POT)(FSE:0OS1)(OTCQB:WKULF) is pleased to provide an update on the strong growth of its operations as the day to day realities of the economic picture with Covid-19 unfold.
The Company's branded product line is experiencing excellent growth in Oklahoma, with sales numbers doubling from the month of January compared to the period to date in March - in addition the Company's products are now in 74 dispensaries, adding to that total on a daily basis. In light of Covid-19 and the inherent uncertainties, the Company is focused on maximizing sales growth at a time where there is opportunity within the sector as consumer demand grows. With its strong cash position, Weekend is taking all necessary steps to focus resources on its US Cannabis and CBD growth to increase revenues and optimize its operations while also decreasing its monthly expenses by over 35%.
- 100% + increase in Oklahoma dispensaries carrying Weekend Branded Products from February 1st with 35 locations to 74 locations by March 24th, 2020
- 115% increase in overall branded product sales in Oklahoma from January to March
- Building on success in Oklahoma, the Company is preparing to launch its Orchard Heights branded products, which will benefit from existing production, sales and distribution
'We are prioritizing our growth in US markets, deploying capital and building an operational team featuring great salespeople, under trying global times,' said Mr. Chris Backus, Weekend President and CEO. 'It is important to note that the cannabis and CBD sector is demonstrating signs of growth in this environment. Demand for our branded products is increasing and our team is operating at full throttle, meeting that demand and establishing the brand amongst more and more consumers. We are in a strong cash position and able to take advantage of the opportunities for growth, including the upcoming launch of our Orchard Heights brand in Oklahoma.'
The Company is pleased to announce the appointment of Mr. Robert Payment as Chief Financial Officer. Mr. Payment is a Professional Chartered Accountant with 12 years' experience in finance, reporting, regulatory requirements, public company administration, equity markets, and financing of publicly traded companies. Extensive experience in the cannabis, manufacturing, natural resource, and retail industries. Mr. Payment replaces Mr. Michael Hopkinson as CFO. 'We are thrilled to have Robert on board, he will play an integral role on our leadership team going forward, and I want to thank Michael for all his efforts and wish him the best in his future endeavours,' said Mr. Chris Backus.
The Company is pleased to announce that, subject to regulatory approvals, it intends to extend the expiry date and reprice an aggregate of 8,679,972 previously issued warrants (the 'Warrants') for an additional 12 months at an exercise price of $0.25. 4,546,920 Warrants were originally issued March 29, 2018, with an original expiry date of March 29th, 2020; 3,452,295 Warrants were originally issued April 5th, 2018, with an original expiry date of April 5th, 2020; and, 680,757 Warrants were originally issued April 16th, 2018, with an original expiry date of April 16th, 2020. The original exercise price of all of the warrants extended and repriced was $2.00. In addition the Company has issued 4,930,000 options at an exercisable price of $0.125 for a 5-year term, 1,250,000 of which are to be granted to insiders.
For further information, please contact:
Mr. Chris Backus, President & CEO, Director Telephone: 1(236) 317-2812
About Weekend Unlimited Inc.
Weekend Unlimited is a lifestyle-based recreational cannabis and CBD wellness company. We are developing and launching premium cannabis and CBD brands to deliver life's highs - any- time, anywhere. Our CBD products are available online and at a retailer near you. Weekend Unlimited is well-positioned to launch and scale the brands that will define cannabis and CBD. Learn more at www.weekendunlimited.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the poli- cies 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 infor- mation reflects management's current beliefs and is based on information currently available to management. Of-
ten, 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 state- ments 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 condi- tions, 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 in- formation, future events, or otherwise, except as required by securities laws.
SOURCE: Weekend Unlimited Inc.
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