True North Cannabis Partnership to Maximize Northern Lights Organics Farm Operations and Revenues, Capital Structure Now in Place to Raise Funds Necessary to Realize Full Potential of Assets and Fund Future Acquisitions
VANCOUVER, BC / ACCESSWIRE / January 20, 2020 / Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE:POT)(FSE:0OS1)(OTCQB:WKULF) announces a key partnership with True North Cannabis to realize the full potential of its Northern Lights Organics Hemp operation, and as part of its continuation to requirements of the Corporation's new jurisdiction of British Columbia, which was approved by shareholders; the Company will change its name from "Weekend Unlimited Inc." to "Weekend Unlimited Industries Inc." (the "Name Change"). In conjunction with the name change the Company will also be completing a share consolidation on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the "Consolidation").
True North Partnership
Calgary based company, True North Cannabis Corp. ("True North"), has a proven track record for creating value for hemp growers across Canada by providing the guidance, infrastructure, and technology required to produce commercially viable, extract ready CBD biomass from industrial hemp. With Northern Lights Organics having both Certified Organic land and a proprietary CBD yielding cultivar, as well as impressive results from genetic research trials done in past years, True North and Northern Lights Organics have agreed to a partnership, where True North's expertise and resources will be used to increase the potential value of our 2020 crop and beyond.
"This is a partnership that will create synergies moving forward allowing Northern Light Organics to fully realize the value of our asset," said Mr. Chris Backus, Weekend President and CEO. "Anyone can plant hemp in the ground, however the key to success in the industry is to be able to produce and harvest premium output and sell that output to the market for the best price. True North is an expert in the space of hemp harvesting for CBD and have brokered millions of dollars of biomass to some of Canadas biggest CBD licensed producers. In addition, they bring a breadth of knowledge to our business model beyond the sale of biomass; with future consideration expanding to pedigree seed production and Hemp Craft/fiber sales. Having True North as close advisors and partners with Northern Lights Organics provides significant upside for the overall success of both our short and long-term operations."
"We are excited at the opportunity to work alongside the Northern Lights Organics team for their upcoming hemp crops," said Shayne Hamilton, CEO of True North. "The results observed in their research trials to date are extremely promising and indicate the potential to produce a premium hemp-based CBD biomass for CBD extraction."
Effective at the commencement of trading on January 21st, 2020 the Company will begin trading on the Canadian Securities Exchange on a post-consolidated basis under the new name but will retain the stock symbol "POT". The new CUSIP and ISIN are: 94856V208 and CA94856V2084, respectively. The Company's Board of Directors approved this Consolidation, as permitted by the Company's Articles and the Business Corporations Act (British Columbia).
"The consolidation is necessary to attract new capital and position the Company to realize the full potential of current assets and undertake possible future acquisitions," explained Mr. Backus. "We have lucrative assets and it is essential that we structure the Company in such a way to fund the development and growth of those assets to generate significant revenues."
Currently there are 442,505,249 common shares issued and outstanding and after the Consolidation there will be approximately 44,250,525 common shares issued and outstanding and approximately 15,922,973 warrants, and 2,672,500 stock options outstanding. The Company will not be issuing fractional post-Consolidation common shares to shareholders in connection with the Consolidation. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional common share, the number of post-Consolidation common shares issued to such holder of common shares shall be rounded up to the next greater whole number of common shares if the fractional entitlement is equal to or greater than 0.5 and shall be rounded down to the next lesser whole number of common shares if the fractional entitlement is less than 0.5. In calculating such fractional interests, all common shares held by a beneficial holder shall be aggregated.
A letter of transmittal with respect to the Consolidation will be mailed to registered shareholders of the Company. All registered shareholders with physical certificates will be required to send their respective certificates representing pre-consolidated common shares along with a completed letter of transmittal to the Company's transfer agent, Odyssey Trust Company ("Odyssey"), in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal can be obtained through Computershare. All shareholders who submit a duly completed letter of transmittal along with their respective pre-consolidated common share certificate(s) to Computershare, will receive a post-consolidation share certificate.
Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name, will not need to complete a letter of transmittal.
The exercise or conversion price and the number of common shares issuable under any of the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with their respective terms thereof.
For further information, please contact:
Mr. Chris Backus, President & CEO, Director Telephone: 1(236) 317-2812
E-mail: [email protected]
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 policies 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 information 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 statements 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 conditions, 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.