Weekend Unlimited closes $5.4M financing, lists on CSE
OPEN SOURCE HEALTH ANNOUNCES ROLL BACK AND AMALGAMATION WITH WEEKEND UNLIMITED INC., NEW PRIVATE PLACEMENT
Weekend Unlimited Inc.'s shares will start trading on Monday, Oct. 15, 2018, under the symbol YOLO.
The Company is the result of a two for one consolidation and the previously announced amalgamation of Open Source Health Inc. (formerly OHS) and Weekend Unlimited Inc., a private arms-length company which holds interests in various cannabis-related companies. The resulting company continues under the name Weekend Unlimited Inc. All of the assets previously held by Open Source in the online health space have been sold.
A detailed listing statement dated October 10, 2018 has been filed by the Company on www.sedar.com and on the CSE website.
Weekend Unlimited Inc. has built significant momentum in the lead up to going public, with an existing portfolio in Washington State, Orchard Heights Growers, British Columbia, Northern Lights Organics and internationally, Jerome Baker Designs, in the effort to build a strong, versatile foundation for substantial growth. Additional potential acquisitions have been identified and are subject to letters of intent in Jamaica (an existing cultivation and productions facility), California (a beverage company) and California (a multi-state THC and CBD infused candy company).
Weekend Unlimited's Brand Acquisition Model:
Weekend Unlimited aggregates and scales its small to medium brands, primarily in the categories of flower, extracts, and edibles. Weekend Unlimited brands have best of class operations, distribution, and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems.
With assets secured in British Columbia, Washington State and internationally through Jerome Baker Designs, Weekend Unlimited is establishing itself as an integrated cannabis company.
Current Brands Include:
JEROME BAKER DESIGNS
Since 1991, Jerome Baker Designs has been at the forefront of design and creativity in the glass and canna industries. This 3 X High Times Cannabis Cup winner, with offices in Las Vegas, New York and Maui, Jerome Baker Designs creates custom glass artwork that its clientele are proud to display in their homes and offices. Pending launch of CBD line of products in fall of 2018 Pending launch of an infused water bottle in trademarked Jerome Baker bong design in fall of 2018
NORTHERN LIGHTS ORGANICS
With the agricultural rich land and certified organic farming expertise, Northern Lights will become Canada's first high CBD focused hemp & cannabis farm, grown from certified organic soils with final products certified organic 300-Acres will be dedicated to outdoor organic hemp for CBD extraction Indoor cannabis cultivation will be housed in 68,000 sq. ft. of purpose-built grow rooms with rolling table automation The Northern Lights Organics Campus will include veg, clone and genetics rooms and an extraction facility for CBD Hemp oils and concentrates.
ORCHARD HEIGHTS GROWERS
Orchard Heights Growers in Washington State are focused on premium quality indoor cultivation and processing. The company provides a combination of mixed light greenhouses with a processing room for extraction. Orchard Heights Growers phase one development includes a state of the art, optimized efficiency Cannabis greenhouse with full climate controls.
After the private placement detailed below, the Company currently has 248,982,255 issued and outstanding shares, and 189,775,724 shares reserved for issuance upon the exercise of warrants and options. 142,222,711 shares are subject to a hold period until February 16, 2019, and an additional 21,172,500 shares are subject to a 3-year escrow.
The Company has closed non-brokered private placement of $5,409,154 by the issuance of 27,045,770 units at $0.20. Each unit consists of one common share and one warrant entitling the holder to subscribe for one additional share for $0.25 for a period of 2 years, subject to the Company's right to accelerate the expiry date upon 30 days' notice if its shares trade at $0.50 or more for a period of 10 days. Proceeds will be used for working capital and for further acquisitions.