Open Source Health Announces Roll Back and Amalgamation with Weekend Unlimited Inc., new private placement
Trading under the symbol YOLO on the CSE on October 15, 2018, and new private placement announced
VANCOUVER, BC, CANADA (October 15, 2018) –Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: YOLO) a lifestyle cannabis company, is pleased to advise that its shares will start trading on Monday, October 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 CSE: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 on-line 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 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.
For further information, please contact:
Cody Corrubia, President & CEO
Telephone: 1 (236) 317-2812
E-mail: [email protected]
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. Often, 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 information, future events, or otherwise, except as required by securities laws.