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The acquisition will strengthen the Company’s holdings with one of three Tier-3 Jamaican Licenses
VANCOUVER, BC, CANADA (November 1st, 2018) – Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: YOLO – FSE: 0OS1) a lifestyle cannabis company, has entered into an arms-length binding letter of intent to add to its brand portfolio with the acquisition of R&D Pharma in Jamaica, securing one of three Tier-3 licenses available in Jamaica.
R&D Pharma Highlights include:
R&D Pharma (“RDP”) is a Canadian company building a vertically integrated medical cannabis business in Jamaica. R&D has secured a Tier 3 Cultivator’s License (only one of three presently issued in Jamaica), which allows for full cultivation of cannabis plants on land of over 5 acres. R&D’s founders Derrick Lewis and Richard Bailey are citizens of Jamaica who now reside in Canada, both having significant business networks in both countries.
“This acquisition in Jamaica represents a significant step for Weekend Unlimited as it implements its strategy to be a top tier integrated cannabis company,” said Mr. Cody Corrubia, Weekend Unlimited’s President and CEO. “By adding R&D to our brand portfolio, we secure a highly coveted asset for cultivation in a low cost, high quality environment like Jamaica, which has international appeal in the cannabis space, with unparalleled lifestyle applications,” added Mr. Corrubia.
“We are thrilled to add value to Weekend Unlimited’s brand portfolio,” said Mr. Derrick Lewis, CEO and Director of R&D. “Our assets in Jamaica are founded upon highly organized cultivation, which we will extend to build our international branding base, securing long-term contracts and relationships for the sale and/or out-licensing of internationally recognized strains, full spectrum and extracts, and infused retail products,” added Mr. Lewis.
“To accelerate our plan, R&D is building an Herb House/Ganja Café (“Café”) and Therapeutic Spa (“Spa”) at Ocho Rios, on our 98 acre location which contains the cultivation operation. The Café and Spa will showcase products and deliver experiences to consumers of cannabis from around the world. R&D will also distribute standard medical products on the island domestically and to medical tourists,” said Mr. Lewis.
Weekend Unlimited will issue to the shareholders of R&D a total of 50,000,000 common shares and 25,000,000 warrants. Each warrant entitles the holder to subscribe for an additional shares for $0.35 for a period of 2 years from closing, subject to the right of the Company to accelerate expiry date upon 30 days’ notice if its common shares trade at $0.75 or higher for 10 consecutive business days any time after 4 months from closing. Approximately 35 million of these shares will be subject to a 3 year escrow, with releases of 10% on closing, and 15% on every 6 month anniversary.
Pending closing, the Company has advanced CDN $2.4 million on a secured loan basis to R&D for construction costs. It is anticipated that another US $9 million will be required to complete the buildout of the planned Jamaican facilities. The Company plans to fund all of this by way of an equity raise or debt or a combination of the two.
While in the final due diligence stage, the Company anticipates closing this transaction within a month. However there is no certainty that this transaction will close, or if it does close, will close on the current terms as agreed between the parties.
For further information, please contact:
Telephone: 1 (236) 317-2812
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.