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Orchard Heights, Boggy Boon strategic alliance leverages infrastructure to boost sales and distribution while reducing capital expenditures
VANCOUVER, British Columbia – January 22, 2019 /Canna Newswire/ – Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: YOLO – FSE: 0OS1) through one of its subsidiaries, Weekend Unlimited Washington LLC, announces the signing of an arms-length letter of intent to provide processing and distribution facilities to Boggy Boon branded cannabis company Seven Hills, with an option to acquire Seven Hills. Under the agreement terms, Weekend will provide a loan of up to $750,000 USD to Seven Hills in three equal tranches over 9 months to upgrade its facilities, and will have the option to acquire 100 percent of Seven Hills for $1,500,000 USD.
“Boggy Boon branded cannabis is cultivated in a 28,000 square foot facility located in Wenatchee, Washington where Weekend's wholly owned subsidiary Orchard Heights Growers is also located. As a result of this arrangement, Boggy Boon will be able to dedicate its operation entirely to cultivation with an anticipated increase efficiency of 40 percent, with the current year run rate of $2M growing to $2.8M,” explained Paul Chu, Weekend's president and CEO.
As a result of this alliance, Orchard Heights will have more diverse products to offer its sales channel and will be able to sell Weekend brands to the existing 130 Boggy Boon retail accounts.
“The Washington market is mature and consumers are becoming more loyal to established brands like Boggy Boon. Boggy Boon is ranked in the top 5 percent of all brands in Washington State and we feel this is an ideal partnership where each entity was looking to develop the infrastructure that the other already has in place. By forming this alliance both will accelerate their market penetration and fully utilize existing infrastructure to grow,” added Paul Chu.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
About Weekend Unlimited
Weekend Unlimited aggregates and scales 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. For more information, log on to www.weekendunlimited.com.
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JV Public Relations NY
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-operation, 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.
Post date: 2019-01-22 12:09:25
Post date GMT: 2019-01-22 20:09:25
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