The parties agreed to a convertible, secured 6% interest loan facility on November 15 for up to C$1.2 million, Vancouver-based Weekend Unlimited said in a press release. Of that amount, Weekend will initially advance C$500,000.
At any time through 2022, Weekend Unlimited said it has the option to convert the full amount of its loan facility into a 49% stake in the retail store. The option is subject to approval by the Alberta Gaming and Liquor Commission.
"We look forward to working with the team at Weekend Unlimited in growing our brand in Alberta,” Northern Lights Supply President Derek Shields said in a press release.
With 6,500 square feet of retail space, Northern Lights Supply is one of the largest approved retail cannabis stores in Alberta. It is scheduled to open in December 2018.
Shares of Weekend Unlimited slipped C$0.02 to C$0.14 in Canadian trading on Tuesday. The stock began trading last month.
Contact Dennis Fitzgerald at [email protected]