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Weekend Unlimited gains option to buy 49% of Alberta retail cannabis store

The deal with Northern Lights Supply is part of a convertible, secured 6% interest loan facility for up to C$1.2 million
Marijuana plants
Weekend Unlimited has the option to convert the full amount of its loan facility into a 49% stake in Northern Lights Supply, a cannabis retail store

Cannabis company Weekend Unlimited Inc. (CNSX:YOLO) said Tuesday that it has picked up the option to acquire 49% of the Northern Lights Supply retail store in Nisku, Alberta.

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.

READ: Weekend Unlimited stock debuts in Canadian trading

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]

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