Proactive Investors - Run By Investors For Investors

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]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full POT profile View Profile

Weekend Unlimited Inc. Timeline

Related Articles

Sydney Harbour Bridge
January 22 2019
A phase I study in Australia is evaluating a cannabis spray therapeutic in cancer patients.
A cannabis plant shown next to an oil-based product
April 23 2019
THC is executing a medicinal cannabis strategy in Australia, New Zealand and Canada and is looking to Asian markets.
cannabis facility
January 23 2019
The company is breaking into the large and lucrative market in the golden state
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use