Weekend Unlimited Inc (CSE:POT) (OTCPINK:WKULF) CEO Paul Chu told shareholders Wednesday that the company has “solidified pillars” of its brand portfolio including Canna Candys, Verve Beverage Company, the alliance in Washington State with Boggy Boon and Orchard Heights.
The CEO also highlighted the company’s interest in Northern Lights Supply in Alberta, which just received its retail license to operate. Weekend Unlimited’s subsidiary Northern Lights Supply is one of ten companies to win a new cannabis retail store operating license in Alberta.
Northern Lights, in which Weekend Unlimited has moved to acquire a 49% stake, is the first retail cannabis store servicing the Edmonton International Airport, Canada’s largest oilfield industrial park and the cities of Leduc and Beaumont.
The opening of Northern Lights’ retail store aims to take advantage of the market for edible and infused cannabis, which is set to be legal in the fall of 2019.
In his letter to shareholders, Chu also talked about how the company was awarded the coveted POT stock ticker symbol.
The POT ticker was allocated in a high-stakes, random lottery held by the TMX Group, and Weekend Unlimited announced the news that it was the lucky winner on Friday.
“This lottery captured global attention, with coverage that spanned media entities,’’ wrote Chu in the letter. “The Canadian Securities Exchange, and Canada overall, have been beneficiaries of the attention — in addition to our company — as it has served to highlight Canada's leadership position in cannabis legalization.”
Chu noted that Weekend will “launch and scale its own consumer packaged brands for cannabidiol (CBD) in states and international markets.” He said CBD provides the “most lucrative opportunity” to establish brand leadership for current and future expansion and sales.
“With international interests in Canada and pending in Jamaica, Weekend will have a primary focus as a cross-border brand aggregator, bringing brands to market with CBD products and deploying the best practices of the consumer-packaged goods industry,” said Chu.
Chu said the company had a “vertically integrated base of operations” in California, the largest legal recreational cannabis market in the United States, which will be leveraged to grow throughout the US.
The CEO also provided an update on retail initiatives.
“In Washington, the Orchard Heights, Boggy Boon alliance is already shipping product to retail stores, Canna Candys shipments will begin in February and Verve Beverage Company will be shipping in March,” wrote Chu.
Within the first week of signing a letter of intent to form an alliance with Weekend Unlimited, Boggy Boon (Seven Hills LLC) and Orchard Heights have secured orders.
The increased capacity achieved, thanks to the partnership, has paved the way for accelerated processing and packaging to satisfy the demands of business to business white label accounts, a key Boggy Boon target market.
According to Chu, Boggy Boon is ranked in the top 5% of all cannabis brands in Washington State.
Boggy Boon will be working with Orchard Heights’ brand processor facility to fill upcoming orders as they currently have outgrown their commercial space.
Based in Vancouver, Weekend Unlimited is a cannabis-focused investment company that specializes in the scaling of small to medium brands, primarily in the categories of flower, extracts and edibles.
Contact Uttara Choudhury at [email protected]