Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) announced Wednesday that it has entered into a definitive agreement with R&D Pharma to acquire its Jamaican interests.
The deal is expected to be completed by next week.
Weekend previously signed a Letter of Intent signed on November 1, 2018, to acquire vertically integrated Canadian company R&D Pharma's Jamaican interests. It also said its acquisition target in Jamaica, is expanding its marijuana growing operations.
An additional five-acre outdoor plot at the R&D Pharma property in Jamaica is set to be prepared for cultivation this year, which should triple the company’s production.
"Upon signing this deal, we are excited to accelerate operations in Jamaica. There has been tremendous work accomplished on the property by the team on the ground and the cultivation results have been impressive in both quality and economically," said Weekend Unlimited CEO Paul Chu.
At least 37 additional cannabis strains are being cultivated and ‘phenotyped’ by R&D Pharma as part of an in-depth program to produce unique equatorial and tropical cannabis varieties for both the medical and recreational markets.
Called Tropicann Jamaica, the R&D Pharma property now spans 98 acres, 60 acres of which are usable for cultivation. The Jamaican company is now producing 13 acclimated strains of cannabis and 120 mother plants.
Currently, there are 5.2 acres of terraced outdoor cultivation being used at the site. This includes 3.2 acres of commercial cultivation, which is capable of producing 5,750kg of dry material per year. The remaining two acres are used for research and development, producing 3,000kg.
The site also boasts a 6,000 square foot greenhouse, which houses a 3,600 square foot flower room; this facility is able to produce 600 kg of dry material per year for an onsite dispensary, which is planned to serve tourists.
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]