Weekend Unlimited Inc (CSE:POT) (OTCQB:WKULF) said Tuesday it is moving into Oklahoma after signing a letter of intent with PPK LLC to acquire vertically integrated operations in the town of Wilburton, Oklahoma.
The 7-acre property that the Vancouver cannabis investment firm is acquiring includes 20,000 feet of indoor facilities. There are two main buildings, with the larger one housing a nursery for cultivation as well as extraction activities and space for a retail store.
The smaller building will be used for production and packaging work and the distribution of Weekend’s Canna Candys for sale in Oklahoma.
PPK has already secured license in Oklahoma for cultivation, processing and transportation and has applied for a retail license.
The product focus for the Oklahoma medical cannabis market will center on vape cartridges, dab rigs and candy products. But the product repertoire will eventually expand to include beverages, topicals and supplements.
The facilities are in the final stages of preparation and production is set to kick off in mid-March. Delivery of the first products is expected by April 1.
Under the terms of the letter of intent, Weekend will acquire a 51% stake in the Oklahoma operation in exchange for C$5.61 million, which will consist of 50% cash and 50% in shares. Weekend will keep the option to purchase the balance of the operation on terms to be determined. The transaction is subject to closing conditions, include due diligence, board approval and compliance with exchange policies.
A cannabis-focused investment company, Weekend Unlimited specializes in the scaling of small to medium brands, primarily in the categories of flower, extracts and edibles.
Weekend Unlimited shares slipped 3.33% to finish at C$0.145 on Monday.
Contact Ellen Kelleher at [email protected]