Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKULF) said Wednesday that it has experienced strong growth in its operations, as well as sales despite the uncertainty unleashed by the coronavirus (COVID-19) pandemic.
In a statement, the company said Weekend’s branded product line is experiencing “excellent growth” in Oklahoma, with sales numbers doubling from January to March.
Additionally, the company's products are now available in 74 dispensaries. With its strong cash position, Weekend said it is taking steps to focus resources on its US cannabis and CBD operations to increase revenue, while decreasing monthly expenses by over 35%.
Building on momentum in Oklahoma, the company is preparing to launch its Orchard Heights branded products, which will benefit from "existing production, sales and distribution," the group added.
Weekend Unlimited CEO Chris Backus said the company was prioritizing its growth initiatives in the US market by “deploying capital and building an operational team” featuring "great" salespeople.
"It is important to note that the cannabis and CBD sector is demonstrating signs of growth in this environment. Demand for our branded products is increasing and our team is operating at full throttle, meeting that demand and establishing the brand amongst more and more consumers,” he added.
The Weekend Unlimited boss said the company was in “a strong cash position" and able to take advantage of growth opportunities.
Separately, the company announced the appointment of Robert Payment as its chief financial officer. He is a chartered accountant with 12 years' experience in finance, reporting, regulatory requirements, public company administration, equity markets, and financing of publicly traded companies. Payment replaces Michael Hopkinson who has stepped down as CFO.
"We are thrilled to have Robert on board, he will play an integral role on our leadership team going forward and I want to thank Michael for all his efforts and wish him the best in his future endeavours," said Backus.
Weekend Unlimited, founded in 2017, is a cannabis-focused investment company that scales small to medium brands, primarily in the categories of flower, extracts and edibles.
The company, which has operations in Canada, focuses on both the cannabis and CBD markets, and has been making inroads into the US market.
Shares gained 15% in Toronto to stand at C$0.12
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