VANCOUVER, BC, CANADA (26 February 2019) – PRESS RELEASE – Weekend Unlimited Inc. has announced that it has signed a letter of intent (LOI) with PPK LLC to acquire vertically integrated operations in Wilburton, Okla.
“We have strategically targeted Oklahoma, the state has moved faster than any other state in embracing the industry, and we see the business-friendly market translating into a consumer-friendly environment where the best brands will succeed for the long term,” said Weekend President and CEO Paul Chu.
The seven-acre property includes 20,000 square feet of indoor facilities. Of the two main buildings, the larger 15,000-square-foot facility houses nursery/cultivation and extraction activities and includes a 1,500-square-foot retail designated space for a concept store to be developed as a first location in Oklahoma.
The smaller building, 5,000 square feet, is targeted to be production and packaging for existing Weekend brand Canna Candys for distribution and sales in Oklahoma. PPK has secured licenses in Oklahoma for cultivation, processing and transportation, and has applied for a retail license.
The company’s product focus for the Oklahoma medical market will be centered upon vape cartridges, dab rigs and candy products. The brand strategy will be scaleable and expand to beverages, topicals and supplements.
Weekend will provide expertise, capital and the brands to generate growth in the Oklahoma medical market. The growth strategy will focus upon quality, trusted products for Oklahoma patients, leveraging experience in markets such as California to establish a leadership position in the new, evolving Oklahoma market.
Facilities are in final stages of preparation to begin production in mid-March. The company’s sales team is active, and delivery of the initial products are expected by April 1, 2019.
Under the terms of the LOI, Weekend will acquire 51-percent interest in the Oklahoma operation in exchange for $5,610,000, which will consist of 50 percent cash and 50 percent shares. Weekend shall have the option to purchase the balance of the operation on terms to be determined. The transaction is subject to the usual closing conditions for transactions of this nature, including due diligence, board approval and compliance with exchange policies.