Weekend Unlimited closes acquisition of organic hemp and cannabis grower Northern Lights Organics
Weekend Unlimited Inc (CSE:YOLO) announced Friday that the Canadian company, which holds interests in various cannabis-related companies, has closed the acquisition of Northern Lights Organics in Fort St James, British Columbia, through a wholly owned subsidiary.
Weekend Unlimited, which debuted Monday on the Canadian Securities Exchange, said in its filing that it had closed the acquisition by October 10.
Weekend Unlimited is the result of a 1:2 consolidation in the combination of Open Source Health Inc and Weekend Unlimited. The resulting company continues under the name Weekend Unlimited. All the assets previously held by Open Source in the online health space have been sold.
“Northern Lights Organics farm spans over 600 acres of organic soils to grow organic hemp for CBD and outdoor organic cannabis,” said Weekend Unlimited CEO Cody Corrubia.
“Organic cannabis generally commands a 24% premium and is preferred by consumers. There are only three licensed producers currently that are organic, which puts this acquisition in a prime position to lead the industry in the hemp, CBD offerings,” he added.
READ: Weekend Unlimited debuts on Canadian Securities Exchange
Weekend Unlimited through Northern Lights Organics Ltd, a wholly owned subsidiary, has an option to approximately one section (640 acres) of organic farmlands located at Fort St. James, together with a three-year option to purchase the land.
The company paid $18 million in shares for the acquisition of Northern Lights Organics Ltd, which will be subject to a three-year escrow release period. Weekend Unlimited has agreed to issue an additional 3 million shares in relation to the acquisition of Northern Lights Organics Ltd. Both sides have also agreed on milestone payments centering on the issuance of a cultivation license and completion of a 100,000 square foot expansion greenhouse as part of a phase two expansion.
Northern Lights will have up to 120 acres of land for outdoor organic hemp cultivation during the 2019 growing season, while indoor cannabis cultivation will be housed in a 68,000 square feet of purpose-built hybrid greenhouse facility with craft-style grow rooms.
With assets secured in British Columbia, Washington State and internationally through Jerome Baker Designs, Weekend Unlimited is establishing itself as an integrated cannabis company.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/207471/weekend-unlimited-closes-acquisition-of-organic-hemp-and-cannabis-grower-northern-lights-organics-207471.html
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