Weekend Unlimited weighs converting equity in 'Bongzilla' maker into exclusive license agreement

Weekend Unlimited Inc (CSE:YOLO) announced Thursday that it was recalibrating its investment in Las Vegas-based glass designer Jerome Baker and looking at an exclusive license agreement.

Vancouver-based Weekend Unlimited is building momentum as an integrated cannabis company with an existing portfolio in Washington State, Orchard Heights Growers, British Columbia, Northern Lights Organics and Jerome Baker Designs.

READ: Weekend Unlimited begins greenhouse construction at Northern Lights Organics subsidiary

“As projects unfold, it sometimes becomes apparent that the original structure of the investment will not work as anticipated,” said Weekend Unlimited in a statement.

Jerome Baker Designs created the mammoth bong named “Bongzilla,” which is now on display at the Cannabition Cannabis Museum in Las Vegas. It looms 24-feet high and weighs 800 pounds.

Weekend Unlimited owns 51% of the operating Las Vegas company. However, Weekend Unlimited said due to “the inability of the company to obtain reliable financial records,” it was forced to write down its investment in this company.

“Notwithstanding that writedown, the company is in negotiations with the other shareholder to convert its equity interest into an exclusive license agreement,” said the company in a statement. “The company continues to feel that the Jerome Baker brand has value as one of the most recognized brands in glassware and associated products.”

Separately, Weekend Unlimited said it granted 2 million options to its chief executive officer under the terms of its incentive stock option plan. These options are exercisable at $0.15 for a period of 5 years.

Contact Uttara Choudhury at [email protected]

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Story by ProactiveInvestors