Weekend Unlimited acquires R&D Pharma's Jamaican assets

Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) announced Wednesday that it has completed its arms-length acquisition of R&D Pharma’s Jamaican interests.

To complete the deal, the cannabis-focused investment company issued 80 million shares at a price of $0.25 and also made 25 million warrants available to the shareholders of R&D Pharma. Each warrant entitles the holder to acquire an additional share for $0.35 for a period of two years.

READ: Weekend Unlimited signs definitive agreement with R&D Pharma for Jamaican interests

About 49 million shares are subject to a voluntary escrow agreement that sees 20% released at closing and the balance given in six equal instalments over three years.

Called Tropicann Jamaica, the R&D Pharma property now spans 98 acres, 60 acres of which are usable for cultivation. The Jamaican company is now producing 13 acclimated strains of cannabis and 120 mother plants.

“With our Tier-3 cultivators license, our active focus is on medical tourism in Jamaica, having designed and constructed the first of our ‘Ganja Café’s’ within a short tour bus ride from the cruise ship terminals in Ocho Rios,” said Richard Bailey, president of R&D Pharma, in a statement.

READ: Weekend Unlimited closes “highly strategic” Canna Candys, Medibles acquisition

Currently, there are 5.2 acres of terraced outdoor cultivation being used at the site. This includes 3.2 acres of commercial cultivation, which is capable of producing 5,750kg of dry material per year. The remaining two acres are used for research and development, producing 3,000kg.

The site also boasts a 6,000 square foot greenhouse, which houses a 3,600 square foot flower room; this facility is able to produce 600kg of dry material per year for an onsite dispensary, which is planned to serve tourists.

Based in Vancouver, Weekend Unlimited is a cannabis-focused investment company that specializes in the scaling of small to medium brands, primarily in the categories of flower, extracts and edibles.

Weekend Unlimited shares added 6.9% to finish trading at C$0.16 on Tuesday.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors