“Northern Lights Organics farm spans over 600 acres of organic soils to grow organic hemp for CBD and outdoor organic cannabis,” said Mr. Cody Corrubia, of Weekend Unlimited Inc. President and CEO. “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,” added Mr. Corrubia.
As indicated in the Company’s listing statement, Weekend Unlimited has acquired 100 % of Northern Lights Organics Ltd. through a wholly owned subsidiary. This acquisition closed on or by October 10th, 2018.
Northern Lights Organics Acquisition Details:
- Weekend Unlimited Inc., through Northern Lights Organics Ltd, a wholly owned subsidiary, has an option to approximately one section (640 acres) of organic farm lands located at Fort St. James, BC; together with a three-year option to purchase the land;
- Weekend Unlimited Inc. paid 18 million post consolidation shares for the acquisition of Northern Lights Organics Ltd, all which are subject to a 3-year escrow release period;
- Weekend Unlimited has agreed to issue an additional 3 million post consolidation performance shares in relation to the acquisition of Northern Lights Organics Ltd. Upon the achievement of various milestones, such as the issuance of a cultivation license and completion of a 100,000 square foot expansion greenhouse as part of a phase two expansion, Weekend will issue up to $1,700,000 worth of Weekend’s common shares, priced at the prevailing market prices, if and when, such milestones are reached.
- Phase one construction of a 68,000 square foot greenhouse and processing building, with an approximate cost of $11,000,000, is scheduled to commence during the Spring of 2019 with a planned completion in late 2019 “the Northern Lights Organics Campus”
- Weekend Unlimited anticipates financing the construction of the Northern Lights Organics Campus in part through a combination of equity or debt offerings
- The lease of the farm will commence upon the attainment of certain milestones, and once in effect will be 5-years in term. During the term of the lease, Weekend anticipates exercising the option to purchase the lands. The base monthly lease payments are $4,000, subject to increases based on milestones
- The above is an arms length transaction and no finder’s fees were involved
Northern Lights Organics Highlights:
- With the agricultural rich land and certified organic farming expertise, Northern Lights strives to become one of Canada’s first CBD focused hemp & cannabis farm, grown from certified organic soils with final products certified organic
- Up to 120 acres of land is anticipated to be used for outdoor organic hemp cultivation during the 2019 growing season
- Indoor cannabis cultivation is planned to be housed in the Northern Lights Organics Campus, a 68,000 sq. ft. of purpose-built hybrid greenhouse facility with craft style grow rooms and rolling table automation
- The Northern Lights Organics Campus will include veg, clone and genetics rooms and an extraction facility for Cannabis and CBD hemp oils and concentrates
- As of early October, a license application has been submitted to Health Canada by Northern Lights Organics Ltd relating to the Northern Lights Organics Campus.
- Northern Lights Organics expects to receive its cultivation license prior to the end of 2019, although there is no guarantee that the license will be obtained.
For further information, please contact:
Cody Corrubia, President & CEO
Telephone: 1 (236) 317-2812
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.