Following the merger of Potash Corp. and Agrium Inc., which will now exist as Nutrien Ltd., the ticker symbol “POT” became available on all Canadian stock exchanges. Due to high demand from approximately 40 companies in Canada’s cannabis industry to appropriate the stock symbol, the exchanges hosted a lottery for any interested companies listed on the TSX, TSXV, CSE and Aequitas NEO Exchange.
On February 1, Weekend Unlimited (CSE:YOLO, FSE:0OS1) was announced as the winner. Weekend Unlimited is working on the west coast to establish a lifestyle brand featuring premium products and led by business and cannabis industry leaders.
“Weekend Unlimited is thrilled to add the iconic POT trading symbol to its identity,” said Paul Chu, Weekend Unlimited President and CEO in a press release. “As a fast-growing multi-state operator, Weekend Unlimited is developing lifestyle brands around recreational and wellness to help define the future of the cannabis industry. The POT symbol is a tremendous fit with our brand identity.”
According to a Bloomberg article, Weekend Unlimited’s shares surged as much as 65 percent following the announcement, raising a market value listed at C$28.6 million. According to Chu, the lottery benefitted both the company and the Canadian cannabis industry as a whole. ” The POT lottery served to raise the profile of Canada’s leadership in legal recreational cannabis and we believe it will also serve to raise Weekend Unlimited’s leadership profile.”
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