Weekend Unlimited Stock Gains on Shareholder Approval of BC Move

Weekend Unlimited Stock

Weekend Unlimited stock is gaining on Friday after shareholders voted to approve the company's move to British Columbia, as well as a possible name change and a 20:1 share consolidation.

Shareholders Vote on Three Resolutions

Weekend Unlimited Inc (CSE:POT) (OTCQB:WKULF) is currently headquartered in the neighboring province of Alberta and has operations throughout Canada and the US. In a shareholder meeting held on December 31, the company put forward three resolutions, the first of which was the move to BC where the company already operates its Northern Lights Organics farm in Fort St. James, which is expected to produce between 400 kilograms to 580 kilograms of hemp biomass in 2020. Weekend Unlimited stock is currently trading for $0.025.

The second resolution to be approved was the possibility of changing the company's name should such a move be required. However, the most important resolution for investors in Weekend Unlimited stock was a decision on the possibility of a 20:1 share consolidation.

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Weekend Unlimited Stock Unaffected By Share Consolidation Rejection

In an end of year statement posted on December 19, CEO Chris Backus said, "given our current share structure of over 440 million shares outstanding, it becomes very difficult for potential new investors to see a value opportunity over share dilution. We firmly believe that the proposed consolidation of shares will open the door for capital investment that will allow us to achieve revenue and stock growth that would not be possible if we stayed at the status quo.” However, the resolution was rejected and did not affect Weekend Unlimited stock, which is up 25%.

WKND! Launch and POT Ticker

December also saw the launch of the company's flagship WKND! brand in Oklahoma, which includes products such as vape cartridges, pre-rolls, and cannabis filled cigars. Backus described the move as a significant milestone for the company, with the launch in the US state coming just a few months after WKND! entered the US market in Washington state. Back in February, Weekend Unlimited stock rocketed nearly 150% after the company won the coveted POT ticker on the Canadian Securities Exchange by way of lottery.

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Featured Image: Weekend Unlimited

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