Weekend Unlimited Industries Inc (CSE:POT) (OTCMKTS:WKULF) revealed Friday that the company's board has extended president and CEO Chris Backus’ contract for two years as the Vancouver-based recreational cannabis group continues to gain momentum and execute on its business plan.
"Initially, Chris was brought on board as interim president and CEO with the task of bringing this company into alignment, developing assets that can grow and deliver results to shareholders, and doing so in a way that is sustainable and highly achievable in a rapidly changing sector," said Brian Keane, a director with Weekend Unlimited.
"Over the last six months Chris has demonstrated a clarity of purpose and ability to execute that the board recognizes as exemplary. We felt it was essential to confirm his ongoing role as president and CEO so that the company can build on its momentum and send the right message to our partners and our shareholders," he added.
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The company noted that Weekend is poised for growth in a number of US states, developing “robust branded product lines” including its flagship WKND! brand and the Orchard Heights brand.
The company's 600-acre Northern Lights Organics hemp farm in British Columbia is on the cusp of its first commercial growing season in 2020. The company noted that “all the key partnerships,” including one with True North Cannabis are in place to maximize the quality, quantity and revenue from the farm's output. True North will allow Weekend to “leverage” its specialized product upgrading process. This will essentially raise the CBD percentage, while at the same time lower the volume, which cuts the cost for extraction.
"Weekend's prospects are strong and I am totally committed to the effort required to maximize shareholder value now and in the future," said Backus. "The board has recognized the overall opportunity we have and it's a real honour to be in this position.”
Backus said he was “excited” to continue to lead the Weekend team and grow the business.
Weekend Unlimited is a cannabis-focused investment company that scales small to medium brands, primarily in the categories of flower, extracts and edibles. The company which has operations in Canada focuses on both the cannabis and CBD markets, and has been making steady inroads into the US market.
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