Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKULF) has shored up its finances by raising C$2 million after closing the first tranche of a private placement of up to 16 million units.
Each unit consists of a share and a warrant to purchase an additional share for $0.17, for a period of two years from the issue date.
The first tranche of the placement has closed, raising a total of $1,029,337 from the issuance of 8,234,700 units. All of the stock issued in connection with the private placement will be subject to a hold period which expires four months and one day after the date of issuance.
A second tranche of the offering is expected to close in the coming months.
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.
Founded in September 2017, the Vancouver-based recreational cannabis group focuses on building and facilitating the growth of a diversified portfolio of assets and cannabis consumer products. It provides services to cultivators and processors in Washington State, while the corporate segment actively pursues investments in the cannabis industry.
In other news, the Canadian cannabis company also announced that it intends to settle as much as 449,532 in debts via issuing 396,255 shares. The settlement is subject to the approval of the Canadian Stock Exchange.