FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Weekend Unlimited Announces Grand Opening of Northern Lights Supply in Alberta”
Weekend Unlimited Inc. (OTCQB: WKULF) (CSE: POT) is pleased to announce that Northern Lights Supply, for which Weekend Unlimited has previously announced an arms-length agreement to acquire 49% of, has celebrated its grand opening on Saturday, February 23rd, less than three weeks after receiving one of 10 new licenses in Alberta.
Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life’s highest moments. The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles.
Cannabis spending is growing each year as more and more governments and consumers accept the plant and its benefits. The passage of the U.S. Farm Bill, which allows for the cultivation of hemp in regulated quantities, and the ongoing global legalization efforts, in particular, are fueling the industry. Consumers are found to be gravitating towards products such as flower, oils, vapes, creams, and tinctures for either recreational or medicinal use. The combination of the Farm Bill and more general widespread legalization is expected to bolster hemp-based product sales, especially hemp-derived cannabidiol or CBD products. Along with the legalization of cannabis in Canada and continuing efforts in the U.S. and Europe, the global industry is expected to accelerate tremendously. According to data compiled by ArcView Research in partnership with BDS Analytics, the worldwide consumer spending on legal cannabis was USD 9.5 Billion in 2017 and is expected to reach USD 12.2 Billion in 2018. Additionally, the research further suggests that 2019 consumer spending is projected to hit USD 16.9 Billion, representing a 39% annual growth.
The cannabis industry is witnessing large investments pouring in from various sectors and investors. For example, the alcoholic beverage and tobacco industry have entered into the marketplace by establishing or acquiring cannabis-based businesses. Emerging new players are integrating or working hand-in-hand with cannabis companies in order to bolster their financials. However, some large corporations have stated that they do not intend to enter into the cannabis marketplace because of legality concerns. Despite the statements, some corporations have openly announced that they are opened to the idea of exploring opportunities within the industry pending legalization. “The entry of one of the largest alcohol and one of the largest tobacco companies into the cannabis sector as well as the Congressional passage of a Farm Bill legalizing growing hemp in the United States, were key to making 2018 a year of historical importance,” said Troy Dayton, Chief Executive Officer of The Arcview Group. “This year, we also saw two of the world’s three largest legal medical markets – California and Canada – transition to legal regimes that allow all adult consumers to buy cannabis, while voters in the other top-3 market – Michigan – approved a ballot measure to do the same.”
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