Weekend Unlimited Inc (CNSX:POT) fortunes have turned positive in 2019 after shedding more than 60% in market value late last year. The stock has turned bullish after bottoming out from all-time lows. A 100% plus spike from all-time lows, attests to a change in the direction of trade following the underperformance of last year.
Stock Catalysts
Fuelling the upward momentum is the announcement at the company has won a lottery to use the ticker symbol ‘POT’ for its trading operations in Canada. The new symbol is a tremendous fit with the brand's identity.In addition, the company has signed a letter of intent with Boggy Boon that paves the way for it to accelerate its cannabis empire in Washington State. The agreements follow the signing of another agreement that saw the company acquire a 49% stake in Northern Lights Supply, further expanding its retail footprint in Alberta.The spike in share price, as well as trading volumes, does not come as a surprise. A string of positive developments in recent weeks has helped strengthen investors’ confidence about the company’s long-term prospects.
Weekend Unlimited Price Analysis
The stock has since resorted to trading in an uptrend as it continues to recoup losses accrued over the past few months. A spike in share price at the back of a high turnover of traded volume supports suggestions that the stock is on its way back to its all-time highs of $0.29. WKULF Daily ChartA rally followed by a close above the highs should open the door for Weekend Unlimited to register new all-time highs. Sell-offs in the meantime should experience strong support at the $0.20 level, below which the stock would be susceptible to further drops, back to 52-week lows of $0.08.Recent price action activity, as well as investors reaction to recent development, supports further movements on the upside.
About Weekend Unlimited
Weekend Unlimited casts itself as a cannabis lifestyle company. The company is developing lifestyle brands around recreational and wellness as it has seeks to define the future of the cannabis industry. Its brands boast of the best in class operations as well as distribution and revenue trajectories.
Why is Weekend Unlimited Skyrocketing in the market?
Weekend Unlimited is skyrocketing in the market on the company reaffirming its growth prospects on embarking on an aggressive expansion drive. The company is fresh from signing a letter of intent with Boggy Boon’s, branded cannabis company Seven Hills. It also has an option to acquire Seven Hills.Under the terms of the agreement, the company is to furnish Seven Hills with a loan of up to $750,000. The investment is to be used to upgrade cannabis production facilities. In addition, the investment paves the way for the company to entrench its operations in Washington as it continues to explore new markets in pursuit of cannabis opportunitiesBoggy Boon is one of the established tier 3 producer in the state.
“Boggy Boon is ranked in the top 5% of all brands in Washington State, and we feel this is an ideal partnership where each entity was looking to develop the infrastructure that the other already has in place. By forming this alliance, both will accelerate their market penetration and fully utilize existing infrastructure to grow," said CEO Paul Chu.
Alberta Cannabis Opportunity
Washington is not the only market Weekend Unlimited has set sights on in pursuit of opportunities in the multi-billion industry. The company is fresh from signing an agreement that paves the way for it to complete the acquisition of a 49% stake in Northern Lights Supply.With the investment, the company gains access to Alberta cannabis market. Northern Lights Supply is one of ten companies that has received cannabis retail store operating license. The new license means Northern Light Supply will be the main supplier, servicing Edmonton International Airport as well as Canada oil industrial park.
"We are thrilled to one of a lucky ten to get a license to operate at this time. We have a strong business plan with extensive outreach partnerships in the works aimed at delivering educational seminars for the hospitality industry and business organizations," Northern Lights Supply in a statement.
Bottom Line
Weekend Unlimited is in the best shape it has ever been, ever since it went public. The company has won the lottery to use the POT symbol. In addition, it has moved to strengthen its cannabis prospects by expanding its footprint into Washington and Alberta through strategic investments. The developments continue to strengthen investor confidence in the stock.That said the stock looks set to continue edging higher in line with the steep uptrend. Any pullbacks after the recent spike should act as dip buying opportunities.We will be updating our subscribers as soon as we know more. For the latest updates on CNSX:POT, sign up below!Disclosure: We have no position in CNSX:POT and have not been compensated for this article.
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