Shares of Weekend Unlimited Inc (CNSX: POT) are sinking lower on the confirmation that the company is ceasing further business development in Jamaica business. The turn of events follows the kidnapping of the company’s local partner in Trinidad and Tobago.
POT Price Analysis
While the sudden turn of events in Jamaica is a point of concern, Weekend Unlimited has continued to strengthen its prospects in the multi-billion-dollar sector with strategic moves. For starters, the company has in the recent past launched a new consumer packaged goods brand identity as it moves to target opportunities in the recreation market.The company has also inked a deal that will see it provide processing and distribution facilities to Boggy Boon branded a cannabis company in Seven Hills. The Company’s, Canna Candy’s brand also has commenced shipments in the Northeast, USA, ahead of launches in Midwest and southeast. In March, the company announced plans to launch a concept store in California as part of its expansions strategy.Investors have content to push lower amidst the string of positive developments that affirm underlying growth. The stock finds itself languishing at all-time lows after a 50% slide from this year highs. WKULF Daily ChartWith the stock engulfed in a bearish trend, things are not looking good on the price action front. With price action supporting further action on the downside, a bounce back above the $0.13 mark, should avert further slides.Weekend Unlimited may have to rally and take out the $0.18 resistance level if it is to turn bullish in the short term and avert further slides.
What Does Weekend Unlimited Do?
Weekend Unlimited casts itself as a lifestyle-based company with operations in the recreation cannabis space. The company is engaged in the development and distribution of premium products designed to deliver life’s highs anytime, anywhere.
Recent Developments
While a plunge in share price is a point of concern, Weekend Unlimited continues to strengthen its long-term prospects by expanding its product line and expanding into new markets. In March, the company secured a retail location in Long Beach California where it plans to launch a concept store.Expansion into California is part of the company's growth strategy as it seeks to establish multiple touch points in markets with vast opportunities for growth.
"This space has been designed to provide customers with multiple product lines, featuring Weekend brands, and elevating the experience by having an upstairs Weekend LIVE space that will hold events, education seminars and serve as a lounge with a hemp smoothie bar, coffee, and CBD edibles," added Mr. Chu.
Pursuant to a distribution agreement inked with Infinity One LLC in February, Weekend Unlimited has commenced shipments of, Canna Candy’s 5mg Hemp oil extract, mixed with fruit gummies in the Northeast of the USA. Plans are underway to expand the distribution to the Midwest as well as southeast. The agreement calls for the distribution of 1 million gummies at the start, with additional SKUs to follow soon.Weekend Unlimited is fresh from launching a new product line that should benefit from the aggressive distribution drive. The new product line includes disposable vaporizers as well as proprietary formulations of CBD and THC. The company has also unveiled a new line of pre-rolled cannabis cigarettes as well as hemp-based gummies and an anti-inflammatory pain relief tincture.Even as the company embarks on an aggressive distribution drive, it has also launched a new brand identity featuring a redesigned logo as well as product portfolio designs. The launch signals the company’s push to become a recognizable lifestyle brand according to the CEO.
“Our new branding is based on our extensive experience building consumer packaged goods brands and the trends we uncovered through consumer and industry research. Our new brand connects our products to consumers in a way that is approachable and fun,” stated Mr. Chu.
Bottom Line
Weekend Unlimited has taken a significant hit on its prospects in Jamaica taking a significant hit. However, management reiterated that the company is entering an exciting time with go-to-market strategies shows not everything is lost.The launch of new CBD products to leverage market opportunities as well as embarking on an aggressive marketing campaign should lead to significant revenue generation. That said, POT is likely to bounce back, on hitting a bottom, and investors taking note of the underlying developments affirming long-term prospects.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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