R&D Pharma acquired by Weekend Unlimited

2 minute read
20 February 2019

On Feb. 20, 2019, Weekend Unlimited Inc. (CSE: POT) (FSE: 0OS1) (OTCMKTS: WKULF) completed its previously announced arms-length acquisition of R&D Pharma Corp.

R&D Pharma is a Canadian company building a vertically integrated medical cannabis business in Jamaica. The company has secured a Tier 3 Cultivator's License (only one of three presently issued in the country), which allows for full cultivation of cannabis plants on land of over 5 acres.

Weekend issued 80 million shares at a deemed price of $0.25 as well as making available 25 million warrants to the shareholders of R&D Pharma. Each warrant entitles the holder to acquire an additional share for $0.35 for a period of 2 years. Approximately 49 million shares are subject to a voluntary escrow agreement that sees 20% released at closing and the balance in 6 equal instalments over 3 years.

Gowling WLG advised R&D Pharma in this transaction with a team led by Peter Simeon, and that included Jacob Cawker, David Torchetti, Sachin Seth and Stephen Franchetto (corporate/M&A); Paul Carenza (tax); assisted by student at law Ryan Cohen.

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