June 15, 2020 - 3:01 AM EDT
Weekend Unlimited Reports Record Revenues of Cdn$376,104 and Gross Profit of 10% in Q3 2020 to Date, a Revenue Increase of 1,138% from Q2
Wholesale WKND! And Orchard Heights Cannabis and WKND! Wellness Products
VANCOUVER, BC / ACCESSWIRE / June 15, 2020 / Weekend Unlimited Industries Inc. ("WKND!" or the "Company") (CSE:POT)(OTCQB:WKULF)(FSE:0OS1) is pleased to announce record revenues of Cdn$376,104, earning record gross profits of Cdn$37,005, or 10%, for an increase of 1,138% in revenues compared to revenues of Cdn$30,387 and 22% gross profit in Q2 2020. These results reflect sales of WKND! and Orchard Heights branded cannabis products in Oklahoma and WKND! Wellness CBD and health products sold between April 1st, 2020 thru June 15th, 2020 in Q3 2020.
During the month of June to date WKND! Wellness products saw a 487% increase in month-over-month sales generating the Company a total of Cdn$286,051 in revenues, with cost of goods sold totalling Cdn$268,773, representing a gross profit Cdn$17,278, or 6%.
Additionally, revenues of WKND! and Orchard Heights branded cannabis products during April and May 2020, saw a 78% increase over Q2 giving the Company Cdn$41,359 in revenues, with cost of goods sold totalling Cdn$27,136, and a gross profit of Cdn$14,223, or 34%.
"This is a pinnacle moment for Weekend Unlimited that still has another two weeks to go in Q3. It is incredibly exciting to see these revenues and to be finally taking home profits. Being a Cannabis company with no debt, and products rapidly gaining in popularity, we are very optimistic leading into Q4." said Mr. Robert Payment, Weekend CFO.
"Despite the pandemic environment we are generating record numbers in both revenue and gross profit. After going to market with an initial strategy focused on high volume, low margin products that would give WKND! brands maximum exposure, the Company is now positioned to decrease cost of goods through high volume orders, while continuing to increase overall sales and gross profit." stated Mr. Chris Backus, WKND! President/CEO. "As our product lines and distribution continue to expand and our brands continue to gain awareness in the United States, we are well positioned to take advantage of the exciting US Cannabis and Wellness market."
We encourage readers to visit www.wkndwellness.com to view our full line up WKND! Wellness brands and sign up to our Company newsletter.
The Company cautions that figures for revenue, expenses and margin generated from the sale of WKND! Cannabis and WKND! Wellness products have not been audited, and are based on calculations prepared by management. Actual results may differ from those reported in this release once these figures have been audited. These figures were translated from US dollars into Canadian dollars using the Bank of Canada average exchange rate of 1.3926 for Q3 to date and 1.3449 for Q2.
About Weekend Unlimited Industries Inc.
Weekend Unlimited is a lifestyle-based recreational cannabis and CBD wellness company. We are developing and launching premium cannabis and CBD brands to deliver life's highs - any- time, anywhere. Our CBD products are available online and at a retailer near you. Weekend Unlimited is well-positioned to launch and scale the brands that will define cannabis and CBD. Learn more at www.weekendunlimited.com.
For further information, please contact:
Mr. Chris Backus, President & CEO, Director Telephone: 1(236) 317-2812
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.