Canadian company Open Source Health Inc. is seeking approval from the Canadian Securities Exchange to acquire private cannabis company Weekend Unlimited Inc. in an all-stock deal. The move is considered a “Fundamental Change” under Exchange policies and must be approved.
According to a company statement, Open Source will acquire all of the shares of Weekend Unlimited by the issue of common shares to be issued from the treasury in exchange for all of the common shares of the Weekend. Open Source shares last traded on February 20, according to Yahoo Finance at 15 Canadian cents a share.
Weekend Unlimited is a lifestyle brand with automated growing and extraction technologies that have partnered with high profile names. The company is sitting on $12 million in cash and has the rights to acquire a Washington state licensed producer and manufacturer for $1.5 million.
In addition to its North American expansion plans, Weekend entered into an agreement a couple of weeks ago to purchase a 600-acre organic hemp farm in northern British Columbia. That farm is in the process of applying for a Health Canada cultivation license. Weekend is planning on issuing 38 million shares to fund the application for that acquisition.
Weekend also owns 10% of glassmaker Jerome Baker Designs with an option to purchase up to 50% of the company. The plan is to promote the glass work through events within the glass culture.
Acquiring Weekend Unlimited is a big departure for Open Source Health, which is a cloud-based tech company that focuses on women managing their health. According to the company description, Open Source Health “engages in the digital transformation of integrative healthcare by providing trends in healthcare comprising digital and social health, as well as personalized, integrated, and participatory medicine. The company has a strategic partnership with PCOS Challenge to reach and educating women related to PCOS in the United States.”