In an unexpected turn of events that no-one could have predicted, a small Canadian-based cannabis company won the lottery to receive the much-desired POT ticker from the CSE. Weekend Unlimited Inc (CNSX: YOLO), a company that debuted on the Canadian market on October 15th, won the much-desired ticker symbol as 40 other companies competed for it.
The POT ticker, which formerly belonged to Potash Corp out of Saskatchewan before the company merged with Agrium Inc to become Nutrien (TSE: NTR), became available on Canadian exchanges this week. According to Bloomberg, the TMX Group (owners of the Toronto Stock Exchange) found themselves in a situation where, for the first time in their history, they held a lottery to determine the winner.
“There has been tremendous excitement generated globally for the POT symbol. The POT lottery served to raise the profile of Canada’s leadership in legal recreational cannabis and we believe it will also serve to raise Weekend Unlimited’s profile,” said CEO Paul Chu in an official statement today. “Weekend Unlimited is thrilled to add the iconic POT trading symbol to its identity. As a fast-growing multi-state operator, Weekend Unlimited is developing lifestyle brands around recreational and wellness (products) to help define the future of the cannabis industry. The POT symbol is a tremendous fit with our brand identity.”
The mostly unknown company, which hasn’t drawn much attention to itself as much larger marijuana companies stay in the limelight, ended Friday’s trading session at C$0.27 per share. In comparison, the previous day it was trading around C$0.11 per share. For traders that caught the news announcement earlier enough today and managed to hop on the excitement, they would have enjoyed significant, risk-free profits.
Weekend Unlimited previously announced a couple of weeks ago that they had acquired Verge Beverages, a premium energy beverage brand that has done over USD $236 million in sales through a direct to consumer model. Cannabis laced drinks are expected to become a $600 million market by 2022, with many marijuana companies positioning themselves to take advantage of the new trend.
Weekend Unlimited rise in stock price will likely be temporary as shares return to normal levels in the upcoming days. However, the surge in publicity – even if based on a coincidence like this one – will be much appreciated by the company as it strives to stand out in a marketplace that is quickly becoming filled with new competitors and M&A hungry giants.
Weekend Unlimited Company Profile
Weekend Unlimited is inspired to play a leadership role in the cannabis industry with integrity, sustainable production, high quality products, trusted relationships, all aimed at establishing the highest standards for the future of, what is today, a nascent industry. Weekend Unlimited aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. –Weekend Unlimited