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Is it Time to Buy This Micro-Cap Hemp Stock?

Is it Time to Buy This Micro-Cap Hemp Stock?Weekend Unlimited Industries Inc. (CSNX: POT)(OTCMKTS: WKLUF) is a micro-cap hemp stock with a market cap close to CA$6.5 million. The North American company operates in the legal cannabis industry in the US and the Northern British Columbia region in Canada.

This hemp stock showed a lot of promise in the first two weeks of January. But since then, the stock took a downturn and has been braving headwinds from the COVID-19 outbreak. The stock price since May 26 is at a net-zero position, whereas the year to date returns are a negative 35%.

Weekend Unlimited improves cash position through asset sales

Is it Time to Buy This Micro-Cap Hemp Stock?

In an attempt to recalibrate its strategy in a post-COVID-19 economy, Weekend Unlimited is shifting gears to increase its presence in Oklahoma.

In a press release on June 26, the recreational cannabis company announced a sale of a property in Washington. The arrangement was made for $400,000 and includes the equipment and the facility in Wenatchee.

Out of the total sales consideration, 75% of the proceeds will be realized at the time of transfer of ownership of the property. The company will realize the balance of $100,000 in twelve monthly installments starting from January 2021.

The release claims that the property buyer will rent the space to licensed cannabis cultivators to “formulate Weekend Unlimited Products”. CEO and President, Chris Backus commented that “The deal we’ve made still allows WKND! brands to have a footprint in Washington”. He also remarked that the sales proceeds will be directed to improving the company’s presence in Oklahoma.

Weekend’s trip from Northern Lights to Oklahoma

The company’s board of directors strategically shifted the operational budget for 2020 from the Northern Lights Organics facility to Oklahoma. One of the main reasons for this shift is the changing demand-supply equilibrium in the Canadian hemp industry. The supply of biomass has risen disproportionately leading to a drop in price. The executives also added that the COVID-19 factor was also a deterrent in pursuing the production in the Northern Lights facility.

With the new strategy, the company expects to eliminate the projected cost of CA$350,000. Backus said, “WKND! And Orchard Heights Cannabis brands are growing dramatically in Oklahoma and we believe our efforts and capital are best allocated to a proven business model that is earning Weekend growing and consistent profits.  This decision is a strong positive for the company and we are very excited and optimistic about our growing footprint in Oklahoma.”

This shift in business and asset sales should Weekend to improve liquidity and improve profit margins. In case it manages to do so, investors can expect the stock to soar in the upcoming quarters.

Is it Time to Buy This Micro-Cap Hemp Stock?

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