According to a recent report by ArcView Market Research and BDS Analytics, the North American cannabis edibles market is predicted to reach $4.1 billion by 2022, and in 2017 alone, consumer spending on edible cannabis products was estimated at $1 billion – representing just over 11% of the total $9.1 billion spend on cannabis products in the US and Canada.
This should come as no surprise to industry watchers, with even experienced consumers moving away from smoking flower and looking to alternatives, and edibles quickly becoming part of the mainstream consciousness along with the liberalization of attitudes in general and the spreading legalization of cannabis.
Recreational lifestyle brand Weekend Unlimited Inc. (CSE: YOLO) has made a big move into the edibles market through its acquisition of California-based Canna Candys and Canna Medibles, which will not only accelerate its planned expansion through US legal markets, but also adds a 31-flavor edibles offering to the company’s existing portfolio.
Canna Candys are a CBD-only edible, while Canna Medibles are infused with THC. The company is already well-established in the Southern California market, and is currently developing several new edibles as well as a beverage line.
About the acquisition, Paul Chu, President and CEO of Weekend Unlimited, commented, “Canna Candys is a developed brand with approximately 35% of hard candy market share in Southern California. The company is in the final steps to begin operations from a new licensed facility in Adelanto California, providing capacity in product development and manufacturing to grow substantially. The operations team is experienced, having built distribution in Southern California to 380 retail stores, and are expecting additional sales growth this year.”
The company will now focus on its channel build with a national distribution rollout of its CBD edibles line throughout the US, and THC edibles line in Washington, Nevada, and California – the world’s largest legal cannabis market – where its existing distribution in 380 retail stores will be expanded in Q1. Aside from California, CBD-only deals are also being negotiated in New York, New Jersey, North Carolina, Texas, and Florida.
Canna Candys’ new licensed manufacturing facility will be operational in Q1 2019, producing hard candies and gummies, and enables the accelerated development and production of new gummies, beverages, and other edibles. Weekend Unlimited’s edible THC + CBD production will come from California’s HDG facility.
The company’s brands also includes Orchard Heights Growers in central Washington state, Jerome Baker Designs, which creates custom glass art (most notably “Bongzilla”, the world’s largest bong), and it has launched Weekend Unlimited Live, a live-event concept featuring concerts, music festivals, exclusive parties, destination travel, sports, charity and other special branded events to raise the profile of its product brands.
For further information, please visit their website. https://www.weekendunlimited.com/
For further information, please contact:
Mr. Paul Chu, President and CEO
Telephone: 1 (236) 317-2812 – Toll free 1(888) 556-YOLO (9656)