If you are going to fertilise weekly, you don't need a timed-release fert. A week is a reasonable time to expect regular soluble fertilsers to remain in the soil (unless there has been heavy rain).
In the bed I dug out, the Osmocote beads closest to the surface were hollow but quite a few of those more than a couple inches below the surface still had ferts in them. This was at least a year after they were applied, perhaps as much as 18 mos. I'm sure this was the longest lasting sort. Still, the 3 mos type intended for vegetables is still too long lasting for the vegetative growth cycle of cannabis.
Osmocote is wonderful stuff for certain applications. I DO use it around here. It's great for perennials in particular, where you don't want to yutz around maintaining the beds much. It's just not the right tool for the job of growing cannabis.