Slang Archives - Green Market Report

Adam JacksonAugust 25, 2022
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SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) revenues rose in the second quarter as the company looks toward snapping up new opportunities through a new M&A commission. The cannabis consumer packaged goods company released financial results for the second quarter ending June 30, 2022.

Slang’s second quarter revenues totaled $9.87 million, versus $10.50 million in the same period last year; and $8.37 million sequentially. The company recorded a net loss of $3.4 million versus $3.7 million in the same quarter last year, according to SEDAR filings. Earnings went for a loss of three cents a share versus a loss of five cents a share in the same period last year.

“The success of our operational transformation implemented at the end of 2021 continues to be reflected in our quarterly financial results,” said interim CEO and chairman Drew McManigle. “With operating efficiencies and a streamlined infrastructure in place, we are in the right position to achieve ongoing top and bottom-line growth as we leverage a stronger operational footprint and introduce new products to the market.”

Slang posted a gross profit of $4.49 million — 46% gross margin — in the second quarter, versus $3.67 million — 35% gross margin — in the same period last year, representing a 22% increase year-over-year and 31% increase in gross margin.

Adjusted EBITDA totaled $460,000 in the second quarter, versus $903,000 in the same quarter last year.

The company said that operating expenses this quarter was reduced by $430,000, or 6%, versus the previous quarter — excluding a $8.72 million recovery of previous credit losses. The company said this marks the second consecutive quarterly operating expense reduction, “which is a result of the cost cutting and restructuring initiatives implemented in Q4 2021 and Q1 2022.”

Slang had $15.72 million worth of cash and restricted cash by the end of the quarter versus to $20.83 million in the fourth quarter last year and $16.56 million sequentially.

Slang went through a shake up last November after a slew of executives departed in a C-suite overhaul. Newly-minted McManigle eventually issued a letter to its shareholders outlining the company’s plans to cut costs. McManigle is the founder and CEO of MACCO Restructuring Group. He said he planned on tapping Macco’s resources for strategic reviews and business plan implementation.

Since then, the company has said it would wind down operations in Oregon in favor of consolidating expansion in Colorado. Overall, the company has said that it would be pivoting its strategic agenda and focusing on its core markets of Colorado and Vermont.

“Our Board of Directors has recently established an M&A committee chaired by Kevin Albert and will continue to focus on new M&A opportunities while we organically grow our most popular brands,” said McManigle. “I am proud of the progress we have made, and the position SLANG is now in. I look forward to sharing our continued progress and the new level of growth we are set to achieve.”


Debra BorchardtMarch 22, 2022
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SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF)  issued a letter to its shareholders from its Interim CEO and Chairman of Slang, Drew McManigle outlining the company’s reduction in operating costs. Four months ago, Slang overhauled its C-suite tossing CEO Chris Driessen and appointing McManigle as interim CEO and Chairman. McManigle also succeeded Peter Miller as Chairman of the Board.  McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC and he planned on tapping Macco’s resources for rapid strategic reviews and business plan implementation.

McManigle said the company has already cut $2.1 million in operating costs. In late November 2021, the company reduced operations to Vermont and Colorado, while essentially eliminated the Oregon operations. He wrote, “We have successfully reduced overseas freight costs. Most notably, we have sourced and contracted for distillate in Colorado at a significant reduction from the Company’s prior year average cost of distillate, which can strongly enhance both revenue and margins. Additionally, we assessed and are exploring opportunities to divest several licenses in the State, as well as, our costly cultivation facility.”

Vermont

In August 2021 under the old management, Slang bought High Fidelity/Ceres, Vermont’s largest medical cannabis company, which became part of the company’s core strategy. With this acquisition, it has two of the five medical cannabis licenses granted in Vermont with four dispensaries, including one that is strategically located in the Burlington area, with the ability to add two new retail dispensaries upon receipt of the requisite licenses. The letter said, “In addition, with the advent of recreational cannabis use in Vermont later this year, the potential for material revenue growth, at healthy margins, can occur while we work to further increase overall enterprise value for SLANG.”

New Jersey

The company said that in December it got a medical license for Trenton NJ and hope for more revenue opportunities in the state.  New Jersey has recently legalized adult-use saes and the state is close to opening up those sales.


Debra BorchardtNovember 24, 2021
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SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) released financial results for the third quarter ending September 30, 2021, with revenue rising to $10.1 million versus last year’s $7.9 million for the same time period. Slang said that the acquisition of High-Fidelity, Inc. resulted in approximately $1.1 million in revenue during the quarter. the net loss was trimmed slightly to $5.6 million versus last year’s net loss of $5.9 million.

Slang’s new interim CEO Drew McManigle said, “With the significant support from our respected strategic and investor partners, I look forward to utilizing my extensive experience in repositioning corporate operations to assist in the transformation of the SLANG operating platform. This transformation will be based on a refined strategy to appropriately position the Company to achieve future sustainable revenue growth.” McManigle was handed the reins in a major shift of executive management at the company just a few weeks ago. The move saw the exodus of CEO Chris Driessen and numerous board members.

While the repositioning is meant to address the lack of performance, the company quickly crowed about the accomplishments of the third quarter saying Slang’s brands continued to earn market-leading positions in its core markets of Colorado and Vermont. “Highlights include: O.pen ranked as the #1 vape cartridge in Colorado; Firefly Mini was the #6 and O.pen was the #5 disposable vaporizer in Colorado; Bakked was the #6 dabbable distillate in Colorado; District Edibles was the #12 gummy in Colorado; Pressies was the #6 pill in Colorado (Source: BDSA.)” The products, however, weren’t selling as well in Oregon and that seems to be why the company decided to exit the market.

Despite the high product rankings, the company seems to be burning through cash as it was down to $3.5 million of cash and cash equivalents on September 30, 2021, versus $6.5 million on December 31, 2020, and $9.7 million at June 30, 2021. Slang said the decrease in cash though was primarily due to $5 million of transaction expenses related to the Hi-Fi acquisition.

Trulieve To The Rescue

Slang’s strategic partner Trulieve came through with term-loan financing for aggregate gross proceeds of $17.3 million. The financing came with conditions including the company is required to allocate a minimum of 50% of the aggregate proceeds to complete the development and integration of the Vermont operations. Further to building out the Vermont operations, the company will shift its focus to efficiently refining the product mix according to the state’s most popular consumer preferences, as well as creating significant efficiencies across the financial and operational cycle. The financing also stipulated that McManigle step into the top role.

Mr. McManigle continued, “During the third quarter, SLANG deepened its strategic partnership with Trulieve, expanding product availability into new markets exclusively through Trulieve retail locations, and further securing opportunities for additional revenue over the long-term. In the short time, I’ve been appointed to manage the strategic transition and transformation of SLANG, we’ve made substantial progress in evaluating the go-forward structure, effectively executing prudent measures beginning with consolidating core market operations and refining our product mix. We are confident in our rightsizing agenda to create a future path to profitability, and ultimately deliver attractive returns to our shareholders.”

Focus On Colorado/Vermont

The company said in a statement that under the newly appointed leadership a redirection in the company’s focus on regions within the current platform that displays strong consumer demand for the profitable cannabis brands in the company’s product portfolio. As a result, the company has determined its Core Markets going forward will be tapered to Colorado and Vermont, where a properly executed growth strategy has the potential to produce a sustainable and profitable revenue stream. The ongoing consolidation process of the supply chain in the Core Market of Colorado, where the company currently recognizes wholesale revenue from sales of its leading brands directly from retail channels, will create synergies and operating efficiencies to contribute to go-forward revenue recognition.

As part of this process, Slang will work toward further consolidating its manufacturing and distribution segments, and divesting several licenses in the state, as well as its cultivation facility. Relative to the Core Market of Vermont, the Hi-Fi acquisition, in conjunction with the significant Loan Transaction led by industry-leading strategic partners and noteworthy shareholders, represents a catalyst for considerable growth opportunities as the Company continues its effort to capitalize on an integrated SLANG platform while strictly pursuing highly profitable lines of revenue.


StaffFebruary 1, 2021
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SLANG Worldwide Inc.  (OTCQB: SLGWF) has teamed up with cannabis-focused private equity firm Merida Capital Holdings to speed up Slang’s expansion in both new and existing markets. In addition to the partnership, Slang said that Merida led a non-brokered private placement of up to C$10 million to fund further growth. The stock was rising over 6% to lately sell at 32 cents.

“Integrating our brands in emerging markets through strategic partnership is core to our growth strategy. This alliance with Merida allows for us to enter two new emerging markets in Virginia and Missouri, expand our sales in Michigan and bring in growth capital,” said Chris Driessen, CEO of SLANG.

The company said in a statement that the partnership will leverage Merida’s portfolio to expand SLANG’s branded products into Missouri and Virginia, while also accelerating the companies retail distribution in Michigan. Under the terms of the agreement, Merida said it will be granted options to acquire common shares of SLANG and may earn additional compensation for achieving certain milestones, including sales targets, and initiatives to promote the commercialization of SLANG products across the entire Merida ecosystem, which also includes various licensed businesses in West Virginia, California, Maryland, Pennsylvania, and investments in various cannabis oriented finished goods, technology, and supply chain companies. SLANG’s proprietary brands include O.penBakkedDistrictPressiesLunchbox Alchemy, and Firefly.

The company has been on somewhat of a buying binge. A few weeks ago,  Slang said it had entered into a definitive agreement and plan of merger with Allied Concessions Group Inc. (ACG), a manufacturing and distribution business based in Colorado. ACG is an Infused Product Manufacturer (MIP) that produces O.pen, Bakked and Pressies branded cannabis products in Colorado. ACG is comprised of two different manufacturing and distribution facilities that extract both hydrocarbon and CO2 oil for all SLANG branded products in Colorado. At the end of December 2020, the company closed on its acquisition of Colorado-licensed cannabis cultivator Pleasant Valley Ranch, LLC as it made another move to own its supply chain.

Merida’s Managing Partner Mitch Baruchowitz said, “Merida is excited to welcome SLANG to our ecosystem of 50+ cannabis companies, and tap their brand expertise to expand the product offerings of our licensed medical operators in Virginia, Missouri, as well as 3Fifteen Michigan which currently boasts a leading retail footprint in the state. Our investment and partnership should remove friction from SLANG’s state by state expansion and help drive acceleration of their national brand presence.”

“Forming this strategic partnership with one of the pre-eminent cannabis investors in the U.S. is a testament to the strength of our business and the growing demand for our cannabis products. By establishing such a valuable strategic collaboration and attracting high-quality institutional investment, at sector-leading terms, we are well-positioned to fund our expansion and bring our products to new customers,” said Peter Miller, Co-Founder and Executive Chairman of SLANG.


StaffDecember 15, 2020
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While some companies like Canopy Growth (NASDAQ: CGC) are laying off employees by the hundreds, Slang Worldwide (OTC: SLGWF) is doing the opposite. This quietly growing cannabis brand company is adding jobs and the state of Colorado couldn’t be happier because the company decided to move its headquarters there.

“Colorado continues to be the epicenter of the growing cannabis industry, so we’re excited by the company’s smart decision to relocate and create jobs in our beautiful state,” said Governor Jared Polis. “Colorado’s cannabis industry offers strong growth potential and this move speaks volumes about our state’s cannabis industry and community as a whole.” The state competed against California and Oregon for the jobs. Slang already has 75 people on the payroll in their existing offices in Denver, which serves as their U.S. home base, and Boulder which will now be expanded. The move will create 43 new jobs with an average annual wage of $75,000 and are expected to include positions like lab technicians, project management, and other production-related positions.

“We applaud Governor Polis and the Office of Economic Development and International Trade for once again being leaders in cannabis policy,” said Chris Driessen, President, and CEO of Slang Worldwide. “Colorado was already a core market for us, so with these incentives from the state it only made sense for us to double down on our commitment to the place that so many of us, including myself, call home.”

The Economic Development Commission voted at its September 17, 2020 meeting to approve up to $584,399 in job-growth incentive tax credits over the next eight years. This is the first time Colorado has offered performance-based incentives to a cannabis company.

“Slang Worldwide’s selection of Colorado marks the next step of responsible growth within Colorado’s cannabis industry, a priority area for our office and this administration,” said Betsy Markey, executive director of Colorado’s Office of Economic Development and International Trade. “We are encouraged by the growth potential of this vertical. Slang provides additional linkages between Colorado suppliers and broader consumer markets while growing our production and R&D profile.”

Canopy Growth Tax Incentives

For the past year and a half, Canopy has been laying off employees by the hundreds and scaling back much of its business. The company received a property tax credit from the state of New York in 2019 for its industrial hemp processing plant located in upstate Kirkwood. The company was given a standard 15-year payment-in-lieu-of-taxes agreement that will trim the property tax bill by more than $1.7 million over the life of the agreement. Under the terms of the proposed deal, Canadian-based Canopy is set to get a 39% reduction in property taxes over the first five years of the 15-year term of the agreement. Canopy said it would hire 75 workers at the facility with salaries between $30,000-$50,000. While Canopy exited its Springfield NY location, as of November, Kirkwood is still under construction. According to WNBF, the project is actually nearing completion.

 

 


Debra BorchardtOctober 5, 2020
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Toronto-based Slang Worldwide Inc. (OTCQB: SLGWF) has been actively acquiring companies over the past months. Most of the acquisitions have been in Colorado as the company sought to bring in members of its supply chain as part of the larger company. At the close of last week, Slang announced it completed the purchase of Oregon-based LBA Global Corporation and its Lunchbox Alchemy brand portfolio and its subsidiary Lunchbox Distribution.

The company said this will improve its position in Oregon by adding a complementary portfolio of top-selling products, as well as increased cannabis extraction, manufacturing, and distribution capabilities. Oregon, in addition to Colorado, is a core market for SLANG. By establishing an integrated operation, the company hopes to see increased revenues and gross profits.  The transaction is all stock and Slang issued 23,913,043 restricted voting shares to the former owners of privately held LBA in exchange for an all-equity interest in LBA and its subsidiaries.

“LBA satisfies several key strategic objectives for us, beyond the addition of some great brands to our portfolio,” said SLANG President & CEO Chris Driessen. “Our strategy in core markets like Oregon is to consolidate our supply chain and establish a fully integrated, wholesale operation to capture greater unit economics. With this acquisition, we now have an experienced team on the ground, an advanced manufacturing facility, and a thriving distribution business, all of which will serve as a platform for long-term growth.”

LBA was founded in 2014 and is the owner of Lunchbox Alchemy portfolio of cannabis brands, which has been recognized for its innovations in cannabis-infused edibles and concentrate production. Today, LBA owns and manufactures gummies and hard candies that have consistently ranked among the top sellers in their respective categories in Oregon over the past several years, according to BDSA. LBA also owns a CBD-infused product line that is currently available in more than 500 retail stores in 45 states across the U.S.

Slang said it intends to leverage LBA’s infrastructure, experience, and industry relationships to enhance its capabilities and market position in Oregon. Lunchbox Distribution is one of the largest cannabis distributors in the state and distributes Lunchbox products along with other selected third-party brands to 382 dispensaries across Oregon, representing approximately 62% dispensary penetration.

“We are very excited to become part of the SLANG team. After working closely together over the past year, we are more confident than ever in the strategic fit and the path forward,” said LBA CEO Eric Plantenberg. “Our local infrastructure and customer relationships plus SLANG’s national footprint and proven experience growing brands is a winning combination that will add value for both companies.”

 


Debra BorchardtSeptember 29, 2020
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SLANG Worldwide Inc. (OTCQB: SLGWF) is buying Colorado-licensed cannabis cultivator Pleasant Valley Ranch, LLC as the company makes another move to own its supply chain. Pleasant Valley has been a key supplier of raw materials for SLANG-branded concentrate and edibles products in Colorado. By buying the supplier, Slang can assure itself of having the raw materials it needs at a lower cost, which will improve the gross margins.

The company didn’t disclose the price paid for Pleasant Valley but did say that it was for a non-material amount of cash and common shares. The deal is expected to close in the fourth quarter of 2020.

“The purchase of Pleasant Valley is another key step in our strategy to assemble a fully integrated, wholesale operation in our core market of Colorado,” said SLANG President & CEO Chris Driessen. “The Colorado market continues to generate double-digit growth, and this transaction will help us capture additional market share. The acquisition of a trusted supplier will help us continue to expand our production volumes while improving our unit economics and maintaining our high standards of quality.”

Pleasant Valley

Pleasant Valley is a privately-owned company located in Carbondale, CO specializing in high-quality, organically grown cannabis strains that thrive in high altitude, mountainous environments. The release stated that Pleasant Valley has 1,600 square feet of greenhouse cultivation area, and a five-acre outdoor facility at an elevation of approximately 7,500 feet that produces an authentic, naturally cultivated product using snowmelt water. It currently has a capacity of 3,600 plants and produces approximately 4,800 pounds annually and is projected to double its capacity by 2021.

This is the latest step taken by Slang as it moves to consolidate its supply chain. Last month, the company bought Peoria Partners, a state-licensed manufacturer, and distributor of Slang’s District Edibles brand in Colorado.

“This is one of the planned acquisitions that allow us to consolidate our supply chain in Colorado,” said SLANG President & CEO Chris Driessen. “Owning a licensed cannabis facility capable of manufacturing and distributing cannabis-infused SLANG products immediately opens up new opportunities for us, including the ability to capture greater top-line revenue and more favorable unit economics.”

Slang said it was looking at other potential acquisitions and opportunities in Colorado.

 

 


Debra BorchardtSeptember 3, 2020
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SLANG Worldwide Inc. (CNSX: SLNG) has been on a quest to consolidate its supply chain Colorado and the latest move is the acquisition of Peoria Partners. Peoria is the state-licensed manufacturer and distributor of SLANG’s District Edibles brand in Colorado. Slang said it plans to keep using Peoria’s Denver facilities to make District Edibles and for the distribution of the full suite of SLANG-branded products within Colorado.

“This is one of the planned acquisitions that allow us to consolidate our supply chain in Colorado,” said SLANG President & CEO Chris Driessen. “Owning a licensed cannabis facility capable of manufacturing and distributing cannabis-infused SLANG products immediately opens up new opportunities for us, including the ability to capture greater top-line revenue and more favorable unit economics.”

Earlier this year, Slang had disclosed in a filing that it entered into an agreement with Peoria and its unitholders in February to buy Peoria for non-material cash consideration. The company said that the purchase of Peoria marked a significant milestone in it’s strategy of consolidating its supply chain in Colorado. Just last month that the Colorado Department of Revenue’s Marijuana Enforcement Division had approved its application for suitability. That approval will allow Slang to own “plant-touching” operations such as manufacturing and distribution facilities.

Slang said that the consolidation will deliver several benefits, including increased revenue and gross profit per unit sold, greater control over production and distribution planning, improved efficiency across the organization, and a strengthening of its leadership position in the state.

Other Consolidation Efforts

In addition to Peoria, Slang has said that it also plans to buy Allied Concessions Group Inc., which is a manufacturing and distribution business in Colorado It has also executed definitive agreements relating to its proposed acquisition of an
edibles manufacturing and distribution business belonging to Oregon-based LBA. That deal is expected to close in the second half of the year. The company said it has been working to obtain the state regulatory approvals required to complete all three transactions.


StaffAugust 27, 2020
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SLANG Worldwide Inc. (OTC: SLGWF) reported that in Canadian dollars that its revenue decreased by 3% sequentially to $4.6 million in the second quarter from $4.6 million in the first quarter 2020. The drop was attributed to stores that were impacted by COVID lockdowns. Slang said in a statement, “The stay-at-home orders associated with the COVID-19 response also adversely affected certain retail locations that sell the company’s branded products.”

The company also noted that its previously announced decision to recalibrate supply chain relationships in California and other emerging markets had affected revenue. The company said that performance in its core markets of Colorado and Oregon helped offset decreased revenues in its emerging markets. “On a year-over-year basis, core market revenues were down 50% in the month of April, at the height of the pandemic, but recovered by June to deliver a 130% increase over June 2019.” Slang said that sales have continued to rise through July and August.

The company recorded net income of $2.7 million, which dropped from $16 million reported for the same time period last year. Slang said it expects solid growth in the second half of 2020 due to continued strength in core markets, new product launches and traction in newly-entered markets.

“We were encouraged to see our revenues and margins hold steady in the second quarter despite facing a full three months of the COVID-related challenges that first appeared in March,” said SLANG President & CEO Chris Driessen. “These results reflect improvements in June, which offset weak April and May activity driven by the COVID-19 crisis. Additionally, the decisive steps we have taken to adjust to the market environment have led to reduced operating expenses and more efficient use of our cash resources. The success we have experienced since the recovery in June is further proof that we are emerging from the challenges of the first half of the year even stronger, with revenues and momentum exceeding pre-COVID levels.”

Looking Ahead

The company has said it is focused on a path to profitability through a rebalancing its workforce and continued optimization of SLANG Network relationships, resulting in combined annualized savings expected to be approximately $10.5 million. “SLANG Network partner assets in Colorado and Oregon are demonstrating the capability for profitable cash flow from operations and we are optimistic for the future as those acquisitions are near completion.” The company listed the following reasons why it is so optimistic:

  • Licensing revenues from recently-signed strategic partners commencing and continuing to grow as those partners introduce products into their local markets;
  • Continued expansion into new emerging markets, such as California and Massachusetts, provided strategic partnerships can be successfully concluded;
  • Increased sales from the Company’s recent and ongoing expansion into new product categories and introduction of new brands;
  • The ongoing recovery from the effects of COVID-19 closures, as demonstrated by positive sales trends in July and August;
  • The consolidation of supply chain assets, and a corresponding increase in revenue and margins, resulting from the potential closing of the proposed acquisitions of LBA in Oregon, and Allied Concession Group (“ACG“), Peoria Partners LLC and Pleasant Valley Ranch, LLC in Colorado;
  • Reduced operating expense run-rate as a result of recent streamlining activities; and
  • Continued focus on prudent credit management and prioritization of near-term cash generation.

Debra BorchardtMay 27, 2020
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Up and coming Michigan cannabis company Gage Cannabis has announced a partnership with Slang Worldwide Inc. (OTC:SLGWF) to produce and distribute Slang products. While Slang is the better-known company, Gage has been quietly building a solid business in Michigan.

Michigan

Gage is focused on becoming a leader in the state as the cannabis industry has switched from building huge national footprints to targeting specific states. Adult-use cannabis sales in Michigan began in late 2019 and have been growing steadily since then with 27% month-over-month growth from March to April 2020, based on data from the Michigan Marijuana Regulatory Agency. A recent study by Michigan State University estimates that total cannabis sales in the state could reach $3 billion within the next five years. It is currently the fourth largest market in the country.

Gage Cannabis

Gage has licenses for 13 dispensaries of which four are operational at this time. There are four licenses for cultivation with three operational and one processing license. The average basket size for Gage in March was $130 and that number has jumped to $175 in April.

For now, Gage is privately owned with 60% of the company held by management and insiders. The company has raised $60 million and has $7 million in cash and no debt. Bruce Linton is the Executive Chairman, while Fabian Monaco is the President.

“Gage understands that partnering with industry-leading brands like SLANG elevates the Michigan cannabis market and provides consumers with a range of products that are of exceptional quality,” said a representative of Gage. “Gage is unwavering in its commitment to bringing only the best cannabis products and brands to Michigan.”

The company made a big splash with its Cookies partnership when it opened a Cookies branded dispensary on the well known 8 Mile road in Detroit. The 3,500 square-foot Cookies store employs 40 Detroiters and the company has in place a social equity program through which it will share $950,000 with social equity participants in cities disproportionately impacted by marijuana prohibition.

Slang

The partnership means that Gage will be including its category-leading products O.penVAPE, Pressies, District Edibles, and Bakked in its dispensaries. SLANG will also provide sales consulting services and will receive royalty payments for each branded product sold in the state.

“Partners are the backbone of the SLANG network, and we are excited to embark on this initiative with a great operator like Gage,” said Peter Miller, CEO of SLANG Worldwide.  “Gage has demonstrated an ability to scale as leaders in a rapidly growing and competitive market. By supporting their business with the diversified SLANG product offerings, we expect an even greater mutual scale and success. This deal is directly on target with our licensing and partnership strategy, and we look forward to growing together.”

The addition of the SLANG brands will strengthen Gage’s offering in the vape, edible, and concentrate product categories. Production of the additional products will utilize Gage’s increasing cultivation and processing capacity in the state.

“I am very excited to see this collaboration between two companies that are each innovators and leaders in their own segment of the cannabis market,” said Bruce Linton, Executive Chairman of Gage and an investor in SLANG. “Partnerships like this are a great way for both companies to accelerate their growth in a capital-efficient manner, which is crucial in today’s market.”

 

 

 


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