SLANG Worldwide Investee Agripharm Corp. Secures Supply Agreement with Province of Ontario
Toronto, Ontario--(Newsfile Corp. - August 13, 2020) - SLANG Worldwide Inc. (CSE: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced that its investee company, Agripharm Corp. ("Agripharm"), has signed a supply agreement with the Ontario Cannabis Retail Corporation ("OCRC"), operating as the Ontario Cannabis Store ("OCS"). Agripharm expects to supply flower and concentrates under the supply agreement beginning in September 2020 and edibles at a later date.
Agripharm has exclusive Canadian rights to the intellectual property, strains and brands of Green House Seed Co., one of the preeminent global providers of cannabis genetics, and its sister brand Strain Hunters. Last month, Agripharm obtained a Health Canada licence to sell extracts and edibles, including SLANG's Firefly, O.penVAPE, Bakked and District Edibles brands, to authorized retailers in Canada.
The OCS is Ontario's only legal online retailer for recreational cannabis and the exclusive distributor of recreational cannabis to privately-owned licensed retailers in the province. Ontario is Canada's most populous province with more than 14.5 million residents.
"Securing its first supply agreement in its home province is an important milestone for Agripharm," said SLANG Executive Chairman Peter Miller. "It's also great news for Ontario consumers. In addition to SLANG products, consumers will now have consistent access to award-winning strains from Green House Seed Co. and Strain Hunters."
The OCRC agreement marks the first provincial supply agreement in Canada for Agripharm, which is also in discussion with other provincial regulatory authorities to secure additional distribution.
SLANG, through its wholly-owned subsidiary National Concessions Group Inc. ("NCG"), owns a 20% equity interest in Agripharm, which was obtained in exchange for the rights to use NCG's intellectual property in Canada. SLANG also holds the U.S. rights to Green House Seed Co. and Strain Hunters genetics.
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About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. The Company specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com.
About Agripharm Corp.
Agripharm is a cannabis producer based in Creemore, Ontario. Founded in 2013, Agripharm is home to the first supercritical CO2 extraction lab in Canada. Agripharm is a joint venture between SLANG Worldwide Inc., Canopy Growth Corp. and Green House Seed Co. Agripharm has exclusive Canadian rights to the intellectual property, strains and brands of Green House Seed Co., one of the preeminent global providers of cannabis genetics, and its sister brand Strain Hunters. Agripharm will also be the Canadian distributor of certain products from SLANG Worldwide's portfolio of leading U.S. consumer cannabis brands.
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding the distribution of the SLANG-branded products and Green House Seed Co. genetics in Canada.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings "Risk Factors" in SLANG's final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and three months ended March 31, 2020, each as filed on SEDAR at www.sedar.com. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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