SLANG Worldwide and Trulieve Partner to Bring Leading Portfolio of Cannabis Brands to Massachusetts
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2020) - SLANG Worldwide Inc. (CNSX: SLNG) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced a strategic partnership with Trulieve Cannabis Corp. (CSE: TRUL) & (OTCQX: TCNNF) ("Trulieve"), a leading and top-performing cannabis company based in the United States, to introduce SLANG-branded products to consumers in Massachusetts.
Pursuant to the partnership, Trulieve has been granted an exclusive license to produce and distribute the SLANG product suite in Massachusetts, including its category-leading brands O.penVAPE, Firefly, Pressies, District Edibles, and Bakked. SLANG will also provide sales consulting services and will receive royalty payments for each branded product sold in the state.
Trulieve is currently building out Phase 1 cultivation and processing capabilities at its 140,000 square foot facility in Holyoke, Massachusetts. Trulieve is also completing work on its first Massachusetts dispensary in Northampton, and holds licenses to operate up to three co-located medical and adult use locations.
"Trulieve is a natural partner for us in Massachusetts given their industry leadership and the successful relationship our companies have enjoyed in Florida," said SLANG CEO Chris Driessen. "Here they will take on an additional capacity as a wholesaler and play a vital role in helping us grow our brands with cannabis consumers in the state."
Massachusetts is the first eastern U.S. state to legalize both medical and adult use cannabis. Research firm BDS Analytics estimates that retail sales in the state will grow from US$587 million in 2019, the first full year of legal sales, to more than US$745 million in 2020, and an estimated US$1.35 billion by 2024.
SLANG-branded products are expected to be available in Massachusetts in the first half of 2021, following the completion of Trulieve's facilities and ramp-up of production.
For further information:
SLANG media and Investor inquiries: Investors@SLANGww.com
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.
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 SLANG-branded products in Massachusetts.
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 six months ended June 30, 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.
Third Party Information
This press release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.
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