SLANG Worldwide Brings Leading Cannabis Portfolio to Puerto Rico
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TORONTO, March 6, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG) ("SLANG" or the "Company"), a leading cannabis consumer packaged goods company, is pleased to announce a new strategic partnership with Southern Development Holdings ("SDH") to offer its branded cannabis products to patients across Puerto Rico. Pursuant to the partnership, SDH has been granted an exclusive license in Puerto Rico to the SLANG product suite, including its category-leading products O.penVAPE, :Pressies, District Edibles, Bakked, and Magic Buzz.
SLANG's products will be produced in SDH's state-of-the-art GMP facility and distributed and sold broadly in medical cannabis dispensaries throughout Puerto Rico. SLANG will receive royalty payments for each SLANG branded product sold in Puerto Rico, with sales expected to begin in Q2 2019.
The Company's entrance into Puerto Rico represents its second major market expansion initiative in Q1 2019, following its previously announced partnership with Florida-based Trulieve. Today, consumers can purchase SLANG's branded products in more than 2,600 retail stores across 11 US states.
Puerto Rico has one of the highest number of medical cannabis patients per capita of the US territories, with over 59,000 patients and 71 dispensaries, as of February 2019 per the Puerto Rico Department of Health. Beyond its existing network of patients, Puerto Rico also offers reciprocal dispensary access to out-of-town visitors who hold active medical marijuana licenses from qualified state programs, as well as online registration for those interested in obtaining a medical cannabis permit.
"We are excited to bring our high-quality brands to consumers in Puerto Rico and the Latin American market," said SLANG CEO Peter Miller. "Building global brands requires teamwork. Leveraging partnerships with the highest calibre operators enhances SLANG's brand share and revenue with impressive scalability."
The SDH leadership team is comprised of some of the best commercial agriculture and distribution experience in the territory. With 30 years of expertise in the processing and distribution of grain, coffee, rice, beverages and other consumer packaged products, the SDH team offers the experience of one of largest agro-industrial companies in the Caribbean.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a leading cannabis-focused consumer packaged goods company. The Company is focused on acquiring and developing market-proven regional brands, as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangworldwide.co.
Forward-Looking Statements
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 document include, but are not limited to, statements regarding the anticipated benefits of the relationship between SLANG and Southern Development Holdings, the introduction and distribution of SLANG branded products in Puerto Rico and the anticipated growth of the Puerto Rico medical cannabis market generally. 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, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the possibility that the Company or Southern Development Holdings will be unable to successfully integrate the SLANG product portfolio in the Territory of Puerto Rico, the risks associated with international and foreign operations and the other risks identified under the heading "Risk Factors" in SLANG's final long form prospectus dated January 17, 2019 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE SLANG WORLDWIDE
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