Toronto, Ontario--(Newsfile Corp. - April 12, 2022) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods ("CPG") company with a diversified portfolio of popular brands, announced today that it has closed its previously announced acquisition of NS Holdings Inc. ("NSH"), a manufacturing business based in Oregon (the "NSH Acquisition").
The closing of the previously announced NSH Acquisition won't affect the Company's decision to wind down manufacturing operations in the unprofitable Oregon market. This acquisition follows SLANG's newly implemented transformational growth strategy focused on tapering its Core Markets to Vermont and Colorado, supporting the Company's goal of reducing non-profitable operations and achieving greater operating efficiencies.
NSH is the parent company of GNT Oregon, LLC ("GNT"). GNT operates a licensed CO2 extraction and manufacturing facility in Portland, Oregon. The Company issued a non-material amount of common shares as consideration for the NSH Acquisition.
To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject.
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. SLANG specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. 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 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 annual information form dated April 29, 2021 and other disclosure documents available on the Company's profile 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.