Toronto, Ontario--(Newsfile Corp. - September 30, 2021) - SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced its entry into the West Virginia and Pennsylvania markets via a strategic partnership with Trulieve Cannabis Corp. ("Trulieve"), a leading and top-performing cannabis company based in the United States. With the addition of these two states, SLANG's products will soon be available in 15 states, Canada, and Puerto Rico.
Under the agreement, Trulieve will have exclusive access to the entire SLANG portfolio of brands. Additionally, SLANG will sell packaging to Trulieve, and will receive royalties on product sales at their locations in both states, as well as on wholesale revenues to third-party dispensaries. Product launches in both states are expected in 2022.
Chris Driessen, CEO of SLANG, said, "We are thrilled to announce two more strategic partnerships with Trulieve in Pennsylvania and West Virginia. We look forward to working with Trulieve and building on our existing successful partnerships in Florida and Massachusetts."
Pennsylvania, the fifth-most-populated state in the country, has a robust medical marijuana market and Governor Wolf included adult use marijuana on his legislative agenda as announced in January 2021.1 The state has seen immense success with its medical marijuana market, which is expected to reach 1 billion dollars in sales by 2023, according to one report.
"Trulieve and SLANG have enjoyed a successful partnership in Florida and as we expand nationally, we are excited to bring SLANG products into select new states," commented Valda Coryat, Chief Marketing Officer of Trulieve. "We recently announced the launch of SLANG in Massachusetts and now we will add two more states within our northeast hub where patients will find SLANG products on Trulieve's shelves and available in dispensaries throughout those states as we build upon our wholesale distribution model."
West Virginia currently has a medical marijuana program and as of June 30, 2021, the state has 2,305 patients enrolled. Additionally, the state's Governor Jim Justice recently revealed that he is open to the possibility of adult-use cannabis legalization in the state. [2]2
Trulieve has made several advances in the state and is expected to be the largest dispensary owner and producer in West Virginia. In July 2021, Trulieve began cultivation at their 100,000 square foot facility in Huntington, West Virginia.
Driessen continued, "With Trulieve's best-in-class infrastructure, operational excellence and SLANG's portfolio of brands, these partnerships are expected to be successful in two emerging markets that have tremendous upside, especially when you consider the potential regulatory changes in both markets."
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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. 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.
About Trulieve
Trulieve is primarily a vertically integrated "seed-to-sale" company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve also has operations in California, Massachusetts, Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit www.Trulieve.com.
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 news release include, but are not limited to, statements regarding the terms of the partnership with Trulieve, the launch of SLANG's brands in Pennsylvania and West Virginia in 2022, potential regulatory changes in both Pennsylvania and West Virginia and expected success of SLANG's brands in both such states.
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.
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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[1] https://local21news.com/news/local/gov-wolf-to-outline-agenda-for-2021-discuss-covid-19-relief-efforts
[2]2 https://www.mpp.org/states/west-virginia/
