TORONTO, Feb. 13, 2020 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a diversified portfolio of popular brands, today announced that it has expanded its strategic partnership with Cookies, a leading California-based cannabis and lifestyle brand, to bring Cookies' products to the Oregon market which will expand and diversify SLANG's product offering in the state.
Pursuant to the expanded partnership with Cookies, SLANG has signed an exclusive licensing and distribution agreement in connection with the proposed sale of Cookies products for the Oregon market. A SLANG Network partner will cultivate the Cookies strains, and SLANG will market and sell the products through its statewide distribution channels. The addition of the Cookies portfolio to the Company's already sizeable product offering in Oregon will further enhance its existing portfolio across additional high value product segments.
The Oregon market had retail sales of $810M USD during 2019 and is a core market to SLANG's strategy given its status as one of the most mature recreational markets in the US. As a whole, the Oregon cannabis market grew 27% year over year as of December 2019 (per BDS Analytics), which also reflected a 7% gain versus the prior month. Key product segments in Oregon are dried flower, concentrates and ingestibles.
SLANG already has a strong position in Oregon, with its O.penVAPE Craft RESERVE and Bakked Dabaratus products positioned as leading brands. The addition of Cookies branded products is expected to help expand SLANG's market share in the state and create new revenue streams for the Company in previously untapped product categories. SLANG and Cookies will also continue to work together to evaluate additional opportunities in other markets where SLANG operates.
"Cookies has established one of the strongest brands in the history of legal cannabis and we're excited to be bringing them to cannabis consumers across the great state of Oregon," said SLANG CEO Peter Miller. "The SLANG network has been built through collaboration with strong partners like the team at Cookies. The expansion of this partnership deepens our working relationship and creates exciting new commercial opportunities for both companies in the Oregon market."
"Growing up, Oregon always embraced West Coast culture, especially when it came to music. Oregon is home to some of the most educated consumers and best cultivators in the game, so we took our time in finding the right partner. After vetting multiple groups, we are confident we found the right team to roll out Cookies and its family of brands. Oregon has always shown Cookies and its genetics so much love and we can't wait to bring our new-new to the state," said Berner, founder and CEO of Cookies.
SLANG and Cookies are currently collaborating with SLANG network partners in Oregon on product development with the goal of introducing Cookies branded products in Q2 2020. In October 2019, SLANG and Cookies announced a partnership to sell Cookies-branded products in Colorado through SLANG's distribution channels. These products are currently under development and we expect to see products on shelves in Colorado in the near future. SLANG and Cookies will continue to work together to evaluate additional opportunities in other markets where SLANG operates.
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.
Curated for the connoisseur, the Cookies brand leads global cannabis culture from its headquarters in the Bay Area, California. Born from humble beginnings in a San Francisco Mission District garage, and dedicated from day one to excellent genetics and authentic culture, Cookies was officially founded in 2012 by the top-selling, award-winning Bay Area rapper and entrepreneur Berner, and his partner Jai, a leading Bay Area cultivator and breeder of Girl Scout Cookies, Gelato, and other top-selling strains of contemporary cannabis.
Cookies has one of the most in-demand, fast-moving, premium-priced cannabis products, with a library of over 50 cannabis varieties and product lines including indoor, outdoor and sungrown flower, pre-rolls, vape carts, edibles, and gel caps. Cookies' two flagship stores in Los Angeles on Melrose and Maywood plus a third location in Redding are stocked with elite, designer, high-end cannabis varieties grown in-house for unparalleled product quality control. Cookies' vertical integration ensures excellence and authenticity—from product execution to the final consumer retail experience. And Cookies' deep talent roster has decades of combined institutional knowledge of both the plant and the culture.
To learn more, please visit www.cookiescalifornia.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 the Cookies brand in Colorado and Oregon.
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 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, 2018, 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SOURCE SLANG WORLDWIDE