TORONTO, May 2, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 11 US states, is pleased to announce the establishment of its new wellness-focused business division, SLANG Health and Wellness. The new business unit will develop and market a portfolio of plant-based cannabidiol ("CBD") products that will be distributed in partnership with Greenlane Holdings, Inc. (NASDAQ: GNLN) ("Greenlane") through their extensive distribution network.
"Consumers are increasingly interested in natural plant-based wellness products, and we've only scratched the surface of the opportunity within cannabinoid-supported wellness," said SLANG CEO Peter Miller. "Health and Wellness represents a new market segment for SLANG and is a natural extension for our portfolio of top selling products across the US and internationally. We expect early sales to be supported by the brand awareness and customer loyalty that we've developed within our existing portfolio over many years of innovation and consumer focus."
SLANG Health and Wellness products will target a rapidly expanding and promising consumer market that is expected to grow from US$591 million in 2018 to US$22 billion by 2022, according to The Brightfield Group. The Company will initially focus on extending SLANG's existing industry leading portfolio of THC-dominant products into the CBD space and will immediately launch sales of the Company's best-selling O.penVAPE Reserve brand, to be sold as a half gram hemp-based CBD cartridge.
Reserve CBD products will be distributed in partnership with Greenlane, a leading global distributor of ancillary and hardware products to smoke shops and dispensary channels. Greenlane currently delivers products into over 9,600 brick and mortar retail locations around the world and has a significant e-commerce presence. Greenlane already distributes SLANG's Firefly vaporizer line and the O.penVAPE battery, and the addition of SLANG's new CBD products marks the expansion of the two companies' strategic partnership.
SLANG plans to release additional products and brands throughout 2019 under the SLANG Health and Wellness banner. The Company may also evaluate selective acquisition opportunities to accelerate its growth in the health and wellness space.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 11 US states. The Company is focused on developing and marketing branded cannabis products 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.slangww.com.
About Greenlane Holdings, Inc.
Greenlane is a leading distributor of premium vaporization products and consumption accessories in the United States and has a growing presence in Canada. Greenlane's customers include over 6,600 independent smoke shops and regional retail chain stores, which collectively operate approximately 9,700 retail locations, and hundreds of licensed cannabis cultivators, processors and dispensaries. Greenlane also owns and operates two of the most visited North American direct-to-consumer e-commerce websites in the vaporization products and consumption accessories industry, VaporNation.com and VapeWorld.com, which offer convenient, flexible shopping solutions directly to consumers. Greenlane is developing a unique e-commerce platform, Vapor.com, into which its existing e-commerce websites will be consolidated. Through Greenlane's expansive North American distribution network and e-commerce presence, Greenlane offers a comprehensive selection of premium vaporizers and parts, cleaning products, grinders and storage containers, pipes, rolling papers and customized lines of premium specialty packaging. Following the passage of The Agriculture Improvement Act of 2018 in February 2019, Greenlane commenced distribution of premium products containing hemp-derived cannabidiol in those states in which the distribution and sale of such products are authorized by, and can be effected in compliance with, applicable state laws and regulations.
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 statement in this news release include, but are not limited to, statements regarding the establishment of SLANG Health and Wellness, the development and distribution of CBD products, the growth of the CBD consumer market, the release of additional products and the evaluation of selective acquisition opportunities.
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
For further information: Media inquiries: Media@SLANGworldwide.co; Investor inquiries: Kelly Ehler, Chief Financial Officer, Investors@SLANGworldwide.co / 833.752.6499