Toronto, Ontario--(Newsfile Corp. - August 4, 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 that it is relaunching in California with popular edibles brand District Edibles. Products will be manufactured exclusively by Natura Life + Science ("Natura"), a vertically integrated cannabis manufacturing company and available throughout the Golden State.
Based in Sacramento, Natura is bringing back one of California's favorite infused products, District Edibles, which were previously one of the top-selling gummies in the state. "With brand recognition for District Edibles already established, this partnership will enable SLANG to increase Gross Merchandise Value and distribution in one of our key emerging markets," said Chris Driessen, CEO of SLANG.
California is the largest cannabis market in the U.S., generating sales of nearly $4.4 billion USD in 2020 up 57 percent from 2019, according to MJ Biz Daily.
Through a previously announced strategic partnership, Natura has been granted an exclusive license to produce and distribute the SLANG product suite in California. The Company expects to launch more SLANG-branded products in the coming quarters. SLANG will also provide sales consulting services and will receive royalty payments for each branded product sold in the state.
Seth Sznapstajler, VP of Sales, Natura said, "SLANG is one of the most successful and admired industry leaders in cannabis consumer packaged goods. Natura has a world-class manufacturing facility, built to bring the best cannabis products to market. With this partnership, we have a dream team that will enable SLANG brands to thrive in California. By popular demand, we're kicking off the partnership by launching District Edibles. The Natura team is ecstatic to bring such a tasty and high-quality product to the California market."
Equity Compensation Issuances
SLANG also announces that it will issue an aggregate of 732,936 common shares ("SLANG Shares"), at a deemed price of C$0.21 per SLANG Share, to 25 employees, including 3 executive officers, who elected to receive shares as part of their compensation. The issuance of the SLANG Shares is subject to Canadian Securities Exchange (the "Exchange") approval and a hold period expiring 4 months and 1 day from the date of issuance, unless waived by the Exchange.
The Company also announces that it has granted 3,232,398 incentive stock options, 2,742,398 of which were granted to directors and officers, the options are subject to vesting provisions and exercisable for five and ten year periods at a price of C$0.21 per SLANG Share.
The Company further announces it has granted 350,000 restricted share units (each, an "RSU"), to certain key employees of the Company, 250,000 of which were granted to an officer. RSUs represent the right to receive, upon vesting, SLANG Shares, cash, or any combination thereof, at the discretion and approval of the directors of the Company.
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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. The Company 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 included in this news release include, but are not limited to, statements in respect of the manufacture and distribution of SLANG branded products in California.
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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