Mr. Chris Driessen reports
SLANG WORLDWIDE ANNOUNCES CLOSING OF PLEASANT VALLEY RANCH ACQUISITION
Slang Worldwide Inc. has closed its previously announced acquisition of Colorado-licensed cannabis cultivator Pleasant Valley Ranch LLC. The company acquired Pleasant Valley for a non-material amount of cash and 500,000 restricted voting shares of the company.
"The closing of Pleasant Valley represents another major step forward as we advance Slang's position as a main provider of well-known brands in the U.S. and is another important accomplishment in our strategy to consolidate key supply chain assets in core markets," commented Slang president and chief executive officer Chris Driessen. "We already have a strong presence in Colorado, with our O.pen product ranked as the No. 1 vape cartridge in the state. This acquisition will support even further growth of our market-leading brand portfolio in the state of Colorado as we continue to leverage strong partnerships to achieve national prominence with our brands."
Pleasant Valley, located in Carbondale, Colo., specializes in high-quality, organically grown cannabis strains that thrive in high-altitude, mountainous environments. Pleasant Valley has 1,600 square feet of greenhouse cultivation area and a five-acre outdoor facility at an elevation of approximately 7,500 feet that produces an authentic, naturally cultivated product using snowmelt water. Pleasant Valley has a capacity of 3,600 plants and produces approximately 4,800 pounds annually with projections to potentially double its capacity in 2021. Pleasant Valley has been a key supplier of raw materials for Slang-branded concentrate and edibles products in Colorado. By consolidating this asset, the reduced cost of those raw materials is expected to directly benefit the unit economics of Slang products, and the company's overall gross margin.
Slang has committed to developing community partnerships with local institutions that enhance the social equity and environmental sustainability components of its Colorado footprint, further aligning itself with the values of Colorado and its cannabis industry.
About Slang Worldwide Inc.
Slang is a global leader in the cannabis consumer packaged good (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.
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