Chris Driessen on SLANG Worldwide’s Cannabis Plans for 2021
SLANG Worldwide (CSE: SLNG) President and CEO Chris Driessen was last with us at TDR in January, forecasting big things for his cannabis company. We touched base with Driessen again to see how things are progressing for SLANG in Canada, as well as updates on the acquisition of Allied Concession Group (ACG), and distribution plans for the US.
Here’s a few highlights from the interview.
The Allied Concession Group Acquisition State Approvals Are In
Driessen acknowledges that it’s something he’s said before, but the merger is close to being finalized. Now that state approvals are in, SLANG can go back for local approvals in Boulder and Denver, which should be a relatively quick turnaround.
Boulder has been short staffed during the pandemic, and is likely to take longer of the two, but Driessen is optimistic that these final approvals may happen “any day.”
Ink Drying on a Strategic Partnership with Merida Capital Holdings, and Opportunities with True Leaf
Merida Capital Holdings, a private equity firm, will be helping bring SLANG Worldwide’s cannabis products to the Midwest, particularly Missouri and Virginia, as well as Michigan, where SLANG is partnered with Gage Cannabis.
Working with Merida makes use of their robust retail footprint with dispensary group 3Fifteen Cannabis, who has one of the largest footprints in the Michigan market, including the Detroit metro area. Driessen says it’s likely to be a great partnership for all three partners: “Gage is making it, Merida and 315 will be selling it, and SLANG will be helping on both sides of the fence to facilitate all of that.”
MSO True Leaf is another profitable distribution avenue SLANG is exploring, as they’re already hoping to be live in Massachusetts in May. Past Massachusetts, there’s plenty of possibility. Driessen says that SLANG and True Leaf have a great rapport, and there’s “ongoing conversations and we’ll see how things shake out.”
SLANG Expanding North of the Border
Driessen says that they’re seeing great results, despite launching very late in Q4 of 2020 in Canada. SLANG products can now be found in Saskatchewan, Ontario, British Columbia, and Alberta, and they’re currently working on Quebec.
Despite quirks in working with the system here in Canada, Driessen is excited about the Canadian market. SLANG has been expanding slowly in comparison with some of the other companies, but the reception is warm, and Driessen feels that they’ve been validated by their approach.