SLANG Worldwide Returns to California Market through Strategic Partnership with Natura
SLANG Worldwide Inc. (CNSX: SLNG) (OTCMKTS: SLGWF), 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
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.
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