SLANG Worldwide Brings Leading Cannabis Portfolio to Puerto https://www.newswire.ca/news-releases/slang-worldwide-brings-leading-cannabis-portfolio-to-puerto-rico-864978223.html
TORONTO, March 6, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG) ("SLANG" or the "Company"), a leading cannabis consumer packaged goods company, is pleased to announce a new strategic partnership with Southern Development Holdings ("SDH") to offer its branded cannabis products to patients across Puerto Rico. Pursuant to the partnership, SDH has been granted an exclusive license in Puerto Rico to the SLANG product suite, including its category-leading products O.penVAPE, :Pressies, District Edibles, Bakked, and Magic Buzz.
SLANG's products will be produced in SDH's state-of-the-art GMP facility and distributed and sold broadly in medical cannabis dispensaries throughout Puerto Rico. SLANG will receive royalty payments for each SLANG branded product sold in Puerto Rico, with sales expected to begin in Q2 2019.
The Company's entrance into Puerto Rico represents its second major market expansion initiative in Q1 2019, following its previously announced partnership with Florida-based Trulieve. Today, consumers can purchase SLANG's branded products in more than 2,600 retail stores across 11 US states.
Puerto Rico has one of the highest number of medical cannabis patients per capita of the US territories, with over 59,000 patients and 71 dispensaries, as of February 2019 per the Puerto Rico Department of Health. Beyond its existing network of patients, Puerto Rico also offers reciprocal dispensary access to out-of-town visitors who hold active medical marijuana licenses from qualified state programs, as well as online registration for those interested in obtaining a medical cannabis permit.
"We are excited to bring our high-quality brands to consumers in Puerto Rico and the Latin American market," said SLANG CEO Peter Miller. "Building global brands requires teamwork. Leveraging partnerships with the highest calibre operators enhances SLANG's brand share and revenue with impressive scalability."
The SDH leadership team is comprised of some of the best commercial agriculture and distribution experience in the territory. With 30 years of expertise in the processing and distribution of grain, coffee, rice, beverages and other consumer packaged products, the SDH team offers the experience of one of largest agro-industrial companies in the Caribbean.