TORONTO, Sept. 17, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), (Frankfurt: 84S), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods ("CPG") company, is pleased to announce it has accepted an investment from Bruce Linton, co-founder of Canopy Growth Corporation. This investment reinforces the existing relationship between SLANG leadership and Mr. Linton, as well as the Company's vision for the future of SLANG's CPG-based cannabis business model, which offers a highly diversified portfolio of brands with coverage across every major product vertical.
"We are pleased to announce Bruce Linton's investment in SLANG, which represents a vote of confidence in the fundamental strengths of the SLANG business model. His experience in building the world's largest cannabis company, while creating billions of dollars in shareholder value, will be very valuable to our team and shareholders," said SLANG Worldwide CEO, Peter Miller.
SLANG Worldwide owns a diverse portfolio of leading branded products and has a presence in 12 states in the US, with products available in over 2,600 retail stores. To date, consumers have purchased over $350 million of SLANG products (Gross Merchandise Value).
SLANG's dedicated focus on brands is a differentiated, capital-light model, which management believes is one of the most scalable and capital-efficient strategies in the regulated cannabis industry. As an investor, Mr. Linton's support will be instrumental as the Company continues to expand its portfolio of branded products, enter new markets, and broaden its footprint in existing markets.
"Smart, hard-working and ethical are the core attributes that shine through over the years with the team at SLANG. I appreciate the opportunities they have ahead and am pleased to show my confidence in their ability to execute," stated Bruce Linton.
Pursuant to the terms of the investment, Mr. Linton has, through an affiliate (the "Purchaser"), purchased 347,222 units of SLANG (the "Units") at a price of $0.72 per Unit. Each Unit is comprised of one common share of SLANG and one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable at a price of $0.89 and expires on September 17, 2024. All securities issued pursuant to the Investment are subject to a statutory hold period expiring on January 18, 2020. In addition, the Purchaser has agreed to a customary lock-up pursuant to which it will not, directly or indirectly, offer, sell, transfer or otherwise dispose or deal with any of the securities of SLANG for a period of one year.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 U.S. states. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the Frankfurt Stock Exchange under the trading symbol 84S. For more information, please visit www.slangww.com.
Forward-Looking Statements
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 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, 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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2018, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SOURCE SLANG WORLDWIDE
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Media inquiries: Media@SLANGworldwide.co; Investor inquiries: Kristina McCahon, Director, Investor Relations, Investors@SLANGworldwide.co / 833.752.6499Copyright CNW Group 2019