Another cannabis company is entering the Canadian Stock Exchange as it seeks to expand into public markets.
SLANG Worldwide Inc (also known as Fire Cannabis Inc) announced that the company completed a previously announced offering of subscription receipts, with gross proceeds of the fundraiser coming to $66 million. With this completed, alongside having met Escrow release conditions, the company has obtained conditional approval to be listed on the CSE.
“These transactions establish SLANG as a leading consumer packaged goods company in the cannabis industry.
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We’re on the frontier of one of the greatest opportunities in the history of consumer-packaged goods,” said CEO and Co-Founder Peter Miller.
Back in December, SLANG filed a prospectus for an initial public offering (IPO).
The company, which is known as a branding and marketing firm focused on servicing the cannabis sector, entered into acquisition agreements with National Concessions Group for about $20 million in cash alongside another $61 million worth in common shares.
“We believe that the greatest value in the industry will be created by strong brands that are widely distributed, and our strategy reflects that belief,” added Co-Founder and President Billy Levy.
“SLANG expects to compete at the highest levels in mature cannabis markets while maintaining minimal exposure to commodity cannabis production.”
Additionally, SLANG announced that they had acquired National Concessions Group (Organa Brands), a deal which would strengthen the company’s portfolio of brands in the cannabis sector, which includes – among other things – a right of first refusal to license Green House Brands in the U.S.
SLANG went on to say in their press release that they felt confident in their existing lineup of brands, believing each addition to their portfolio is strong enough to thrive in the highly competitive marijuana market, especially since many already have proven track records of success.
Currently, SLANG’s products can be purchased in over 2,600 retail stores spread across 10 US states and 13 other countries. The company will begin trading on the CSE on January 29th, 2019, under the stock symbol SLNG.
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Most company’s around the world see Canadian stock exchanges as the go-to place for public funding, at least until the U.S. comes to federally legalizing cannabis in the near or distant future.
While SLANG might not be on most investors radar’s at the moment, the firm’s strong retail and brand presence will help it stand out amongst their numerous other competitors on the CSE.
SLANG Company Profile
SLANG is a leading cannabis-focused consumer packaged goods company.
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.
Organa Brands Company Profile
Organa Brands revolutionized the cannabis industry with the introduction of the ground-breaking O.penVAPE device in 2012. Today, Organa Brands is home to some of the world’s largest consumer cannabis brands.
After developing O.penVAPE, Bakked, Pressies, and Organa Labs into world-class brands with nationwide distribution, the company acquired The Magic Buzz, and an interest in, and exclusive distribution rights for, District Edibles. Organa Brands sells one of its products every 4 seconds around the world, and has delivered over one billion puffs through its flagship O.penVAPE line.
A pioneer in the cannabis space, Organa Brands products are available in 10 US states, Canada, and Jamaica. – GlobeNewsWire