SLANG Worldwide Enters the Michigan Cannabis Market
May 18th, 2022
News, Top News
Toronto, Ontario–(Newsfile Corp. – May 18, 2022) – SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) (“SLANG” or the “Company“), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, announced today that it has launched its best-selling, premium vape product line, O.pen Daily Strains, in Michigan through an exclusive strategic partnership with a leading high-quality premium cannabis brand and operator in Michigan.
The O.pen brand, which is already recognized across America as one of today’s best-selling vape brands, was initially launched over the 4/20 week, exclusively in six cannabis retail locations across Michigan. As part of the strategic partnership agreement, the companies will be doing a wholesale launch in several Michigan dispensaries in the coming months.
Drew McManigle, Interim CEO and Chairman of SLANG, commented, “Entering the Michigan cannabis market is a key milestone for SLANG as we secured our position in one of the largest and fasted growing cannabis markets in the country. Through the continued success of our strategic partnership model, we are powerfully leveraging our partners’ award-winning retail networks which are increasingly driving more and more consumers to their stores due to their impressive selection of today’s leading brands. We are excited to join this powerful network of cannabis brands and launch our best-selling product in this high-growth market.”
2021 was a record year for marijuana sales in Michigan as total sales hit a record of $1.79 billion1. The state continues to demonstrate more rapid growth than ever as monthly sales have surpassed more established markets, such as Colorado. Michigan dispensaries sold $124.6 million2 of adult-use cannabis in January 2022, representing an 84.8% increase from the $67.4 million sold in January 2021.
- Marijuana Moment, May 2022, https://www.marijuanamoment.net/michigan-broke-marijuana-sales-record-in-april-state-data-shows/
- Cannabis Business Times, March 2022, https://www.cannabisbusinesstimes.com/article/michigan-canna-flower-price-dips-171-dollars-per-ounce/
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. SLANG 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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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, risks related to the COVID-19 global pandemic, 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 annual information form dated April 27, 2022, and other disclosure documents available on the Company’s profile 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.
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This press release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.
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