- Cannabis company, SLANG Worldwide (SLNG) has announced the acquisition of Peoria Partners, a licensed cannabis producer and distributor
- Peoria is already the manufacturer and distributor of SLANG’s District Edibles brand in the state of Colorado
- SLANG plans to use Peoria and its Denver facilities to consolidate the company’s supply chain in Colorado
- The company is currently working to complete other proposed acquisitions within the same state
- SLANG Worldwide (SLNG) remains unchanged and is currently trading at C$0.13 per share
Cannabis company, SLANG Worldwide (SLNG) has announced the acquisition of Peoria Partners, a licensed cannabis producer and distributor.
SLANG first entered into an arrangement with Peoria and its unitholders in February 2020, agreeing to an acquisition for non-material cash consideration.
The company is already quite familiar with Peoria, having worked with them for some time. Peoria is currently the state-licensed manufacturer and distributor of SLANG’s District Edibles brand in the state of Colorado.
SLANG plans to continue using Peoria’s facilities in Denver to manufacture the District Edibles products. The acquisition’s assets will also be used to distribute the full suite of SLANG-branded products within Colorado, consolidating the company’s state supply chain.
Just last month, SLANG announced that the Colorado Department of Revenue’s Marijuana Enforcement Division had approved its suitability application. This approval has allowed the company to own “plant-touching” operations, which include manufacturing and distribution facilities.
To continue the consolidation of its presence in Colorado, SLANG is currently working to complete other proposed acquisitions within the state. SLANG
Worldwide’s President and CEO, Chris Driessen, commented on the progress which this acquisition marks for the company.
“This is one of the planned acquisitions that allow us to consolidate our supply chain in Colorado.
“Owning a licensed cannabis facility capable of manufacturing and distributing cannabis-infused SLANG products immediately opens up new opportunities for us, including the ability to capture greater top-line revenue and more favourable unit economics,” he said.
SLANG Worldwide (SLNG) remains unchanged and is currently trading at C$0.13 per share at 10:46am EDT.
