Oldest Medical Cannabis Dispensary in Vermont To Become One of the State's First Recreational Cannabis Stores
Toronto, Ontario--(Newsfile Corp. - September 29, 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, today announced the opening of its first recreational cannabis store in Vermont on October 1st, marking the Company's entry into the newly legalized recreational market.
Operating under the Company's Ceres Collaborative cannabis group, which brings together two of today's most innovative cannabis operators, SLANG Worldwide and CeresMED, the storefront is located in the heart of Vermont's capital at 190 College Street, adjacent to the Church Street pedestrian mall in downtown Burlington. Centrally located in the city to benefit both local consumers and tourists with its 1,500-square-foot dispensary supported by 20 full-time employees, the dispensary is well-positioned to play a leading role in Vermont's evolving recreational cannabis market which is estimated to reach $265 million in annual sales by 2025.1
Drew McManigle, Interim CEO of SLANG, said, "Our initial entry into Vermont's medical cannabis market a few months ago strategically positioned SLANG at the forefront of the next high-growth recreational market. Ceres Collaborative group is deeply rooted in the community as Vermont's longest-running dispensary. Now, operating one of the first adult-use dispensaries in Vermont, we are leading the next phase of the state's cannabis industry, bringing our market leading CPG cannabis products to a significantly wider consumer audience through the state's well-recognized Ceres brand."
SLANG has been serving the Vermont market for over 6 years by offering its industry-leading, O.pen cannabis vaporizer through the state's medical program under its longstanding partnership with CeresMED. The Company expanded its presence in Vermont's medical cannabis market in June 2021 through its acquisition of High Fidelity Inc. (Hi-Fi), Vermont's largest medical cannabis company which operates the Ceres Collaborative cannabis group. Through the acquisition, SLANG gained a vertically integrated operational footprint in Vermont, which included CeresMED's existing medical dispensaries and a 28,000-square-foot cultivation and production lab, and retail distribution facility, along with two medical cannabis licenses. SLANG has consolidated CeresMED's three currently operating medical dispensaries under its brand portfolio and has added two new greenhouses that will produce up to 1,500 cannabis plants a year.
"CeresMED has been a proud and active member within the Vermont community since 2012," said Russ Todia, Chief Operating Officer at CeresMED. "Through SLANG's industry leading position and Ceres Collaborative's extensive operational network, we look forward to working in conjunction with local growers and producers and alongside respected national brands, to create a unique, Vermont-forward cannabis experience in our downtown Burlington dispensary. Through education and empowerment of the community, CeresMED was instrumental and hands-on in helping to cultivate the cannabis industry within Vermont for the last 10 years. Now, we are eager to extend this into the adult-use program, and to welcome cannabis consumers of all levels into our stores throughout the state."
Ceres Collaborative has been a long-time advocate for adult-use cannabis retail sales in Vermont, and through CeresMED's deep roots in the state's medical program. Ceres Collaborative positions itself to continue its mission of educating the public, the healthcare community, local regulatory bodies and state officials on the medical and economic benefits of cannabis. Due to work with the Vermont Cannabis Trades Association (VCTA), where CeresMED represented experienced cannabis operators on subcommittees of the Cannabis Control Board, CeresMED helped stimulate discussions about how to implement a public safety-focused and inclusive adult-use market.
About Ceres Collaborative Inc.
Ceres Collaborative has achieved a number of distinctions in its ten-plus years of operations-including its title as Vermont's oldest cannabis operator and the first vertically-integrated business unit of SLANG Worldwide. With an emphasis on community, true to its name, Ceres Collaborative has partnered with local growers and producers to curate a Vermont-forward product selection. As Ceres has grown, so have its regional partnerships, from advocacy groups and tourism boards to health care providers. The company has also expanded into outdoor cultivation and established a full on-site commercial kitchen headed by a classically trained chef. Ceres is a unique model for how cannabis operators can grow cooperatively while staying true to their values-in this case, to provide robust support for local agriculture, create quality local jobs, and set the tone for patient satisfaction. Learn more: www.ceresvt.com.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is the industry leader in branded cannabis consumer packaged goods, with a diversified portfolio of five distinct brands and products distributed across the U.S. Operating in 15 legal cannabis markets nationwide, SLANG specializes in acquiring and developing market-proven regional brands, as well as launching innovative new brands to seize global market opportunities and match evolving consumer tastes. The Company has over a decade of experience operating in the nascent and highly regulated cannabis sector, and its partners enjoy the benefits of that experience, with access to the SLANG playbook for successful operations, sales and marketing. Its strong product pipeline from uniquely positioned and scalable brands like O.pen, Alchemy Naturals, CeresMED, Firefly, District Edibles and partnerships with brands like Greenhouse Seed Company have a proven track record of success with the brands consistently ranking among the top performers in the states where SLANG operates. Learn more at slangww.com.
To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject.
Mikel Rutherford, CFO
Media and Investor Inquiries
KCSA Strategic Communications
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138820