Slang Worldwide has entered into an agreement and plan of merger to acquire High Fidelity (HI-FI), one of Vermont's largest medical cannabis companies.
HI-FI owns two of the five medical cannabis licenses in Vermont, Champlain Valley Dispensary and Southern Vermont Wellness, and services approximately 70 percent of registered patients. In addition to the four dispensaries, HI-FI operates statewide home delivery services and wholesale distribution of its own branded products as well as Slang branded products. HI-FI has a long-standing mutually beneficial relationship with SLANG as a licensed manufacturer and distributor of leading vape brand, O.pen, in Vermont since 2015. Additionally, the Merger is expected to lead to the introduction of more of SLANG's award-winning, market-leading brands (District Edibles, Firefly, Bakked and Lunchbox Alchemy) to the Vermont market.
Retail sales in Vermont for adult-use cannabis products are expected to begin in the fall of 2022, with sales expected to reach up to US$230 million in 2023.
"We recognized the value in High Fidelity as a local success story and pioneer in the Vermont cannabis community, focused on providing access to patients and consumers", said Chris Driessen, Chief Executive Officer of SLANG. "The High Fidelity team is proud of their accomplishments to date and are committed to the 'Vermont Way' of doing things, which means a focus on quality, collaboration and the best consumer and employee experience. We understand these core values and are equally committed to nurturing their value-driven culture. This partnership will not only serve the cannabis community, it will bring quality jobs and revenue to the local and state economy."
Shayne Lynn, President of HI-FI said, "Since our inception, we have led the Vermont cannabis industry with a 'people first' philosophy and a focus on expanding patient access and consumer education. With this transaction, we will be able to share experience and resources to help build new regional brands and create a new business model in the industry. As part of SLANG, we can continue to expand our offerings, create more jobs in our communities and remain true to our Vermont heritage, which the SLANG team values tremendously."
Additionally, HI-FI is awaiting approval of a social equity application for a retail medical cannabis license in New Jersey. This application was submitted in collaboration with partners native to Trenton, N.J. with a mission to support communities disproportionately affected by the War on Drugs.
Driessen concluded, "Having already worked with the HI-FI team for a number of years, we are excited to expand our relationship with the team and participate in the Vermont market in a more significant way."
Lynn will join SLANG's leadership team and is expected to join the Company's board of directors upon closing of the Merger.
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