TORONTO, July 22, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), (Frankfurt: 84S), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states, today announced that it is entering the European Union, starting with Greece, through a partnership with Global Cannabis Corp. ("GCC").
GCC's wholly owned subsidiary, GCC Pharma S.A. is one of the first companies to receive a medical cannabis installation license from the government of Greece for cannabis cultivation, processing and manufacturing. SLANG has worked closely with GCC throughout the application process and has been instrumental in assisting GCC with the design and content of its license application. In exchange for the contribution of SLANG's specialized expertise, and continuing support, SLANG has been granted a 20% interest in GCC.
SLANG intends to leverage its relationship with GCC to introduce its brand portfolio to the European Union, with products in market in 2020. The Company expects to collect licensing revenues in Greece similar to its partnerships in the United States.
"The addition of GCC to SLANG's partner network is a major milestone in our global expansion strategy," said Peter Miller, CEO of SLANG. "This partnership can help lead to the awareness of our brands in new and key markets while leveraging the capital-light growth model that Slang has optimized in the United States."
Greece has a population of 10.7 million and an annual health care expenditure of €14.3 billion with a cannabis market expected to reach €1.9 billion by 2028 (Source: Prohibition Partners – The European Cannabis Report, 4th Edition, January 2019). Medical cannabis use was legalized in Greece in June 2017. Shortly thereafter, in March 2018, lawmakers approved a law allowing the farming and processing of medical cannabis in Greece. With its ideal climate and agricultural expertise, Greece also has the opportunity to be a prominent supplier of cannabis and cannabis products throughout the EU where permitted.
"We are extremely pleased to be amongst the first recipients of a cannabis license in Greece, a strategic entry point into the rapidly growing EU region with a population exceeding 740 million people," said Loannis Papadopoulos, CEO of GCC. "SLANG's diverse product portfolio and proven extraction and manufacturing expertise will be key to the timely introduction of our offering to medical cannabis patients."
GCC Pharma's facilities are located just south west of the city of Chalkida, Greece. The property is ideally situated approximately 90 minutes from Athens International Airport, in a pre-permitted agro-industrial zone with excellent existing infrastructure.
The PowerOne Capital Group and other strategic partners have worked closely with GCC since inception.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states. 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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the Frankfurt Stock Exchange under the trading symbol 84S. For more information, please visit www.slangww.com.
About Global Cannabis Corp.
Formed by renowned cannabis industry experts and backed by some of the most successful pioneers in the cannabis sector, Global Cannabis Corp. is one of the first companies to be fully licensed for cannabis cultivation, processing and manufacturing in Greece. Leveraging experience and success in almost every jurisdiction with cannabis legislation globally, GCC's sophisticated team is actively pursuing opportunities in markets with evolving cannabis regulations.
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 in this document include, but are not limited to, statements regarding the anticipated benefits of the relationship between SLANG and Global Cannabis Corp, the introduction and distribution of SLANG branded products in Greece and elsewhere in the European Union, and the anticipated growth of the Greek and European medical cannabis market generally.
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, 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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2018, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.