- SLANG Worldwide (SLNG) has signed a strategic partnership with Trulieve Cannabis to introduce SLANG-branded products in Massachusetts
- The company has granted Trulieve an exclusive license to produce and distribute the products within the state
- SLANG will provide sales consulting to Trulieve and will receive royalty payments for each product sold
- The products are expected to me available in Massachusetts in the first half of 2021
- SLANG Worldwide (SLNG) is currently up 7.69 per cent and is trading at C$0.14 per share
SLANG Worldwide (SLNG) has signed a strategic partnership with Trulieve Cannabis to introduce SLANG-branded products in Massachusetts.
According to the terms of the partnership, Trulieve has been granted an exclusive license to manufacture and distribute SLANG's suite of products within the US state. This includes O.penVAPE, Firefly, Pressies, District Edibles and Bakked.
In return, SLANG will provide sales consulting services and will receive royalty payments for each product sold.
Trulieve has built a formidable reputation in Florida, and is now looking to expand its presence across the US. The company is currently focused on the build-out of a Phase One, 140,000-square-foot cultivation and processing facility in Holyoke, Massachusetts.
Trulieve is also finalising work on its first dispensary in the state, located in Northampton, and holds licenses to operate up to three combined medical and adult-use outlets.
Chris Driessen, CEO of SLANG Worldwide, said the partnership with Trulieve will play a pivotal role in the company's Massachusetts-focused expansion.
"Trulieve is a natural partner for us in Massachusetts given their industry leadership and the successful relationship our companies have enjoyed in Florida.
"Here they will take on an additional capacity as a wholesaler and play a vital role in helping us grow our brands with cannabis consumers in the state," he added.
As the first eastern US state to legalise both medical and adult-use cannabis, retail sales in Massachusetts are expected to grow from C$773 million last year to more than $980 million in 2020, and are anticipated to tip over $1.78 billion by 2024, according to BDS Analytics.
SLANG's products are scheduled to be made available to Massachusetts consumers in the first half of 2020, following the completion Trulieve's facilities and the ramp-up of production.
SLANG Worldwide (SLNG) is currently up 7.69 per cent to $0.14 per share at 12:36pm EDT.