Slang Worldwide To Purchase Vermont MMJ Company High Fidelity For Up to $25.25M

In #finance, #cannabis consumer packaged goods and #brands company Slang Worldwide agrees to buy leading #Vermont #MMJ firm #High Fidelity, in a deal worth as much as 25.25 #million #dollars. The purchase price includes 12 million dollars in Slang shares and 3 million in cash upon closing, with an additional quarter million dollars worth of #stock and another 2 million in #cash to be paid a year and a half later. The transaction further authorizes up to 8 million more dollars in #shares if certain undisclosed performance milestones are achieved. Through the acquisition, #Toronto-based Slang will gain four #medical cannabis #dispensaries, a 28,000 square-foot production, testing, and #distribution facility, as well as the capacity for two more #retail outlets pending license approval. Hi-Fi, which was founded in 2012 in #Burlington, also owns the #CBD brand Ceres #Natural Remedies and their 3 store locations. As an industry leader serving approximately 70 percent of Vermont’s MMJ patients, the company is poised for priority licensing in the state’s upcoming 230 million dollar estimated #recreational marijuana market, which is expected to launch in #October of next year, and has applied for a social equity medical cannabis retail permit in New #Jersey. Slang’s brands are currently distributed through 2,600 stores across #Canada and 12 #US states, including their core markets of #Colorado and #Oregon. Their acquisition of Hi-Fi is expected to close in the third quarter of this year.

Distributed by: Cannabis Broadcast Station/ Infinity Broadcast Network Sponsored by: Infinity Inc.
http://www.cannabisbroadcaststation.com

Follow Us on IG, Twitter, Facebook: @cannabisbroadcaststaion @cannabissnacks
#cannabisnews #news

William Bradley

William Bradley

Editor and webmaster.

Leave a Reply