Toronto, Ontario--(Newsfile Corp. - December 14, 2020) - SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a diversified portfolio of popular brands, is pleased to announce that is has selected Colorado for its expanded production.
In an announcement made today by Colorado Governor Jared Polis and Colorado's Office of Economic Development and International Trade, Governor Polis stated, "Colorado continues to be the epicenter of cannabis, so we're excited by the Company's smart decision to relocate to our beautiful state. Colorado's cannabis industry offers strong growth potential, and this move speaks volumes about our state's cannabis industry and community as a whole." In the same announcement, Betsy Markey, Executive Director of Colorado's Office of Economic Development and International Trade noted, "SLANG's selection of Colorado marks the next step of responsible growth within Colorado's cannabis industry, a priority area for our office and this administration. We are encouraged by the growth potential of this vertical. SLANG provides additional linkages between Colorado suppliers and broader consumer markets while growing our production and R&D profile." The full announcement can be found here: Press Releases | Colorado Governor Jared Polis.
SLANG's President and CEO, Chris Driessen comments, "We applaud Governor Polis and the Office of Economic Development and International Trade for once again being leaders in cannabis policy. Colorado was already a core market for us, so with these incentives from the state it only made sense for us to double down on our commitment to the place that so many of us, including myself, call home."
It is expected that the project will create 43 new jobs with an average annual wage of $75,000. These new jobs are expected to include lab technician, project management and other production-related positions. SLANG currently employs 75 people in their existing offices in Denver, which serves as their U.S. Headquarters and Boulder which will now be expanded.
The Economic Development Commission voted at its September 17, 2020 meeting to approve up to $584,399 in job-growth incentive tax credits over the next eight years. Colorado is a leader in the cannabis industry, but this is the first time Colorado has offered performance-based incentives to a cannabis company.
SLANG has committed to developing community partnerships with local institutions that enhance the social equity and environmental sustainability components of its Colorado footprint, further aligning itself with the values of Colorado and its cannabis industry.
Colorado competed with California and Oregon for the additional jobs and facility expansion.
For Further Information:
SLANG media and investor inquiries: Investors@SLANGww.com.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. The Company specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the OTCQB under the symbol SLGWF. For more information, please visit www.slangww.com.
About Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State's economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Colorado Office of Film, TV & Media; the Minority Business Office; and the Colorado Innovation Network. Learn more at www.choosecolorado.com.
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 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, risks related to the COVID-19 global pandemic, 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's discussion and analysis for the quarter ended September 30, 2020, 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.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70169