SLANG Worldwide, headquartered in Toronto, Canada, will acquire the Vermont-based medical cannabis company HI-FI in a $ 25 million deal. HI-FI owns two of the state’s five medicinal cannabis licenses under the CeresMED and Southern Vermont Wellness brands and the Ceres Natural Remedies CBD business.
In an interview with the Burlington Free Press, Bridget Conry, director of brand experience at CeresMED, said the deal will allow the company to roughly double its workforce to 100.
“An overwhelming majority of our investors have been Vermonters. Now we are able to bring investment into the state. ”- Conry to the Free Press
Chris Driessen, CEO of SLANG, said the company has “recognized the value of high fidelity as a local track record and a pioneer in the Vermont cannabis community focused on patient and consumer access.”
“The High Fidelity team is proud of its achievements to date and is committed to the ‘Vermont Way’, which means a focus on quality, collaboration and the best customer and employee experience,” said Driessen in a press release. “We understand these basic values and are equally committed to maintaining their value-oriented culture. This partnership will not only serve the cannabis community, it will also bring quality jobs and income to the local and state economies. “
Canada’s SLANG currently operates in 12 US states.
Vermont legalized the use and possession of cannabis by adults in 2018, but only legalized a regulatory structure for its sale last year, which is expected to begin in October 2022. SLANG said the state’s cannabis sales are projected to hit up to $ 230 million in 2023.
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TG joined Ganjapreneur in 2014 as a news writer and began hosting the Ganjapreneur podcast in 2016. He lives in New York State, where he also teaches media studies at a local university.