Slang Worldwide Acquires Vermont Medical Player High Fidelity for $17 MillionJuly 6, 2021
Slang Worldwide has entered an agreement and plan to merge with High Fidelity, one of Vermont’s largest medical cannabis companies. Under the terms of the deal, Slang will pay $12 million in shares and $3 million in cash up front, followed by an additional $2 million cash and $250,000 in shares on the 18-month anniversary of the closing of the merger. Payouts of additional Slang shares may be issued based on unspecified performance milestones down the road as well.
Slang currently operates in Oregon and Colorado. By acquiring High Fidelity, the company will immediately gain access to a third state where cannabis is legal, though recreational sales have not yet begun. Slang also gains High Fidelity’s 28,000 square foot cultivation, production, and distribution facility that’s planned for a 50,000 square foot expansion to be completed next year, when sales are now expected to begin.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.