Toronto, Canada-based SLANG Worldwide is set to acquire Vermont medical cannabis company HI-FI in a $25 million deal. HI-FI owns two of the state’s five medical cannabis licenses under the CeresMED and Southern Vermont Wellness brands, and CBD store Ceres Natural Remedies.
In an interview with the Burlington Free Press, Bridget Conry, director of brand experience for CeresMED said the deal will allow the company to roughly double the number of its employees to 100.
“An overwhelming majority of our investors, until now, have been Vermonters. Now we’re in a position to bring investment into the state.”—Conry to the Free Press
SLANG CEO Chris Driessen said that the firm “recognized the value in High Fidelity as a local success story and pioneer in the Vermont cannabis community, focused on providing access to patients and consumers.”
“The High Fidelity team is proud of their accomplishments to date and are committed to the ‘Vermont Way’ of doing things, which means a focus on quality, collaboration, and the best consumer and employee experience,” Driessen said in a press release. “We understand these core values and are equally committed to nurturing their value-driven culture. This partnership will not only serve the cannabis community, it will bring quality jobs and revenue to the local and state economy.”
Canada’s SLANG currently operates in 12 U.S. states.
Vermont legalized adult cannabis use and possession in 2018 but only legalized a regulatory structure for sales last year, which are expected to commence in October 2022. SLANG said the state’s cannabis sales are expected to reach up to $230 million in 2023.
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