SLANG Worldwide Inc. formerly known as Fire Cannabis Inc. completed the acquisition of remaining 92.5% stake in National Concessions Group, Inc.
January 21, 2019
Share
Fire Cannabis Inc. agreed to acquire remaining 92.5% stake in National Concessions Group, Inc. for $81.9 million on November 29, 2018. As a result of this transaction, National Concessions Group, Inc. will be 100% owned by Fire Cannabis. As a consideration, Fire Cannabis Inc. will pay $20 million in cash, will issue 65 million common shares and 17.5 million Restricted Shares. In connection with the acquisition, SLANG completed an offering through a syndicate of agents led by Canaccord Genuity Corp. and including Clarus Securities Inc., GMP Securities L.P. and Paradigm Capital Inc. on September 26, 2018. Pursuant to the Offering, SLANG issued 44 million subscription receipts at a price of $1.50 per subscription receipt for gross proceeds of approximately $66 million. The Acquisition is subject to a number of contingencies which must be satisfied prior to closing, including satisfying the Escrow Release Conditions. If the Escrow Release Conditions are not satisfied on or before the Escrow Release Deadline, then the Escrowed Funds will be returned to the holders of the Subscription Receipts and as a result, the binding acquisition arrangement may be terminated. The acquisition of National Concessions Group is set to close immediately prior to or concurrently with listing of the Common Shares on the CSE.
SLANG Worldwide Inc. (CNSX:SLNG) formerly known as Fire Cannabis Inc. completed the acquisition of remaining 92.5% stake in National Concessions Group, Inc. on January 22, 2019.
SLANG Worldwide Inc. is a Canada-based cannabis consumer packaged goods company with a portfolio of various brands. The Company owns, licenses and/or markets five brands, which serve three categories: flower, inhalable concentrates and ingestible. Its portfolio consists of three distinct consumer packaged goods (CPG) brands, one retail brand and a product portfolio of 30 stock keeping units (SKUs). The Company brings its products to market through three channels: Core Markets-Colorado and Vermont, Emerging Markets-Strategic Partnerships in nine States and THC Free-Distribution & Ecommerce. Its Core Markets include Colorado and Vermont. Its Emerging Markets include Florida, Maine, New Mexico, Michigan, Pennsylvania, Washington, West Virginia, Maryland and Puerto Rico. Its THC Free includes dry herb vaporizer, the Firefly 2+, line of Alchemy Naturals CBD gummies, as well as batteries and various other product components including packaging and hardware.