TORONTO, Feb. 13, 2020 /CNW/ - PRESS RELEASE - SLANG Worldwide Inc., a global cannabis consumer packaged goods company with a diversified portfolio of popular brands, has announced that it has expanded its strategic partnership with Cookies, a California-based cannabis and lifestyle brand, to bring Cookies' products to the Oregon market which will expand and diversify SLANG's product offering in the state.
Pursuant to the expanded partnership with Cookies, SLANG has signed an exclusive licensing and distribution agreement in connection with the proposed sale of Cookies products for the Oregon market. A SLANG Network partner will cultivate the Cookies strains, and SLANG will market and sell the products through its statewide distribution channels. The addition of the Cookies portfolio to the company's already sizeable product offering in Oregon will further enhance its existing portfolio across additional high value product segments.
The Oregon market had retail sales of $810M USD during 2019 and is a core market to SLANG's strategy given its status as one of the most mature recreational markets in the US. As a whole, the Oregon cannabis market grew 27% year over year as of December 2019 (per BDS Analytics), which also reflected a 7% gain versus the prior month. Key product segments in Oregon are dried flower, concentrates and ingestibles.
SLANG already has a strong position in Oregon, with its O.penVAPE Craft RESERVE and Bakked Dabaratus products positioned as leading brands. The addition of Cookies branded products is expected to help expand SLANG's market share in the state and create new revenue streams for the Company in previously untapped product categories. SLANG and Cookies will also continue to work together to evaluate additional opportunities in other markets where SLANG operates.
"Cookies has established one of the strongest brands in the history of legal cannabis and we're excited to be bringing them to cannabis consumers across the great state of Oregon," said SLANG CEO Peter Miller. "The SLANG network has been built through collaboration with strong partners like the team at Cookies. The expansion of this partnership deepens our working relationship and creates exciting new commercial opportunities for both companies in the Oregon market."
"Growing up, Oregon always embraced West Coast culture, especially when it came to music. Oregon is home to some of the most educated consumers and best cultivators in the game, so we took our time in finding the right partner. After vetting multiple groups, we are confident we found the right team to roll out Cookies and its family of brands. Oregon has always shown Cookies and its genetics so much love and we can't wait to bring our new-new to the state," said Berner, founder and CEO of Cookies.
SLANG and Cookies are currently collaborating with SLANG network partners in Oregon on product development with the goal of introducing Cookies branded products in Q2 2020. In October 2019, SLANG and Cookies announced a partnership to sell Cookies-branded products in Colorado through SLANG's distribution channels. These products are currently under development and we expect to see products on shelves in Colorado in the near future. SLANG and Cookies will continue to work together to evaluate additional opportunities in other markets where SLANG operates.