Slang Worldwide Inc (OTCMKTS:SLGWF) reported that it has associated with Global Cannabis Corp to mark its presence in the European Union. The first place that it is targeting is Greece, which marks a population of over 10 million. It boasts a yearly health care expenditure of over €14 billion, with a cannabis market anticipated to touch €1.9 billion by 2028. GCC Pharma S.A., the wholly-owned subsidiary of Global Cannabis, has already received a medical cannabis installation approval from the government of Greece.
Expansion of the distribution network
Slang and GCC have worked together throughout the application process. Slang has played a significant role in helping GCC with the content and design of its license application. As a part of the deal, Slang will get a 20% interest in GCC for offering its specialized expertise and strong support. The company intends to launch its brand portfolio in the European Union. Peter Miller, the CEO of Slang, expressed that the addition of GCC to their partner network marks as a key achievement in their international expansion plan. This association will generate awareness of its brands in major markets while using the capital-light development model that Slang has implemented in the United States.
Medical cannabis use was decriminalized in Greece in 2017. In 2018, lawmakers sanctioned a law permitting the processing and farming of medical cannabis in Greece. Loannis Papadopoulos, the CEO of GCC, expressed that they are delighted to be amongst the initial recipients of a cannabis permit in Greece. It marks a strategic entry into the fast-growing European Union region with a population surpassing 740 million people. Slang’s extensive product portfolio and established extraction and manufacturing capability will play an important role in the timely launch of their products to medical cannabis patients.
Slang is looking to build a widespread distribution network to sell its products. In 2018, the company laid the initial building blocks with its acquisitions of Firefly and Organa, which were closed in January 2019. Slang boasts an extensive portfolio of cannabis products distributed in more than 2,600 stores across 11 states in the United States, Canada, Jamaica, and Puerto Rico.
