Slang Worldwide went public in January with a valuation of $480 million by building a CPG company focused on cannabis products ranging from edibles to hardware. Now, Slang plans to expand into CBD.
Today, Slang has 94 products in the market including the O.penVAPE vaporizer and District Edibles-branded gummies. With a distribution footprint spanning 2,600 stores in 11 states across the U.S. — with plans to be in as many as 20 states by the end of the year — Slang products have done $187 million in retail sales through 2018, according to data from cannabis market firm BDS Analytics shared by Slang. Ninety percent of Slang’s overall revenues come from branded products that are operating in a top-five position in the markets those products are available in, said Billy Levy, co-founder and president of Slang Worldwide.
During the first quarter of 2019, Slang plans to introduce its first CBD product line, said Levy. The key, according to Levy, has been in figuring out a sales strategy that makes sense for Slang. With retailers ranging from Sephora to Walgreens selling CBD products, interest in the category is high, but selling CBD products is different than cannabis, which faces much more legal restrictions.
“Opening up the CBD sales channels is a completely different skill set than the one we’ve used to open the cannabis sales channel,” said Levy. “We wanted to have a sales channel established prior to announcing our entrance in CBD.”
Slang’s distribution footprint and early success propelled the company to go public in January on the Canadian Securities Exchange listed at CA $1.50 ($1.12) per share. Today, the stock is up to $2.06 ($1.54) per share.