Fire Cannabis Inc., dba SLANG WORLDWIDE, has closed its private placement offering of 22,393,366 Special Warrants at $0.75 per Special Warrant for gross proceeds of $16.7 million.
The offering was co-led by Canaccord Genuity Corp. and Clarus Securities Inc. with PowerOne Capital Markets Limited and XIB Asset Management Inc. acting as members of the Selling Group.
“The close of this financing builds upon SLANG’s momentum and supports our aggressive growth plan” says Peter Miller, SLANG’s co-founder, Chairman and President. “We’ve laid the first planks of our international distribution platform for the industry’s best brands, in collaboration with our industry-leading partners.”
SLANG launched in 2017 with the mission of pairing world class consumer brands with top notch distribution networks.
“Partnering with the biggest cannabis companies in the world and closing this financing has given us a solid foundation to build upon” adds SLANG’s co-founder and Director Billy Levy. “We’ve developed a robust pipeline of strategic opportunities that we are moving forward with to further accelerate the expansion of our global platform”
SLANG WORLDWIDE intends to use the net proceeds to fund its long-term strategy of making targeted brand acquisitions and further developing its brands, distribution, and supply chain opportunities.
SLANG WORLDWIDE is a Toronto-based company consolidating brands along the regulated supply chain in the global cannabis industry, building a world class portfolio of assets. The company is focused on acquiring and developing market-proven regional brands, as well as creating new brands to meet the needs of cannabis consumers worldwide.