Another publicly traded Canadian marijuana company is expanding in Colorado.
Toronto-based investment firm Slang Worldwide recently announced it has agreed to purchase Pleasant Valley Ranch, an outdoor and greenhouse marijuana production facility in Carbondale. According to Slang, the cultivation has a 1,600-square-foot greenhouse and five acres of outdoor grow, with an overall capacity of 3,600 plants — which Slang aims to double by the fourth quarter of 2021.
This is the second time this fall that Slang has made news with its plans to acquire a Colorado marijuana business. In September, the company closed a deal to purchase Peoria Partners LLC, an edibles manufacturing plant in Denver. If Slang gets the needed approval from the Colorado Department of Revenue, it plans to use the Pleasant Valley facility to grow marijuana for District Edibles, another Slang subsidiary in Colorado, with Peoria Partners handling District's extraction, production and distribution processes.
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Slang has declined to disclose the purchase price for either Colorado company, saying only that it was a "non-material amount of cash," with Pleasant Valley's former owners also receiving Slang stock shares, according to the acquisition announcement. Slang financial statements, however, note that the Pleasant Valley purchasing price should be under $2 million. (The 36-acre Pleasant Valley Ranch had previously been listed for under half a million dollars — but that listing made no mention of a cannabis grow.)
Slang is still "evaluating other potential acquisitions and opportunities in Colorado," according to the company, but has already invested in several notable Rocky Mountain marijuana enterprises, including buying a stake in Cookies Fam. And in 2019, Slang reportedly paid upwards of $200 million to acquire Organa Brands, the parent company of O.pen Vape, District Edibles and several other pot brands, before Slang went public in 2019. The investment firm also owns licensed marijuana brands in Oregon and vaporizer company Firefly.
“The purchase of Pleasant Valley is another key step in our strategy to assemble a fully integrated, wholesale operation in our core market of Colorado,” Slang CEO and president Chris Driessen says in a statement. “The Colorado market continues to generate double-digit growth, and this transaction will help us capture additional market share.”
Publicly traded companies weren't allowed to own marijuana businesses in Colorado until a new law updating marijuana business finance regulations took effect in 2020. Slang isn't the only publicly traded company that was founded in Canada, where marijuana is federally legal, just to purchase American marijuana businesses in Colorado. Colombia Care Inc., which got its start in Canada but is now located in New York, closed a deal to acquire the Green Solution, one of Colorado's largest dispensary chains, in September.