Toronto-based Slang Worldwide, a cannabis consumer packaged goods company, said it entered an agreement to acquire Pleasant Valley Ranch, an outdoor and greenhouse marijuana production facility in Carbondale, Colorado.
The move gives Slang two outposts in Colorado and comes on the heels of the company’s move into Washington state last year.
Slang purchased Denver-based edibles maker Peoria Partners in September.
Terms of the Pleasant Valley deal weren’t disclosed, only that the cultivation facility was purchased for a nonmaterial amount of cash and common shares of Slang, according to a news release.
Slang said it anticipates that ownership of a cultivation operation will solidify its supply of raw materials in the Colorado market while also reducing its input costs, thereby improving gross margins.
“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 President and CEO Chris Driessen said in the release.
Pleasant Valley Ranch’s facility includes a 1,600-square-foot greenhouse and 5 acres of outdoor cultivation. The grow site currently has a capacity of 3,600 plants and produces roughly 4,800 pounds of marijuana annually, according to Slang.
Slang trades on the Canadian Securities Exchange as SLNG,