Vermont is the latest state looking to further examine and embrace the potential of psychedelics, as the state Senate recently passed a measure to establish a working group to research psychedelics and confirm whether, and to what extent, they may be used in therapeutic settings.

Senators approved the legislation, S. 114, on March 27, and it now heads to the House of Representatives for further consideration.

Vermont Senators Recognize Psychedelic Potential

Sen. Martine Gulick spoke to the potential of this research, given the growing body of literature finding that psychedelic compounds like psilocybin, found in “magic” mushrooms, could help to ease an array of mental health symptoms and conditions, including bipolar disorder, post-traumatic stress and other trauma-related disorders and more.

Americans appear to be growing more supportive of psilocybin use for therapy as well, with nine in 10 finding its use to be “morally positive” in a recent survey. Additionally, other compounds like MDMA, LSD and ketamine have been shown to offer a number of potential mental health benefits.

“Many would argue that these particular substances never should have been designated as Class One drugs to begin with because their power to heal far outweighs their ability to harm, especially when taken therapeutically with a doctor or health care practitioner,” Gulick said.

Ahead of the bill’s second reading, Gulcik added that the legislation “will start the state of Vermont on a journey to explore other possibilities and other options to treating mental illness.”

A Potential Psychedelic Advisory Group in The Green Mountain State

As it is currently written, the proposal would allow Vermont to establish an eight-member Psychedelic Therapy Advisory Working Group to examine psychedelic use as a means to improve physical and mental health. 

The group would also make findings and recommendations “regarding the advisability of the establishment of a State program similar to other jurisdictions” allowing healthcare providers to  administer psychedelics in a therapeutic setting. The working group would also examine how legal access to psychedelics would impact public health.

The working group would review current research on therapeutic use of psychedelic compounds, along with laws and programs introduced by other jurisdictions. Additionally, the group would be directed to seek out perspectives from individuals with lived experience on the therapeutic use of psychedelics and to provide “potential timelines for universal and equitable access to psychedelic assisted treatments.”

The bill was originally introduced with provisions that would legalize use and possession of psilocybin, though the Senate Health and Welfare Committee decided to eliminate that section in March to focus on the working group explicitly.

Sen. Ginny Lyons (D) suggested that decriminalization could “get in the way” of therapeutic use at the time, adding, “What we’re looking for is the value of therapeutic use.”

Riding the Wave of Psychedelic Research and Reform

While it’s still uncertain if the bill will ultimately pass, the effort represents a growing number of states looking to embrace new wave of psychedelic research and reform, largely with a focus on psilocybin.

Denver, Colorado became the first city to decriminalize psilocybin in 2019, with the entire state of Colorado following suit in 2022. Oregon became the first state to both decriminalize psilocybin and legalize its supervised use in 2020. A number of U.S. cities including Oakland and Santa Cruz, California; Washington D.C.; Somerville, Cambridge and Northampton, Massachusetts; Seattle, Washington and Detroit, Michigan have similarly moved to decriminalize psilocybin in recent years.

Looking at the current legislative session, psychedelic research and reform continues to be a popular focus. 

Indiana Gov. Eric Holcomb recently signed a measure including provisions to fund clinical trials on the clinical benefits of psilocybin, while Utah Gov. Spencer Cox recently authorized a program allowing hospitals to administer psilocybin and MDMA as an alternative treatment option.

Mirroring Vermont’s current effort, Maryland’s Senate and House of Delegates also enacted a measure that would create a task force to study possible regulatory frameworks for therapeutic access to psychedelic substances. Lawmakers in Vermont’s neighboring Connecticut are also considering legislation that would decriminalize psilocybin. 

And this list is far from exhaustive, with plenty more efforts happening nationwide to continue exploring the potential of psychedelic compounds, lessen or eliminate criminal penalties and possibly increase accessibility. 

Of course, it’s unclear what the road ahead holds, but if these trends persist, it’s likely to include increasingly more psychedelic research and reform across the nation.

Vermont law currently caps THC for cannabis flower and concentrates but that could soon change under a new bill packed with amendments to improve the state’s cannabis market.

The Vermont Cannabis Control Board is asking lawmakers to drop the caps on the potency of cannabis and concentrates from state law, while the edibles caps would remain. Lawmakers argue that the bill could keep more consumers in the legal market, while some medical leaders in the state disagree.

Dropping the THC caps is one of several proposed changes to the state’s cannabis policies included in the new bill H.612, which the House Government Operations Committee took up on the floor for the first time on Jan. 12.

The bill targets hemp-derived products that are vaguely marketing intoxicating effects from synthetic cannabinoids such as delta-8 THC and so on. It would codify rules the board adopted last year, limiting the sale of intoxicating hemp-derived products in the state and regulate them as cannabis products if they contain more than 0.3% of total THC. The bill would codify rules the board already adopted last year that limit the sale of some  intoxicating hemp-derived products and regulate them as cannabis products if they contain more than 0.3% THC.

Current state law caps the THC percentage in smokable cannabis flower products at 30%—which is high but exceeded in certain varieties—and the amount of THC in solid or liquid concentrated cannabis at 60%. Vermont also imposes a 5 mg serving size/dose cap on edibles and 100 mg cap on entire packaged edibles. The edible dosages align with what you’d see in most other states.

“This section proposes to eliminate the first two,” Cannabis Control Board Chairman James Pepper said at the committee meeting. “The CCB has been asked in two subsequent years to evaluate the efficacy of these caps and submit reports about them.”

The problem is this leaves out potent cannabis forms that are needed by people with serious conditions like cancer or other conditions that require high amounts of THC. Valley News reports that the bill would remove those caps and also include “a laundry list of the commission’s requests.”

The bill was introduced by Reps. Michael McCarthy (D – Franklin-3) and Matt Birong (D – Addison-3) on Jan. 3.

Regulated Concentrates Safer Than the Black Market

Some people at the committee meeting argued that potency caps on concentrates only forces manufacturers to use potentially harmful fillers. You can’t just smoke anything, when it comes to vape thickeners and ingredients. 

“By limiting potency to 60%, you’re creating a perverse effect of giving the black market a monopoly on a product,” Dave Silberman, co-owner of FLORA Cannabis in Middlebury, said. “It’s a niche product—it’s maybe 4% or 5% of the entire market—but you’re giving them a monopoly on it.”

Regulated markets are more likely to vet products for harmful additives by requiring lab results and so on. If people are going to the black market to get concentrates over 60%—which are many—they’re going to have a higher risk of smoking an unapproved thickener or additive.

High Times has reported on potentially dangerous fillers such as vitamin E acetate, which is not safe to vape, and others, however it’s important to note that dangerous fillers have been used by the media to fan fear about cannabis.

The Centers for Disease Control and Prevention (CDC) confirmed in 2019 that the additive vitamin E acetate is the likely cause of the nation’s rash of lung injuries caused by vaping. Dr. Anne Schuchat, the principal deputy director of the CDC, told reporters that the additive, which received early attention as a potential cause of e-cigarette or vaping product use–associated lung injury (EVALI), was found in the lung tissue of patients by investigators.

Others have speculated that some hemp-derived compounds have similar traits. Published in the Journal of Medical Toxicology on Dec. 12, 2022, a team of researchers led by Neal L. Benowitz discovered a link between THC-O acetate and significant danger to the lungs. THC-O acetate shares structural similarities with vitamin-E acetate—an additive that becomes dangerous to the lungs when converted by heat.

The bill would also reduce operating fees the state imposed on medical cannabis dispensaries, reducing an application fee from $2,500 to $1,000 and dropping the annual renewal fee from $25,000 down to $5,000.

It would also increase the timeframe of a medical cannabis card from three years to five years for people who consume cannabis for a chronic condition other than pain.

Last October, WCAX in Vermont profiled various school officials to probe what their plans are and how the conversation around cannabis will continue, now that sales are legal for adults.

Jason Struthers of Essex Junction, Vermont grows 100 licensed cannabis plants at his property. He uses duck manure to fertilize those plants after he bought them to use as meat but opted to let them hang out a while instead. 

“I actually bought the ducks initially to use them as meat. But I became attached to them too quickly and didn’t want to slaughter them all,” Struthers said to MyNBC5. “And I was also very new to the process and didn’t really understand it. So I just incorporated it into a permaculture.”

Struthers told High Times the duck manure is more useful to him than other fertilizer options because of the speed at which it’s ready to use in his garden. He said this came in handy particularly during the COVID-19  pandemic when supplies across all economic sectors were scarce and highly inflated.

“I have created a duck permaculture. Duck manure is one of the few that can be added directly to gardens without composting or fermentation,” Struthers said. “I’ve been able to create the vast majority of my organic fertilizer needs with the ducks. During COVID, organic fertilizers (everything actually) [were] scarce and extremely expensive. I was able to avoid all that with my ducks.”

Struthers has over seven varieties of ducks now and his cannabis farm appears to be running strong. However, some of his neighboring community members have voiced concerns both to Struthers and to community leaders about both the smell of the cannabis and the sound of the ducks. 

“I have ducks of several different varieties. Pekin, Muscovy, Khaki Campbell, Cayuga, Poofy Heads, Swedish Blue, and hybrids of each that have interbred,” Struthers told High Times. “My neighbors want me to move because they are very sensitive to smell and sound. They don’t like my cannabis or my ducks.”

According to MyNBC5, Struthers cannabis farm is in a bit of a gray area because you’re technically not allowed to have a “farm” in his neighborhood. Struthers lives in an R-1 zone, which does not allow for farms, but his cannabis cultivation license originally protected him from having to relocate his ducks in a ruling by the Essex Junction Development Review Board. 

However, the Vermont Agency of Agriculture officially designated Struthers’ property a farm in May of this year. This caused the review board to reverse their decision during a review of the case in September. They told Struthers he could keep his cannabis plants, but the ducks had to go. 

One of Struthers neighbors who is currently involved in litigation against Struthers and his mallard companions told MyNBC5 that Struthers’ cannabis farm has made life rather unpleasant for those living around him. 

“It really impacts us just not being able to enjoy our outside, you know, our lot. We can enjoy the inside, mostly. But if we go outside, then we’re subject to the smells, the noises,” said Wille Padnos, Struthers’ neighbor, to MyNBC5. 

Both Struthers and Padnos reportedly filed appeals in response to the review board’s decision. Struthers filed an appeal to keep his ducks and Padnos filed an appeal to make Struthers move his cannabis farm and the ducks somewhere else entirely. 

Struthers has not yet given up on his ducks. According to MyNBC5, the process of going through both appeals in court could take months until the fate of the ducks and the weed has been decided. However, the court could decide to fine Struthers as much as $200 per day while the proceedings take place if he opts to keep his ducks. 

“H.270 was specifically tailored to protect people like me from municipalities like the City Of Essex Junction. They can not make me stop Cannabis farming unless the legislation is changed,” Struthers said. “The city council recently drafted a letter to representatives, asking to do just that. I will be writing to the same legislators, asking not only to maintain the protections H.270 provides to small cultivators, but to strengthen them.”

You can’t ignore the elephant in the room—that is, that cannabis is now legal in Vermont and sold to adults, and it’s only a matter of time until high school students are fully aware of their future options when they become adults.

WCAX in Vermont profiled various school officials to probe what their plans are and how the conversation around cannabis will continue, now that sales are legal for adults.

“Acknowledging that marijuana laws have changed—it’s for sale—so we take a really nuanced view here, which is talking to them about the realities of situations, but also talking to them about where they’re at in their actual lives,” Matt Meunier, a student assistance programming counselor at Champlain Valley Union High School in Hinesburg, Vermont, told WCAX.

Chittenden County—home to Champlain Valley Union High School—is also home to at least 10 cannabis retail stores, and school officials can’t keep pretending that they don’t exist.

“Talking about decision-making, what choices you want and what life you want to live helps take it away from just, ‘Hey, this is all available to you now,’ to what type of member of my community do I want to be? What are my habits?” said Meunier.

Meunier said there are more ways to consume cannabis now, but that there hasn’t been a noticeable increase in student use.

“I think the longer that students put off using for the first time or experimenting for the first time, the easier it gets for them to make those choices and the healthier it will be for them at the end,” said Meunier.

Kelly Dougherty with the Department of Health said that Vermont has the second-highest percentage of people nationwide aged 12 to 17 reporting using cannabis in the past 30 days—but that it’s ultimately up to parents to teach their kids about cannabis, among other things.

The results of a Monitoring the Future (MTF) Survey, conducted by the University of Michigan, were released on Dec. 16, 2015 by the university and the National Institute on Drug Abuse (NIDA). The study revealed that daily cannabis use among high school seniors has “changed little since 2010,” despite the advent of legalization in several states and its consideration in many others.

Another interpretation of the study, however, notes that cannabis use becoming more popular than tobacco use, because for the first time “more high school seniors smoke marijuana daily than cigarettes.”

“Parents are the number one influence on their kids. Our kids are watching us all the time and they model the behavior that they see. So, even with alcohol, we recommend that if parents are using alcohol, keep it kind of out of sight and talk to your kids about the risks of it,” said Dougherty.

The main concern appears to be curbing underage use until they are old enough to decide on their own.

“We like to focus on helping youth develop healthy coping strategies, again, protecting brain health so they can be their best selves. Just because something is legal doesn’t mean it’s safe,” said Dougherty.

Adult-Use Cannabis in Vermont

On Jan. 22, 2018, Gov. Phil Scott signed the adult-use cannabis bill into law, which made Vermont the ninth state in the nation at the time to have legalized cannabis for both medical and recreational purposes. Starting July 1, 2018, adults living in Vermont were permitted to possess up to one ounce of cannabis, as well as grow up to six plants. 

It would take over a year for retail sales to launch in the state.

In 2020, Vermont became the 11th state to tax and regulate cannabis for adults. Two years later, sales figures are beginning to show the rewards. Adult-use cannabis sales officially launched in Vermont recently, with stores in three communities opening their doors to customers.

Under Vermont law, a portion of the excise tax revenue is allocated to fill any deficit in the control board’s budget. Of the excise tax revenue, 70% goes to the state general fund, and 30% goes towards substance abuse and prevention funds. Cannabis sales tax revenue is earmarked for after-school and summer learning programs.

Vermont’s adult-use cannabis industry took off with a bang. According to the Vermont Department of Taxes, Vermont cannabis stores sold $2.6 million worth of product in October, the first month of legal cannabis sales.

James Pepper, chair of the Vermont Cannabis Control Board, said that $2.1 to $2.4 million in excise taxes could be collected during the first nine months of cannabis sales. That translates to around $233,000 to $267,000 per month. “They look pretty much like our projections were accurate,” Pepper said.

Vermont legalized personal possession and cultivation of cannabis for adults back in 2018. The state legalized medical cannabis in 2004.

Strongest adjusted margins¹ to date of 54%, demonstrating an increase from adjusted gross margins of 43% in Q2 of 2022

Adjusted gross profit¹ of $4.5 million in Q2 2023, compared with $4.3 million in Q2 2022, representing a 6.3% increase year-over-year

Continued strong sales growth in Vermont, with revenue increasing by $1.8 million and $3.87 million, for the three month and six-month periods respectively ending June 30, 2023

$11.23 million in cash and restricted cash at August 15, 2023

Toronto, Ontario–(Newsfile Corp. – August 24, 2023) – SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) (“SLANG” or the “Company“), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today released financial results for the three and six months ended June 30, 2023. All figures in this press release are stated in Canadian dollars unless otherwise noted.

“In Q2 2023, SLANG achieved another significant milestone with our strongest adjusted gross margins to date, showcasing our dedication to driving financial results across all areas of the business. We also used the quarter to introduce a compelling range of new high-margin products, which will continue to position us as leaders in a rapidly evolving cannabis market,” commented John Moynan, Chief Executive Officer of SLANG. “Our capacity to reduce operating expenses, streamline our vertically integrated operations, and introduce new higher-margin revenue channels in our Core Markets continues to drive our margin expansion and enhance our bottom-line growth. With a strong operational infrastructure in place to advance new growth initiatives, we are strategically focused on constant innovation for our customers in order to deliver today’s most demanded cannabis brands to key cannabis markets nationwide.”

“SLANG maintained strong sales growth in Vermont, increasing revenue by $1.8 million and $3.87 million, for the respective three month and six-month periods ending June 30, 2023. Our wholesale sales in Vermont in Q2 2023 also grew by 380% from Q1, showing strong growth momentum quarter-over-quarter. Despite Colorado’s slower growth, we are still outperforming our competitors in the state, with O.pen maintaining its #1 ranking by the BDSA as the top-performing vape cartridge brand in the state throughout Q2. For the first six months of 2023, we increased sales of O.pen cartridges in Colorado by 16% to 415,082 units from the comparable period of 2022 as our portfolio of leading brands has continued to drive solid sales performance.”

Second Quarter 2023 Operational Highlights and Growth Drivers:

• Reported continued strong growth in Vermont, with revenue increasing by $1.8 million and $3.87 million, for the three month and six-month periods respectively ending June 30, 2023.
• SLANG increased wholesale sales in Vermont in Q2 2023 by 380% from the first quarter of 2023, showing strong quarter-over-quarter growth momentum.
• In Colorado, O.pen maintained its #1 ranking by the BDSA as the top-performing vape cartridge brand in Colorado throughout Q2. For the first six months of 2023, we increased unit sales of O.pen cartridges by 16% from the comparable period of 2022.
• In June, launched the new 2-gram disposable cartridge in Colorado, exceeding our initial sales goal by 241%, selling over 7,200 new 2-gram disposable cartridges in the first month alone, and producing over $570,000 in sales through August 21, 2023².
• Post-quarter end, the Company launched its first line of fast-acting cannabis-infused gummies under its Alchemy Naturals all-natural THC gummy brand in Vermont.

Second Quarter 2023 Financial Summary:

• Revenue from continuing operations for the three months ended June 30, 2023, was $8.44 million, compared with $9.87 million in the three months ended June 30, 2022. The year-over-year decline was primarily driven by a reduction of $1.63 million in our Distribution sales and $0.96 million in our Emerging Market sales, partially offset by a $1.05 million increase in Core Market sales driven by growth in Vermont. For the six months ended June 30, 2023, revenue from continuing operations increased 5.6% to $19.3 million from $18.2 million in the prior year six-month period.
• Gross profit of $4.4 million (52% gross margin) in Q2 2023, compared with $4.5 million (43% gross margin) in Q2 2022. Adjusted gross profit¹ was $4.5 million (54% adjusted gross margin) in Q2 2023, compared with $4.3 million (43% adjusted gross margin) in Q2 2022, representing a 6.3% increase year-over-year.
• EBITDA¹ of $(1.2) million in Q2 2023, compared with $(1.1) million in Q2 2022. The reduction in EBITDA is primarily attributable to a $0.28 million reduction in gross profit offset by a $0.21 million reduction in operating expenses, both of which exclude depreciation costs.
• Adjusted EBITDA¹ of $(0.76) million in Q2 2023, compared with $(0.70 million) in Q2 2022. The reduction in Adjusted EBITDA is primarily attributable to a $0.19 million increase in operating expenses (excluding depreciation expenses, expected credit losses and share based payments), offset by $0.13 million increase in adjusted gross profit, excluding depreciation costs.
• $10.07 million in cash and restricted cash on June 30, 2023, compared to $11.67 million in cash and restricted cash on March 31, 2023. The Company received an additional $1.63 million in ERTC (Employee Retention Tax Credit) from the Internal Revenue Service post quarter-end. As of August 15, 2023, SLANG had $11.23 million in cash and restricted cash compared to $11.92 million on December 31, 2022.

Second Quarter 2023 Financial Review

The consolidated financial statements were prepared in accordance with IFRS. The following is a selected presentation of the Income Statement for the three and six months ended June 30, 2023.

See the Company’s management’s discussion and analysis for the three and six months ended June 30, 2023 (the “Q2 2023 MD&A“) for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss). SLANG’s financial statements and the Q2 2023 MD&A are available on SEDAR+ at www.sedarplus.ca, and on the Company’s Investor Relations website at www.slangww.com.

Non-IFRS Measures

EBITDA, Adjusted EBITDA, adjusted gross profit and adjusted gross margin are non-IFRS financial measures that the Company uses to assess its operating performance. EBITDA is defined as net earnings (loss) before net finance costs, income tax expense (benefit) and depreciation and amortization expense. Management defines Adjusted EBITDA as EBITDA adjusted for other non-cash items such as the impact of unrealized fair values, share based compensation expense, impairments, one-time gains and losses, and one-time revenues and expenses. Management defines adjusted gross profit as gross profit before fair value adjustment of biological assets. This data is furnished to provide additional information and are non-IFRS measures and do not have any standardized meaning prescribed by IFRS. The Company uses these non-IFRS measures to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use these non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate these non-IFRS measures differently than the Company, these metrics may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities. During 2022, the Company updated its definition of Adjusted EBITDA to include the impact of fair value amounts included in inventory sold and unrealized gain on changes in fair value of biological assets.

Conference Call Details

Management plans to host an investor conference call today, August 24, at 10:00 am ET to discuss the results.

Timing: Thursday, August 24, 2023 at 10:00 am ET
Dial In: 1(888) 440-5983 (US toll-free) or 1(646) 960-0202 (international)
Conference ID: 6291438
Webcast: A live webcast can be accessed via the Company’s website at www.slangww.com or https://events.q4inc.com/attendee/459259871

About SLANG Worldwide

SLANG Worldwide Inc. is the industry leader in branded cannabis consumer packaged goods, with a diversified portfolio of five distinct brands and products distributed across the U.S. Operating in 13 legal cannabis markets nationwide, SLANG specializes in acquiring and developing market-proven regional brands, as well as launching innovative new brands to seize global market opportunities and match evolving consumer tastes. The Company has over a decade of experience operating in the nascent and highly regulated cannabis sector, and its partners enjoy the benefits of that experience, with access to the SLANG playbook for successful operations, sales and marketing. Its strong product pipeline from uniquely positioned and scalable brands like O.pen, Alchemy Naturals, Ceres, Firefly, and partnerships with brands like Greenhouse Seed Company have a proven track record of success with the brands consistently ranking among the top performers in the states where SLANG operates. Learn more at slangww.com.

Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings “Risk Factors” in SLANG’s annual information form dated April 27, 2022 and other disclosure documents available on SEDAR+ at www.sedarplus.ca. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Financial Outlook

This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the Company’s sales in certain markets during the period of July and August 2023, as well as cash balances and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward-Looking Statements”. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Forward-Looking Statements”, it should not be relied on as necessarily indicative of future results.

Third Party Information

This press release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.

Reader Advisory

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Company Contact
Mikel Rutherford, CFO
833-752-6499

Media and Investor Inquiries
Investors@SLANGww.com

KCSA Strategic Communications
Phil Carlson
SLANG@kcsa.com

________________________
¹ See “Non IFRS measures”.
² Preliminary and unaudited financial results are subject to customary financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See “Forward-Looking Statements” and “Financial Outlook”.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

The cannabis industry in the Caribbean mirrors the danger of the U.S. cash-only industry and the lure for criminals given the large amounts of cannabis and cash. In the town of Vermont (not to be confused with the U.S. state) on the island country of St. Vincent and the Grenadines (SVG) in the Caribbean, five would-be armed robbers were thwarted on Friday, Jan. 27 by a deputy guard at a dispensary. Due to quick thinking and a fast response, the perpetrators were caught mid-robbery while they were still at the site. 

Green Lava Labs is a medical cannabis company and dispensary in the Queensbury area of Vermont. As one of the first Class-C license holders in the country, a great deal of cannabis and a steady cash flow made it a prime target.

St. Vincent Times reports that five men, one brandishing a gun and another brandishing a “cutlass,” allegedly entered the dispensary at 2:00 am at night forcefully and injured at least one person. The five assailants allegedly attempted to break into the dispensary’s storage area. But a deputy from an armed security agency was quickly dispatched, returning fire and forcing the robbers to flee before they could make off with the loot.

“Our armed security operative engaged the bandits directly, firing several shots, causing the bandits to flee, without being able to break into the building and storage rooms,” Sheriff PSS Inc stated.

A deputy was dispatched to the premises promptly within 15 minutes, while the suspects were still on-site, officials said.

“Operations Control was contacted and our Executive Director Mr. Jason Greene and Operations Commander Mr. Cox responded immediately to provide additional support. The police [were] contacted and responded promptly within 15 minutes,” the release reads.

A caretaker who was on the premises was injured during the incident. 

“The live-in caretaker on the estate was injured during the incident and taken to the Milton Cato Memorial Hospital by Sheriff PSS Inc for medical attention,” the report continued.

“Sheriff takes this opportunity to remind the nation that we are serious about asset protection as SVG’s only tactical security agency. We stand ready to serve citizens and the business community as the #1 source for reliable, competent and efficient Asset Protection Agents and Security solutions.”

Government officials at SVG issued the first licenses to cultivate medical cannabis in 2019. 

Green Lava Labs Leader in the Caribbean

Green Lava Labs was launched in St. Vincent and the Grenadines on Nov. 15, 2019. Green Lava was among the first companies to be granted a Class-C Medical Marijuana Cultivation license in the country. The license allows them to extract, import, export, dispense, and cultivate up to 25 acres of cannabis.

Green Lava has the capacity of over 8,000 pounds of cannabis per year and future plans to reach the full capacity of its allowed 25 acres that should allow the company to produce over 35,000 pounds of cannabis per year.

The company’s grand opening was significant enough to attract Prime Minister Dr. Ralph E. Gonsalves; Minister of Agriculture, Saboto Caesar; a Senior Official of the Medical Cannabis Authority; and officials to attend.

The company offers flower, pre-rolls, CBD-infused products, and more.

The company also has other locations including one in Jamaica.

Business is once again booming in SVG’s medical cannabis industry, Minister of Finance, Camillo Gonsalves reported earlier this year. This follows a slow, discouraging period due to COVID pandemic restrictions and devastation caused by the La Soufriere volcano eruption.