Cannabis company Slang Worldwide's shares soar in first public trading
Harvested cannabis is shown in a Tuesday, June 26, 2018 file photo. (THE CANADIAN PRESS/ Tijana Martin)
The Canadian Press
Published Tuesday, January 29, 2019 5:19PM EST
TORONTO -- The newly listed shares of a cannabis-brand company co-founded by two entrepreneurs whose first pot venture was bought by Canopy Growth have soared by as much as 33 per cent.
Slang Worldwide Inc.'s stock was trading at $2 on the Canadian Stock Exchange in early afternoon, after it commenced trading at $1.50.
The stock, which trades under SLNG, closed at $1.93 up 29 per cent.
Slang co-founders Peter Miller and William Levy also co-founded licensed producer Mettrum Health Corp., which was sold to Canopy in 2017 for roughly $430 million.
Miller and Levy's latest company is a cannabis-focused consumer packaged goods company with a portfolio of brands.
Its brands include O.PenVAPE vaporizers and Magic Buzz cannabis-infused beverages.
Slang's products are sold in 10 U.S. states, and on five continents, according to its website.
The Toronto-based also has a 20 per cent interest in licensed producer Agripharm Corp., in which Canopy continues to hold a 40 per cent stake.
Canopy also holds warrants that allow it to purchase 32 million shares of Slang if cannabis and cannabis-related products become federally legal in the U.S.
Companies in this story: (CSE:SLNG, TSX:WEED)