CeresMED, formerly the Champlain Valley Dispensary, announced Monday that it has merged its cannabis business with a Canadian corporation in a deal worth $25 million.
The merger with Toronto-based SLANG Worldwide, a publicly traded cannabis company with operations in 12 U.S. states, will allow Ceres to expand its offerings to Vermont consumers and roughly double its workforce to about 100 employees, said Bridget Conry, director of brand experience.
“An overwhelming majority of our investors, until now, have been Vermonters,” Conry said of the company she co-founded a decade ago. “Now we’re in a position to bring investment into the state.”
Plans are already underway for a 50,000-square-foot expansion of its Milton facility.
Vermont’s market for adult retail sales of marijuana will open to Ceres and other licensed producers when taxes and regulations are finalized in 2022.
Ceres currently makes and sells O.Pen cannabis vaporizer cartridges through a licensing agreement with SLANG.
The Vermont company will likely license and produce some of SLANG’s edible products that have proven popular around the country, like Lunchbox Alchemy, Conry said.