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SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) has entered into a waiver and support agreement with its secured lenders due to the upcoming maturity date of November 15, 2024, under its credit agreement. The lenders have agreed to a standstill until the maturity date or certain termination events, in exchange for a US$1.75 million payment and enhanced reporting covenants.
The company does not anticipate being able to repay amounts owed at the maturity date. As a result, SLANG's board and management are considering alternatives, including a potential sale, liquidation, and/or wind down of existing operations and assets. B. Riley Farber Inc. has been engaged as an advisor to facilitate this process.
SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) has announced the resignation of Todd Boudreau from its Board of Directors, effective immediately. Mr. Boudreau, who joined the Board in 2022, stepped down due to other commitments. Board Chair Ruth Chun expressed gratitude for Mr. Boudreau's contributions and expertise during his tenure, wishing him well in his future endeavors.
The company has provided contact information for CFO Mikel Rutherford and KCSA Strategic Communications for further inquiries. Interested parties can be added to SLANG's email distribution list by contacting SLNG@kcsa.com.
SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) released its Q2 2024 financial results, reporting a 26% year-over-year decrease in revenue to $6.28 million. The company experienced a 38% decrease in gross profit to $2.69 million and a 9% decrease in gross margin to 43%. Operating expenses decreased by 12% to $5.47 million. SLANG reported a total comprehensive loss of $11.50 million, a 123% increase from Q2 2023. The company's Adjusted EBITDA was ($1.42 million), down from ($0.76 million) in Q2 2023. SLANG's CEO, John Moynan, cited increased competitive headwinds in Core and Emerging Markets as factors contributing to the decline in sales revenue, gross profit, and Adjusted EBITDA. The company is working with PGP Capital Advisors to pursue strategic and financial alternatives.
SLANG Worldwide, a prominent global cannabis CPG company, announced the resignation of Sandra Levy from its Board of Directors, effective immediately. Levy is stepping down to concentrate on other external responsibilities and engagements. Ruth Chun, Chair of the Board, expressed gratitude for Levy's contributions and wished her success in her future endeavors. SLANG trades under the symbols CSE: SLNG and OTCQB: SLGWF.
SLANG Worldwide, a top global cannabis consumer packaged goods (CPG) company, has announced the issuance of equity incentives. The company has granted a total of 3,299,040 incentive stock options to its independent directors. These non-transferable options allow directors to acquire common shares of SLANG at CDN$0.05 per option. The options are exercisable until June 14, 2029, and are subject to vesting provisions, with one-third vesting immediately and the remaining two-thirds vesting on each anniversary of the grant date.
SLANG Worldwide reported Q1 2024 financial results, showing $7.03 million in revenue, a 35% decline from Q1 2023. The company cited increased competition in core markets such as Vermont and Colorado for this decline. However, the e-commerce segment saw a 45% revenue increase, and Vermont wholesale sales surged by 417% year-over-year. Gross profit decreased by 41% to $3.36 million, with a gross margin of 48%, down from 53% in Q1 2023. Operating expenses dropped by 4% year-over-year to $5.54 million. EBITDA fell to -$1.48 million from $0.68 million in Q1 2023. Cash and restricted cash declined to $8.32 million from $9.04 million at the end of 2023.
The company highlighted growth in its Alchemy Naturals CBD gummies, with e-commerce sales rising 53% quarter-over-quarter to $0.46 million. SLANG also signed a new distribution agreement for its CBD gummies across the U.S. Lastly, the company remains optimistic about potential cannabis rescheduling from Schedule I to Schedule III in the U.S.
SLANG Worldwide (CSE: SLNG, OTCQB: SLGWF), a leading global cannabis consumer packaged goods company, announced its first quarter 2024 financial results will be released on May 30, 2024, before market opening. Management will host a conference call at 10:00 am ET on the same day to discuss these results.
The call can be accessed toll-free at (888) 440-5983 in the US or +1 (646) 960-0202 internationally, using conference ID 6291438. Additionally, a live webcast will be available on the Company's website.
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