SLANG Worldwide Announces Issuance of Equity Incentives

SLANG Worldwide Announces Issuance of Equity Incentives

Toronto, Ontario--(Newsfile Corp. - June 14, 2024) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, has approved the grant of 3,299,040 incentive stock options to the independent directors of the Company (the "Options") to acquire common shares in the capital of SLANG (each a "Common Share"). The Options are non-transferable and exercisable until June 14, 2029, at CDN$0.05 per Option, subject to vesting provisions, with one-third vesting on the date of grant and one-third vesting on each anniversary of the date of grant. About SLANG Worldwide Inc. 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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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 12, 2024, 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. Reader Advisory Neither the Canadian Securities Exchange nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release. Company ContactMikel Rutherford, CFO833-752-6499 KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
SLANG Worldwide Announces First Quarter 2024 Financial Results

SLANG Worldwide Announces First Quarter 2024 Financial Results

Toronto, Ontario--(Newsfile Corp. - May 30, 2024) - 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 months ended March 31, 2024. All figures in this press release are stated in Canadian dollars unless otherwise noted. "Our results for the first quarter demonstrated the importance of SLANG's diversified strategy as well as our commitment to our disciplined, efficient business model," commented John Moynan, Chief Executive Officer of SLANG. "While we saw softness in our Core Markets in the first quarter, we mitigated the impact on our business with increased sales in our newer, higher-margin e-commerce channel, our Vermont wholesale channel and across our Emerging Markets, and by reducing operating expenses sequentially and year-over-year, driving operational efficiencies across most segments of our business. "During the quarter, our new channels continued to increase their contribution to our overall sales. Revenue from our e-commerce business segment increased by approximately 45%, demonstrating the strength of our Alchemy Naturals CBD gummy product line, and our Vermont wholesale sales channel increased by approximately 417% year-over-year. Looking ahead, we believe we will continue to elevate our market position and build our leadership position in these important cannabis product categories." Moynan continued, "I also want to highlight the recently announced recommendation by the U.S. Department of Justice that cannabis be rescheduled from Schedule I to Schedule III. We are hopeful that the recommendation for rescheduling will be successful and are looking forward to it being finalized as we believe that the rescheduling of cannabis will have a positive impact not just on SLANG but on the industry as a whole." First Quarter 2024 Financial Summary   Revenue for the three months ended March 31, 2024, was $7.03 million. Declines in SLANG's Core Markets in Vermont and Colorado were mainly attributable to increased competition in recreational cannabis stores and a difficult year-over-year comparison, offset by increases in its wholesale channel in Vermont, as well as a decline in the overall cannabis market in Colorado. The Core Market declines were offset by the Company's Emerging Markets, with a notable increase in its e-commerce channel. Gross profit of $3.36 million (48% gross margin) in Q1 2024, compared with $5.72 million (53% gross margin) in Q1 2023, representing a 41% decrease in gross profit and a 5% decrease in gross margin year-over-year. Gross profit before fair value of biological assets was $3.65 million (52% gross margin) in Q1 2024, compared with $5.68 million (52% gross margin) in Q1 2023, representing a 36% decrease in gross profit before fair value of biological assets, while maintaining a stable gross margin before fair value of biological assets of 52% year-over-year. Operating expenses of $5.54 million in Q1 2024, compared with $5.78 million in Q1 2023 and $6.63 million in Q4 2023, representing a 4% decrease year-over-year and 16% decrease quarter-over-quarter. The reduction year-over-year was primarily driven by a decrease in salaries and wages, consulting and subcontractors, general and administrative and insurance. The reduction quarter-over-quarter was primarily driven by a decrease in share-based payments, general and administrative, salaries and wages, professional fees and depreciation and amortization. EBITDA1 of ($1.48 million) in Q1 2024, compared with $0.68 million in Q1 2023. The reduction in EBITDA is primarily attributable to a $2.40 million decrease in gross profit (excluding depreciation costs), offset by a reduction of $0.23 million in operating expenses (excluding depreciation) such as salaries and wages, consulting and subcontractors, general and administrative and insurance. Adjusted EBITDA1 of ($1.06 million) in Q1 2024, compared with $0.74 million in Q1 2023. The reduction in Adjusted EBITDA is primarily attributable to a decrease of $2.07 million in gross profit before fair value adjustments of biological assets (excluding depreciation costs), offset by a reduction of $0.27 million in operating expenses (excluding depreciation expenses, expected credit losses and share based payments). $8.32 million in cash and restricted cash on March 31, 2024, compared to $9.04 million on December 31, 2023. Additionally, for the three months ended March 31, 2024, cash flows used in operating activities was ($0.48 million), compared to cash flows from operating activities of $0.37 million for the three months ended March 31, 2023, a reduction of $0.85 million.   First Quarter 2024 Operational Highlights   Vermont Q1 2024 wholesale sales were $0.31 million, compared to $0.06 million in Q1 2023. During Q1 2024, the Company signed an agreement with a new distribution partner to sell its Alchemy Naturals CBD gummies throughout the United States. SLANG continues to see growth in its Alchemy Naturals CBD gummies, which contributed $0.46 million in e-commerce sales in Q1 2024 compared to $0.30 million in Q4 2023, representing 53% growth quarter-over-quarter.   First Quarter 2024 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 months ended March 31, 2024. (In thousands of Canadian dollars except per share data and percentages) For the three months ended 31-Mar-24 31-Mar-23       Net Operating Revenue 7,029 10,823 Cost of goods sold 3,379 5,141 Gross Profit Before Fair Value Adjustment of Biological Assets 3,650 5,682 Realized fair value amounts included in inventory sold (580) (423) Unrealized gain on changes in fair value of biological assets 292 457 Gross Profit 3,362 5,716 Gross Profit Margin 48% 53% Operating expenses 5,542 5,778 Operating Loss (2,180) (62) Other items (FV adjustment, FX, gains/losses, taxes, etc.) (3,842) (2,267) Total Comprehensive Loss (6,022) (2,329) Earnings Per Share     Basic (0.03) (0.02) Diluted (0.03) (0.02)   (In thousands of Canadian dollars except percentages) For the three months ended 31-Mar-24 31-Mar-23               Net Operating Revenue 7,029 10,823 Cost of Goods Sold 3,379 5,141 Realized fair value amounts included in inventory sold (580) (423) Unrealized gain on fair value of biological assets 292 457 Cost of Goods Sold 3,667 5,107 Gross Profit 3,362 5,716 Gross Profit Margin 48% 53% Gross Profit before FV adjustment 3,650 5,682 Gross Profit Margin before FV adjustment 52% 52%   (In thousands of Canadian dollars) For the three months ended 31-Mar-24 31-Mar-23               Total Comprehensive Loss (6,022) (2,329) EBITDA (Non-IFRS) (1,482) 679 Adjusted EBITDA (Non-IFRS) (1,064) 742   See the Company's management's discussion and analysis for the three months ended March 31, 2024 (the "Q1 2024 MD&A"), for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss). SLANG's financial statements and the Q1 2024 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 and Adjusted EBITDA 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. 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. Conference Call Details Management plans to host an investor conference call on May 30, 2024, at 10:00 am ET to discuss the results. Timing: Thursday, May 30, 2024, at 10:00 am ETDial In: (888) 440-5983 (US toll-free) or +1 (646) 960-0202 (international)Conference ID: 6291438Webcast: A live webcast can be accessed via the Company's website at www.slangww.com or https://events.q4inc.com/attendee/336439517 About SLANG Worldwide Inc.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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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 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 Q1 2024 MD&A and other disclosure documents available on the Company's profile 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. Reader Advisory Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Company ContactMikel Rutherford, CFO833-752-6499 KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
Slang Worldwide Q1 2024 Conference Call Details

SLANG Worldwide Announces First Quarter 2024 Conference Call Details

Toronto, Ontario--(Newsfile Corp. - May 22, 2024) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced details of its planned release of its first quarter 2024 financial results and conference call. The Company plans to release its financial results for the quarter ended March 31, 2024, before markets open on May 30, 2024. Management plans to host an investor conference call that same day at 10:00 am ET to discuss the results. Timing: Thursday, May 30, 2024 at 10:00 am ETDial In: (888) 440-5983 (US toll-free) or +1 (646) 960-0202 (international)Conference ID: 6291438Webcast: A live webcast can be accessed via the Company's website at www.slangww.com or https://events.q4inc.com/attendee/336439517 About SLANG Worldwide Inc.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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. Forward-Looking StatementsThis 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 12, 2024, 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. 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 ContactMikel Rutherford, CFO833-752-6499 KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
SLANG Worldwide Q4 and Year-End 2023 Financial Results

SLANG Worldwide Announces Q4 and Year-End 2023 Financial Results

Achieved adjusted gross profit margin1 of approximately 51% in Q4 FY2023 and 52% in FY2023 Operating Expenses decreased approximately 19% in Q4 FY2023 and 21% in FY2023 Increased annual adjusted gross profit1 by 6% Launched wholesale offering in Vermont to capitalize on increase in licensed retail businesses Toronto, Ontario--(Newsfile Corp. - April 12, 2024) - 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 twelve months ended December 31, 2023. All figures in this press release are stated in Canadian dollars unless otherwise noted. "In 2023, we took a deliberate approach to advancing our strategy of profitable growth, creating a leaner, more nimble SLANG. As a result, we ended the year with increased gross profit, higher margins, and lower operating expenses which resulted in significantly lower total comprehensive loss and lower adjusted EBITDA loss," commented John Moynan, Chief Executive Officer of SLANG. "With the fourth quarter historically our seasonally lowest revenue quarter, we took the opportunity to further fortify our business and refine our product offering, which will help us make meaningful progress on the path to profitability." Moynan continued, "Throughout 2023, we continued to set ourselves apart from other cannabis players by strategically identifying and advancing opportunities in both our core and emerging markets to build our brand and drive continued financial growth. Initiatives such as our disposable and large-format vaporizers in Colorado, the build-out of our wholesale channel in Vermont, and the expansion of our THC-Free product portfolio have proved successful and will be key contributors to our ongoing growth. Looking to 2024, I believe that we are well positioned to outperform the market as we continue to identify opportunities to increase shareholder value as part of our strategic review." Full Year 2023 Financial and Operational Summary Revenue from continuing operations for the year ended December 31, 2023 ("FY 2023") was $35.68 million, compared with $38.19 million in the year ended December 31, 2022 ("FY 2022"), representing a 7% decrease year-over-year. The reduction was primarily driven by a decrease of $2.65 million in our Distribution sales and a decrease of $1.27 million in Emerging Market sales, partially offset by an increase of $0.70 million in Core Market sales and an increase of $0.66 million in e-commerce sales. Within the Core Market segment, the Company experienced growth in Vermont, with sales increasing by $3.06 million, which is offset by a reduction of $2.36 million in sales in Colorado. Gross profit of $18.62 million (52% gross margin) in FY 2023, compared with $16.45 million (43% gross margin) in FY 2022, representing a 13% increase in gross profit and a 9% increase in gross margin year-over-year. Gross profit before fair value of biological assets was $18.68 million (52% gross margin) in FY 2023, compared with $17.62 million (46% gross margin) in FY 2022, representing a 6% increase in gross profit and a 6% increase in gross margin year-over-year. Operating expenses of $24.61 million in FY 2023, compared with $31.33 million in FY 2022, representing a 21% decrease year-over-year. The reduction was primarily driven by a decrease in depreciation and amortization, share based payments, salaries and wages and consulting and subcontractors. Total comprehensive loss of $19.59 million in FY 2023, compared with $29.65 million in FY 2022, representing a 34% decrease year-over-year. The reduction was primarily driven by a decrease in operating expenses of $6.73 million and an increase in gross profit of $2.17 million. EBITDA1 of ($3.05 million) in FY 2023, compared with ($8.71 million) in FY 2022. The improvement in EBITDA is primarily attributable to a $2.14 million increase in gross profit (excluding depreciation costs), and a reduction of $3.52 million in operating expenses (excluding depreciation) such as share based payments, insurance, salaries and wages, and consulting and subcontractors. Adjusted EBITDA1 of ($1.90 million) in FY 2023, compared with ($3.65 million) in FY 2022. The improvement in Adjusted EBITDA is primarily attributable to an increase of $1.02 million in gross profit before fair value adjustments of biological assets (excluding depreciation costs), and a reduction of $0.73 million in operating expenses (excluding depreciation expenses, expected credit losses and share based payments). $9.04 million in cash and restricted cash on December 31, 2023, compared to $11.92 million on December 31, 2022. Additionally, for the twelve months ended December 31, 2023, cash flows used in continuing operating activities was ($2.62 million), compared to cash flows used in continuing operating activities of ($3.13 million) for the twelve months ended December 31, 2022, an improvement of $0.51 million. Various SLANG subsidiaries filed for the Employee Retention Tax Credit ("ERTC")2 with the Internal Revenue Service ("IRS") in April 2023. During FY 2023, the Company received $1.63 million in ERTCs and $0.09 million in interest on ERTCs. In June 2023, the Company launched a new two-gram disposable cartridge in Colorado. For the year ended December 31, 2023, the sales of these products totaled approximately $1.62 million. The Company built a new wholesale revenue stream in Vermont as more Vermont retailers received retail licenses. In FY 2023, wholesale sales to Vermont retailers reached $1.04 million. Recent Corporate Developments In January 2024, the Company announced that it launched its vape brand, O.pen, in Arizona through a strategic partnership with Trulieve Cannabis Corp. The Company announced in November 2023 that it has retained PGP Capital Advisors, LLC, to assist in a review of its strategic alternatives. In October 2023, SLANG launched sales of its O.pen Sesh, an electric dab rig compatible with 510-thread cartridges and concentrates. The Company launched its first line of fast-acting cannabis-infused gummies in July 2023 under its Alchemy Naturals all-natural THC gummy brand at dispensaries across Vermont. SLANG launched a brand new O.pen product line in July and started selling two-gram delta-8 all-in-one vaporizers in five different strains. Fourth Quarter 2023 Financial Summary Revenue from continuing operations for the three months ended December 31, 2023 ("Q4 2023") was $7.42 million, compared with $11.78 million for the three months ended December 31, 2022 ("Q4 2022"), representing a 37% decrease year-over-year. The reduction was primarily driven by a decrease of $4.13 million in Core Market sales and a decrease of $0.92 million in Distribution sales, partially offset by an increase of $0.30 million in Emerging Market sales, and an increase of $0.30 million in e-commerce sales. Within the Core Market segment, the Company experienced sales reductions in Vermont of $2.47 million, and in Colorado of $1.66 million. Gross profit of $3.80 million (51% gross margin) in Q4 2023, compared with $4.70 million (40% gross margin) in Q4 2022, representing a 19% decrease in gross profit and a 11% increase in gross margin year-over-year. Gross profit before fair value of biological assets was $3.80 million (51% gross margin) in Q4 2023, compared with $5.70 million (48% gross margin) in Q4 2022, representing a 33% decrease in gross profit and a 3% increase in gross margin year-over-year. Operating expenses of $6.63 million in Q4 2023, compared with $8.17 million in Q4 2022, representing a 19% decrease year-over-year. The reduction was primarily driven by a decrease in salaries and wages, depreciation and amortization, share based payments, and consulting and subcontractors. Total comprehensive loss of $7.45 million in Q4 2023, compared with $16.96 million in Q4 2022, representing a 56% decrease year-over-year. The reduction was primarily driven by a decrease of $14.83 million in impairment and $1.54 million in operating expenses partially offset by higher financing cost and fair value adjustments of $7.26 million and a decrease in gross profit of $0.90 million. EBITDA1 of ($2.09 million) in Q4 2023, compared with ($1.82 million) in Q4 2022. The reduction in EBITDA is primarily attributable to a $1.07 million decrease in gross profit (excluding depreciation costs), offset by a reduction of $0.81 million in operating expenses (excluding depreciation) such as salaries and wages, consulting and subcontractors, share based payments, and insurance. Adjusted EBITDA1 of ($1.48 million) in Q4 2023, compared with ($0.06 million) in Q4 2022. The reduction in Adjusted EBITDA is primarily attributable to a decrease of $2.07 million in gross profit before fair value adjustments of biological assets (excluding depreciation costs), offset by a reduction of $0.65 million in operating expenses (excluding depreciation expenses, expected credit losses and share based payments). Full Year 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 twelve months ended December 31, 2023. (In thousands of Canadian dollars except per share data and percentages) For the three months ended For the twelve months ended   31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22             Net Operating Revenue From Continuing Operations 7,419 11,777 35,682 38,189 Cost of goods sold 3,618 6,077 17,007 20,566 Gross Profit Before Fair Value Adjustment of Biological Assets 3,801 5,700 18,675 17,623 Realized fair value amounts included in inventory sold (705 ) (1,298 ) (2,112 ) (2,976 ) Unrealized gain on changes in fair value of biological assets 700 293 2,056 1,799 Gross Profit 3,796 4,695 18,619 16,446 Gross Profit Margin 51% 40% 52% 43% Operating expenses 6,632 8,167 24,606 31,332 Operating Loss (2,836 ) (3,472 ) (5,988 ) (14,886 ) Other items (Impairment, FV adjustment, FX, gains/losses, taxes, etc.) (4,616 ) (13,483 ) (13,597 ) (14,768 ) Total Comprehensive Loss (7,452 ) (16,955 ) (19,585 ) (29,654 ) Earnings Per Share From Continuing Operations         Basic (0.05 ) (0.15 ) (0.10 ) (0.29 ) Diluted (0.05 ) (0.15 ) (0.10 ) (0.29 )   (In thousands of Canadian dollars except percentages) For the three months ended For the twelve months ended 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22              Net Operating Revenue From Continuing Operations  7,419 11,777 35,682 38,189  Cost of Goods Sold  3,618 6,077 17,007 20,566  Realized fair value amounts included in inventory sold  (705 ) (1,298 ) (2,112 ) (2,976 )  Unrealized gain on fair value of biological assets  700 293 2,056 1,799  Cost of Goods Sold  3,623 7,082 17,063 21,743  Gross Profit  3,796 4,695 18,619 16,446  Gross Profit Margin  51% 40% 52% 43%  Gross Profit before FV adjustment  3,801 5,700 18,675 17,623  Gross Profit Margin before FV adjustment  51% 48% 52% 46%     (In thousands of Canadian dollars) For the three months ended For the twelve months ended   31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22              Total Comprehensive Loss  (7,452 ) (16,955 ) (19,585 ) (29,654 )  EBITDA (Non-IFRS)  (2,087 ) (1,822 ) (3,052 ) (8,710 )  Adjusted EBITDA (Non-IFRS)  (1,478 ) (56 ) (1,902 ) (3,645 )   See the Company's management's discussion and analysis for the three and full year ended December 31, 2023 (the "Q4 2023 MD&A") for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss). SLANG's financial statements and the Q4 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. Management defines adjusted gross margin as gross margin 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. Conference Call Details Management plans to host an investor conference call on April 12, 2024 at 10:00 am ET to discuss the results. Timing: Friday, April 12, 2024 at 10:00 am ETDial In: 1-(888) 440-5983 (US toll-free) or 1-(646) 960-0202 (international)Conference ID: 6291438Webcast: A live webcast can be accessed via the Company's website at www.slangww.com or https://events.q4inc.com/attendee/185029317 About SLANG Worldwide Inc.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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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 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 Q4 2023 MD&A and other disclosure documents available on the Company's profile 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. Reader Advisory Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Company ContactMikel Rutherford, CFO833-752-6499 Media and Investor InquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com 1 See "Non-IFRS Measures" 2 In March 2020, the Coronavirus Aid, Relief, and Economic Security Act was signed into law, providing numerous tax provisions and other stimulus measures, including the ERTC, a refundable tax credit against certain employment taxes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded the availability of the ERTC and the Company qualified for the ERTC in the first three quarters of 2021.
Slang Worldwide Q4 and FY 2023 Conference Call Details

SLANG Worldwide Announces Fourth Quarter and Full Year 2023 Conference Call Details

Toronto, Ontario--(Newsfile Corp. - April 3, 2024) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced details of its planned release of its fourth quarter and full year 2023 financial results and conference call. The Company plans to release its financial results for the quarter and full year ended December 31, 2023, before markets open on April 12, 2024. Management plans to host an investor conference call that same day at 10:00 am ET to discuss the results. Timing: Friday, April 12, 2024 at 10:00 am ETDial In: 1-(888) 440-5983 (US toll-free) or 1-(646) 960-0202 (international)Conference ID: 6291438Webcast: A live webcast can be accessed via the Company's website at www.slangww.com or https://events.q4inc.com/attendee/185029317 About SLANG Worldwide Inc.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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. Forward-Looking StatementsThis 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. Reader AdvisoryNeither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Company ContactMikel Rutherford, CFO833-752-6499 Media and Investor InquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
SLANG Worldwide Announces Launch in Arizona through Trulieve Partnership

SLANG Worldwide Launches O.pen in Arizona Through Trulieve Strategic Partnership

Toronto, Ontario--(Newsfile Corp. - January 17, 2024) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a diversified portfolio of popular brands, today announced that it has launched its industry-leading vape brand, O.pen, in Arizona through its strategic partnership with Trulieve Cannabis Corp. ("Trulieve"), one of the leading and top-performing cannabis companies based in the United States. SLANG's O.pen brand, which is regarded as one of the most recognized and best-selling vape brands in the country, will be sold in Trulieve's 21 retail stores located throughout Arizona. In addition, O.pen will be available in over 140 additional retail stores in the state through SLANG's wholesale distribution channel. With the addition of this new market, SLANG brands will now be available across 13 key States and Territories. John Moynan, CEO of SLANG, said, "The opportunity to enter the Arizona cannabis market with a long-standing partner such as Trulieve represents yet another key development in our national expansion strategy and serves to further elevate O.pen's leadership position as the top-performing vape brand in the U.S. Trulieve has successfully established a leading presence in Arizona, and we look forward to driving O.pen's brand performance in this high-growth market." Through SLANG's longstanding strategic alliance with Trulieve, which dates back to early 2019, the companies have partnered to bring O.pen products into Maryland, Florida and West Virgina with arrival in Pennsylvania expected soon. "Since expanding Trulieve's presence in the Arizona cannabis market with the opening of our new dispensary in Phoenix, we have been keenly focused on achieving our brand promise to deliver an exceptional customer experience, providing the right products at the right price in the right place," said Gina Collins, Trulieve's Chief Marketing Officer. "Our long partnership with SLANG and O.pen's continued outperformance in each of our stores has helped us to succeed in this mission." To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject line. 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. About Trulieve Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established hubs in the Northeast, Southeast, and Southwest, anchored by leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.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 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. Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed, or accepts responsibility for the adequacy or accuracy of, the content of this news release. Company ContactMikel Rutherford, CFO833-752-6499 Media and Investor InquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
SLANG Worldwide Third Quarter 2023 Financial Results

SLANG Worldwide Announces Third Quarter 2023 Financial Results

Achieved positive cash flow for each operating business unit; Strong sales growth, with revenue of $9.1 million and $28.4 million, for the three month and nine month periods ending September 30, 2023, increasing 11.4% and 7.4% year-over-year, respectively; Continued improvement in adjusted gross margins1 of 52% in Q3 2023, compared with adjusted gross margins of 49% in Q3 of 2022; Adjusted gross profit1 of $4.8 million in Q3 2023, compared with $4.0 million in Q3 2022, representing an 18.3% increase year-over-year; $10.8 million in cash and restricted cash at September 30, 2023. Toronto, Ontario--(Newsfile Corp. - November 28, 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 nine months ended September 30, 2023. All figures in this press release are stated in Canadian dollars unless otherwise noted. "The third quarter was another solid quarter for SLANG, with both revenue and gross profit increasing sequentially and year-over-year. Impressively, all our operating business units exceeded expectations for the quarter, with each one cash flow positive on a standalone and operational basis," commented John Moynan, Chief Executive Officer of SLANG. "I believe that these results demonstrate the strength of our proven business model, as we are strategically expanding, successfully operating and adapting to the challenging dynamics of each cannabis market and regulatory environment. To me, our results confirm that SLANG is well-positioned for the future." Moynan continued, "Across our geographies, we continue to maintain a leadership position as we scale our operations and position SLANG for continued growth. For example, in Vermont, where we saw rapid market saturation in the retail market, we were able to increase revenue by $1.58 million year-over-year by expanding into the wholesale market which is proving to be a new high-margin revenue channel for SLANG. In Colorado, our ability to be nimble and adapt has allowed us to identify and expand our products in select categories, such as within the vape category segment, to lead and expand our market position. Finally, in Maryland and West Virginia, through our strategic partnership with Trulieve, we have integrated this high-growth channel and demonstrated our ability to effectively compete in the country's most competitive markets in a cost-effective manner. Our strength remains our ability to identify opportunities and to focus on partners and categories where we can be successful." Third Quarter 2023 Financial Summary: Revenue from continuing operations for the three months ended September 30, 2023, was $9.10 million, compared with $8.17 million in the three months ended September 30, 2022. The year-over-year increase was primarily driven by an increase of $0.95 million in Core Market sales and $0.19 million in Ecommerce sales, partially offset by a decrease of $0.18 million in our Distribution sales and a decrease of $0.03 million in Emerging Market sales. Within the Core Market segment, the Company experienced growth in Vermont, with sales increasing by $1.58 million, which is offset by a reduction of $0.63 million in sales in Colorado. Gross profit of $4.9 million (53% gross margin) in Q3 2023, compared with $3.6 million (44% gross margin) in Q3 2022. Adjusted gross profit1 was $4.8 million (52% adjusted gross margin) in Q3 2023, compared with $4.0 million (49% adjusted gross margin) in Q3 2022, representing an 18.3% increase year-over-year. EBITDA1 of $(0.38) million in Q3 2023, compared with $(3.43) million in Q3 2022. The improvement in EBITDA is primarily attributable to a $1.67 million increase in gross profit (excluding depreciation costs), and a reduction of $1.38 million in operating expenses (excluding depreciation) such as insurance and share-based payments. Adjusted EBITDA1 of $(0.31) million in Q3 2023, compared with $(1.24 million) in Q3 2022. The reduction in Adjusted EBITDA is primarily attributable to an increase of $1.15 in gross profit before fair value adjustments of biological assets (excluding depreciation costs), offset by $0.22 million increase in operating expenses (excluding depreciation expenses, expected credit losses and share based payments). $10.82 million in cash and restricted cash on September 30, 2023, compared to $11.92 million on December 31, 2022 and $10.07 million on June 30, 2023. Additionally, for the nine months ended September 30, 2023, cash flows generated from continuing operating activities was $0.29 million, compared to cash flows used in continuing operating activities of ($6.35 million) for the nine months ended September 30, 2022, an improvement of $6.61 million. In the third quarter, the Company received a $1.63 million Employee Retention Tax Credit from the Internal Revenue Service. Recent Corporate Developments: The Company announced on November 21, 2023, that it has retained PGP Capital Advisors, LLC, ("PGP") to assist in a review of its strategic alternatives. The Company's Board of Directors has formed a committee of independent directors to assist SLANG's management team and PGP in exploring, reviewing, and evaluating strategic alternatives that may be available to the Company to maximize shareholder value. The Company also announces that as of November 14, 2023, it has issued 2,946,757 common shares in connection with the CFO's employment agreement and 5,575,781 common shares in connection with the CEO's employment agreement (the "CEO Agreement"). This was the third and final tranche issuance pursuant to the CEO Agreement, the second tranche was completed May 15, 2023, by the issuance of 1,949,723 common shares and the first tranche completed May 16, 2022, with the issuance of 243,847 common shares. Third 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 nine months ended September 30, 2023. (In thousands of Canadian dollars except per share data and percentages)   For the three months ended For the nine months ended    30-Sep-23 30-Sep-22 30-Sep-23 30-Sep-22   Net Operating Revenue From Continuing Operations 9,101 8,170 28,360 26,412 Cost of goods sold 4,348 4,153 13,389 14,489 Gross Profit Before Fair Value Adjustment of Biological Assets 4,753 4,017 14,971 11,923 Realized fair value amounts included in inventory sold (375 ) (584 ) (1,407 ) (1,678 ) Unrealized gain on changes in fair value of biological assets 480 170 1,356 1,506 Gross Profit 4,858 3,603 14,920 11,751 Gross Profit Margin 53% 44% 53% 44% Operating expenses 5,960 8,592 17,975 23,165 Operating Loss (1,102 ) (4,989 ) (3,055 ) (11,414 ) Other items (Impairment, FV adjustment, FX, gains/losses, taxes, etc.) (3,392 ) 348 (7,304 ) (1,284 ) Total Comprehensive Loss (4,494 ) (4,641 ) (10,359 ) (12,698 ) Earnings Per Share From Continuing Operations         Basic (0.03 ) (0.06 ) (0.06 ) (0.16 ) Diluted (0.03 ) (0.06 ) (0.06 ) (0.15​ )   (In thousands of Canadian dollars) For the three months ended   For the nine months ended    30-Sep-23 30-Sep-22 30-Sep-23 30-Sep-22   Net Operating Revenue From Continuing Operations  9,101 8,170 28,360 26,412 Cost of Goods Sold  4,348 4,153 13,389 14,489 Realized fair value amounts included in inventory sold  (375 ) (584 ) (1,407 ) (1,678 ) Unrealized gain on fair value of biological assets  480 170 1,356 1,506 Cost of Goods Sold  4,243 4,567 13,440 14,661 Gross Profit  4,858 3,603 14,920 11,751 Gross Profit Margin  53% 44% 53% 44% Gross Profit before FV adjustment  4,753 4,017 14,971 11,923 Gross Profit Margin before FV adjustment  52% 49% 53% 45%     (In thousands of Canadian dollars) For the three months ended For the nine months ended   30-Sep-23 30-Sep-22 30-Sep-23 30-Sep-22   Total Comprehensive Loss  (4,494 ) (4,641 ) (10,359 ) (12,698 ) EBITDA (Non-IFRS)  (379 ) (3,432 ) (869 ) (6,887 ) Adjusted EBITDA (Non-IFRS)  (306 ) (1,240 ) (328 ) (3,588 )   See the Company's management's discussion and analysis for the three and nine months ended September 30, 2023 (the "Q3 2023 MD&A") for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss). SLANG's financial statements and the Q3 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. Management defines adjusted gross margin as gross margin 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. Certain of the comparative 2022 figures have been updated to conform to this current period presentation. Conference Call Details Management plans to host an investor conference call today, November 28, at 10:00 am ET to discuss the results. Timing: Tuesday, November 28, 2023 at 10:00 am ETDial In: 1-(888) 440-5983 (US toll-free) or 1-(646) 960-0202 (international)Conference ID: 6291438Webcast: A live webcast can be accessed via the Company's website at www.slangww.com or https://events.q4inc.com/attendee/894460650 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. 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 ContactMikel Rutherford, CFO833-752-6499 Media and Investor InquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
Slang Worldwide Q3 2023 Conference Call Details

SLANG Worldwide Announces Third Quarter 2023 Conference Call Details

Toronto, Ontario--(Newsfile Corp. - November 21, 2023) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced details of its planned release of its third quarter 2023 financial results and conference call. The Company plans to release its financial results for the quarter ended September 30, 2023, before markets open on November 28, 2023. Management plans to host an investor conference call that same day at 10:00 am ET to discuss the results. Timing: Tuesday, November 28, 2023 at 10:00 am ETDial In: 1-(888) 440-5983 (US toll-free) or 1-(646) 960-0202 (international)Conference ID: 6291438Webcast: A live webcast can be accessed via the Company's website at www.slangww.com or https://events.q4inc.com/attendee/894460650 About SLANG Worldwide Inc. 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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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. 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 ContactMikel Rutherford, CFO833-752-6499 Media and Investor InquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com
SLANG Worldwide Retains PGP Capital

SLANG Worldwide Retains PGP Capital Advisors in Connection with Strategic Alternatives Review

Embarks on strategic initiative to explore additional opportunities to maximize shareholder value Toronto, Ontario--(Newsfile Corp. - November 21, 2023) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a diversified portfolio of popular brands, today announced that it has retained PGP Capital Advisors, LLC, ("PGP") to assist in a review of its strategic alternatives. The Board of Directors has formed a committee of independent directors (the "Committee") to assist SLANG's management team and PGP in exploring, reviewing and evaluating strategic alternatives that may be available to the Company to maximize shareholder value. "The Company has been successful in driving organic growth and streamlining operations. With each of our business segments continuing to produce positive net income, EBITDA and cash flow, the Company is in the best financial health that it's ever been," said John Moynan, Chief Executive Officer of SLANG. "Our flexible strategy has allowed us to adapt and succeed in a challenging industry. I believe that this review will provide us with options that could create greater long-term value for SLANG and our shareholders as well as the ability to increase the scale of our business." The Company will evaluate a full range of strategic and financial alternatives, including, but not limited to, one or more of the following: a business combination, sale, divestiture, acquisition or merger that may involve all or part of our business or assets, restructuring, recapitalization, refinancing, or any other strategic transaction that may be identified during our strategic review. The Company is evaluating these opportunities in order to explore synergies which may reduce the overhead costs associated with being publicly traded, provide opportunities to rapidly increase scale and market share, and to expand the overall product offering and footprint of SLANG. Financial and Operational Highlights: Strong Financial Position to Support Growth: The Company announced cash and restricted cash of $11.2 million as of August 15, 2023; Streamlined Operations: The Company posted its strongest adjusted gross margin[1] to date in 2Q 2023 of 54% as a result of its success in streamlining operations; Colorado Leadership: In the first half of 2023, sales of O.pen cartridges experienced significant growth, up by 16% to 415,082 units from 357,924 units, during the same period in the previous year with the brand maintaining its position as the top performing vape cartridge in Colorado; Vermont Leadership: The Company established a first-mover position in Vermont with the opening of the state's first recreational cannabis stores and its expansion into the Vermont wholesale market. The Company continues to lead and operate as one of Vermont's strongest cannabis operators; Legacy Brand Positioning: O.pen has demonstrated more than a decade of success in becoming one of the most recognized and best-selling vape brands in the country, selling over 12 million vape products since its inception in 2012; Strategic Partnership: SLANG brands are distributed across 12 states as a result of partnerships with best-in-class operators such as Trulieve, providing for brand performance and broad distribution. Other than as described in this news release, the Company has not set a timetable to complete the strategic review process and has not made any decisions related to strategic alternatives at this time. The Company cautions that there are no assurances that the evaluation of strategic alternatives will result in the approval or completion of any specific transaction or outcome. The Company does not intend to comment further unless and until the Board of Directors approves a specific transaction, concludes its review of strategic alternatives or determines that further disclosure is appropriate or required. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject line. 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. The forward-looking statements contained herein include, but are not limited to, statements in respect of the activities of the Special Committee and possible strategic alternative transactions. 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 the interest of third parties in pursuing a possible strategic alternative transaction with the Company; the terms and conditions of any proposal that may be received; the ability to successfully consummate a potential strategic alternative transaction; the available funds of the Company and the anticipated use of such funds; 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. Non-IFRS Measures Adjusted gross margin is a non-IFRS financial measure that the Company uses to assess its operating performance. Management defines adjusted gross margin as gross margin before fair value adjustment of biological assets. This data is furnished to provide additional information and is a non-IFRS measure and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with a supplemental measure of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use this non-IFRS measure in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate this non-IFRS measure differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies. Please refer to the Company's press release dated August 24, 2023 and it's management's discussion and analysis for the three and six months ended June 30, 2023 for a reconciliation of adjusted gross margin to its nearest comparable IFRS measure. Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed, or accepts responsibility for the adequacy or accuracy of, the content of this news release. Company ContactMikel Rutherford, CFO833-752-6499 Media and Investor InquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil CarlsonSLANG@kcsa.com