Chief Revenue Officer position eliminated helping to further streamline operations as the Company aims to reduce capital expenditures, improve operational effectiveness and achieve profitability.
Toronto, Ontario - (January 7, 2022) - 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 announced it has eliminated the position of Chief Revenue Officer, effective as of January 14, 2022. The decision comes as a result of the steps taken to restructure the sales and marketing departments, as the Company furthers its efforts to improve operational efficiencies, drive future revenues, and reduce capital expenditures.
Drew McManigle, Interim CEO and Chairman said, “Since I joined in November, we have been reviewing the entire Company, with an aim to reposition SLANG as a highly effective, nimble organization. Following our internal review process, management has made the decision to restructure the sales and marketing departments, resulting in the elimination of the Chief Revenue Officer position. Through this restructuring, our main goal is to improve operational efficiencies, while positioning the Company for future revenue growth, and helping to drive shareholder value.” Mr. McManigle added, “We would like to thank Mr. Hilal Tabsh for his contributions while serving as Chief Revenue Officer and wish him the best in his future endeavors.”
The Company also announces it has issued common shares for salary deferrals, agreed to in fiscal 2020 to conserve cash, to certain current and former executives: 377,825 common shares were issued to a former executive at a deemed price of $0.0920 per share; and 138,107 common shares were issued to current executives at a deemed price of $0.3258 per share. The shares are subject to hold periods expiring 4 months and 1 day from the date of issuance.
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About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. SLANG specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. For more information, please visit www.slangww.com.
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