SLANG Worldwide Announces Issuance of Equity Incentives
press release

SLANG Worldwide Announces Issuance of Equity Incentives

Toronto, Ontario--(Newsfile Corp. - June 21, 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, has granted 4,828,676 incentive stock options (the "Options") to acquire common shares in the capital of the Company at a price of C$0.14 per share. 4,408,676 of the Options were granted to independent directors exercisable until June 20, 2032 and 420,000 to employees exercisable until June 20, 2027. The Options are subject to vesting provisions and are non-transferrable. 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. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject.
SLANG Worldwide Announces Results of Annual General and Special Shareholders Meeting
press release

SLANG Worldwide Announces Results of Annual General and Special Shareholders Meeting

Toronto, Ontario--(Newsfile Corp. - June 16, 2022) - 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 the results from its annual general and special meeting of shareholders held on June 16, 2022 (the "Meeting"). The Company put forward the following resolutions to be voted on by shareholders at the Meeting, all of which were approved: (1) the appointment of Baker Tilly LLP, Chartered Professional Accountants, as auditor to hold office until the next annual meeting of shareholders at a remuneration to be fixed by the Board; (2) the adoption of a 15% rolling equity incentive plan which will replace the existing stock option plan and restricted share unit plan; and (3) the election of Drew McManigle, Felicia Snyder, Kevin Albert, Sandra Levy, Ruth Chun, Todd Boudreau and Adam Crocker as directors to hold office until the next annual general meeting of SLANG or until their earlier resignation. The following are brief profiles of each of the directors. Drew McManigle, Chairman of the Board, Interim Chief Executive Officer and Director Drew McManigle is the Founder and Chief Executive Officer of MACCO. He brings both wide-ranging experience, derived from a variety of industries, as well as a solutions-driven leadership style that has led to successful outcomes in numerous complex situations. As interim CEO and Chairman, Mr. McManigle will have oversight over key strategic, operational and financial functions. In addition to existing SLANG management, Mr. McManigle will also have the added support of members of MACCO who will provide senior level operating and financial expertise to enable rapid strategic reviews and business plan implementation. While at MACCO, Drew has held several leadership and fiduciary roles, including interim CEO and CRO. He has also served as an independent director. Prior to MACCO, Mr. McManigle was a principal of his own firm for 22 years. He had previously been employed by a Fortune 500 healthcare services company and had established the Houston office for a California-based advisory firm. Felicia Snyder, Independent Director Felicia Snyder was a Founding Executive at Tokyo Smoke, one of Canada's most recognized cannabis brands and a leading Canadian cannabis retailer. Felicia led the company through its merger with Doja Cannabis and its eventual sale to Canopy Growth. Post-acquisition, Felicia was Vice President at Canopy Growth, managing Canopy's portfolio of premium cannabis brands. Prior to Tokyo Smoke, Felicia worked for several years in South Korea at Samsung Electronics in its Global Strategy Group and Smart TV Services Group where she led a variety of projects related to business strategy, acquisitions, investments, and developing new partnerships, products and services. Kevin Albert, Independent Director Kevin Albert worked in the investment banking division of Merrill Lynch & Co. for 24 years. Now retired, he is currently managing a portfolio of private investments, the majority of which are in the legal cannabis industry. From September 2010 through December 2019, Mr. Albert was a Senior Partner of Pantheon Ventures LLC ("Pantheon") and a member of its six-person Partnership Board. For most of his nine-year tenure there, he was responsible for the firm's global business development, and during this time Pantheon's assets under management increased from approximately US$25 billion to approximately US$50 billion. He currently serves as an independent director on the boards of Harborside Inc., Osiris Ventures, Inc. dba, NorCal Cannabis Company, Octavius Holdings Inc dba, Flow Cannabis Company, and Achari Venture Holding Corp I, a special purpose acquisition company targeting a merger with a non-plant touching cannabis company. Mr. Albert has a BA and an MBA from the University of California, Los Angeles where he continues to be involved as the Chair of the Board of Visitors of the Economics Department. Sandra Levy, Independent Director Sandra Levy is currently the Chief People & Culture Officer at the Canadian Olympic Committee where she oversees all aspects of human resources, health and safety and Diversity, Equity and Inclusion. Sandra is a senior human resources executive with over 25 years' experience in human resources and legal roles. She is a lawyer by training and brings proven management expertise from both national and global organizations including, Magna International Inc., PlyGem Inc. and RioCan Real Estate Investment Trust. Sandra has strong corporate board and volunteer board experience. Currently she sits on the Create TO (City of Toronto) Board of Directors and chairs its Human Resources Committee. She also sits on the board of Trustees of Sir Corp Investment Trust and chairs its Governance Committee. Ruth Chun, Independent Director Ruth Chun is a lawyer focused on advising regulated businesses in the cannabis, psychedelics, CPG and energy industries. Prior to founding Chun Law Professional Corporation, she was the general counsel and corporate secretary for Newstrike Brands Ltd. / Up Cannabis Inc. and senior legal counsel at HEXO Corp. through its acquisition of Newstrike in an all share deal valued at $346 million. Ms. Chun joined Newstrike in February 2017 and was involved in all significant corporate activity including a successful TSXV listing, debt and equity financings (exceeding $140 million), M&A, regulatory matters and government relations. She is regularly called upon as a speaker, industry expert and guest lecturer at various colleges and universities and is on the advisory board of the Osgoode Professional Development Certificate in Cannabis Law and Regulation. Ms. Chun currently serves on several boards and is the chairperson of SAVIS of Halton. She served as the first female executive at a leading insurer in southern Africa as the head of legal and compliance and was a partner at Africa's largest law firm. She received an Hon BA (Trinity College), MA from the University of Toronto and Juris Doctor from Queens University. She is called to the bar in Ontario, New York and Namibia. Todd Boudreau, Independent Director Todd Boudreau is an attorney and the Founding Partner at ACL Capital Partners. Todd Boudreau brings over 20 years of legal and business experience assisting global companies and investment managers on a wide range of matters including venture, growth, and control capital partnerships, business sale and acquisition transactions, strategic partnerships, joint ventures, and US expansion. Mr. Boudreau is highly experienced in assisting family offices, sovereign wealth funds, pensions and endowments with direct and co-mingled investments and fund managers with direct investment transactions, fund formation, and US partnerships. He represents companies in industries such as technology (including software and fintech), life sciences, health services, medical devices, consumer, and aerospace and defense. Prior to founding ACL Capital Partners, Mr. Boudreau was the Co-Chair of the Private Equity Investments & Buyout Group with Morrison & Forester and the Chair of the Investments & Buyout Group with Foley & Lardner. Mr. Boudreau is also an active member of the legal and business community. He is the current Chair of the American Bar Association's Institutional Investment Committee and has consistently received the highest Martindale-Hubbell AV Ranking of "Preeminent" by his legal industry peers. He serves on various committees of the Institutional Limited Partners Association ("ILPA") and as the founding sponsor for the ILPA's emerging managers conference. Mr. Boudreau is also a board member for the non-profit CareerSpring and serves as an advisor for the non-profit CareQuest Innovation Partners incubator program. Adam Crocker, Independent Director Adam Crocker, CFA is Founder and Chief Investment Officer of Logbook Investments, a value fund with research on core positions enhanced by insights from books. Logbook launched in 2016 and is seeded by his former employer. Prior to Logbook, Adam was a co-manager at Metropolitan Capital Advisors. Before joining Metropolitan, he was an analyst at Morgan Stanley Investment Management conducting research on behalf of growth and value investment teams. He began his career in Leveraged Finance investment banking at JPMorgan. Adam is a graduate of the Value Investing Program at Columbia Business School and has an undergraduate degree in Economics from Columbia University. 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. 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 for the year ended December 31 ,2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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.
SLANG Worldwide Announces Fourth Quarter and Full Year 2021 Financial Results
press release

SLANG Worldwide Announces Fourth Quarter and Full Year 2021 Financial Results

Toronto, Ontario--(Newsfile Corp. - April 28, 2022) - 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 released financial results for the twelve months ended December 31, 2021. All figures in this press release are stated in Canadian dollars unless otherwise noted. Key Financial Highlights: Revenue from continuing operations for FY 2021 was $37.8 million, compared with $25.5 million in FY 2020, representing a 48% increase year-over-year. The primary driver of the sequential year-over-year growth was due to increased revenues associated with the acquisitions of Allied Concessions Group, Inc. ("ACG") and High Fidelity, Inc. ("HiFi") completed on December 31, 2020 and August 11, 2021, respectively. Gross profit of $15.1 million (40% gross margin) in FY 2021, compared with $12.7 million (50% gross margin) in FY 2020, representing a 19% increase year-over-year. Adjusted EBITDA of ($4.97 million) in FY 2021, compared with ($5.47 million) in FY 2020. The increase of the Adjusted EBITDA is primarily attributable the increase in revenue and gross profit associated with the acquisition of HiFi in August 2021.1 $20.83 million restricted and unrestricted cash balance as of December 31, 2021, compared to $6.61 million at December 31, 2020. This includes the Company's recently completed term-loan financing with participation from Trulieve Cannabis Corp. ("Trulieve"), a leading and top-performing cannabis company based in the United States, and two existing significant shareholders of the Company, Pura Vida Investments and Seventh Avenue Investments, for aggregate gross proceeds of $17.3 million U.S. Drew McManigle, Interim CEO and Chairman of SLANG, said, "Our dedicated efforts to streamline our operations and redefine our core and emerging markets strategies have already taken hold as we are recognizing stronger opportunities to drive profitable revenue growth in 2022. We are a different SLANG today than we were at the beginning of 2021, strategically expanding our brand and product portfolio while consolidating our supply chain assets, allowing us to effectively meet consumer demand and achieve stronger unit economics in our core and emerging markets." "Our ability to rapidly eliminate our weaker performing Oregon operations and strategically enter new emerging markets has been integral to our near and long-term growth. In the second half of 2021, SLANG acquired High Fidelity / Ceres, one of Vermont's largest medical cannabis companies, and through our key partnership with Trulieve, we secured our entry into Pennsylvania, West Virginia, Massachusetts and Maryland, providing us with a number of key growth opportunities that we are now advancing upon in 2022. By winding down our Oregon operations, we are recognizing strong cost savings that are already supporting our ability to rapidly and efficiently expand our operational footprint." "Further supporting our operational transition has been the strengthening of our strategic partnership with Trulieve as we entered into a $17.3 million term-loan with Trulieve and our existing shareholders Pura Vida and Seventh Avenue Investments. This financing shows the confidence and commitment our strategic partners have in the new management team as we execute our growth strategy to drive shareholder value while transforming SLANG into a leading player in the cannabis industry," concluded McManigle. Operational Highlights and Growth Drivers: The Company began sales to new Emerging Markets through its partnerships with Trulieve in Pennsylvania, West Virginia, Massachusetts, and Maryland and with Natura Life + Science in California. In August, the Company completed its acquisition of HiFi, one of Vermont's largest medical cannabis companies, adding Vermont as a new Core Market. HiFi is vertically integrated and its operations include a 28,000-square-foot cultivation, production, lab, and retail distribution facility. In October, the Company entered the West Virginia and Pennsylvania markets through a strategic partnership with Trulieve. As previously announced, Trulieve obtained exclusive access to the entire SLANG portfolio of products and products, which are already available in all Trulieve locations in the states of Florida and Massachusetts. The solidified partnership provides SLANG with a range of significant growth opportunities in several markets, and the Company expects its products to be available on the shelves in Pennsylvania and West Virginia by Q2 2022 and Q3 2022, respectively. In November, SLANG completed a term-loan financing (the "Loan Transaction") agreement with its strategic partner Trulieve, two existing significant shareholders of the Company, Seventh Avenue and Pura Vida, and other investors for gross proceeds of $17.3 million USD. The Loan Transaction represents a pivotal moment for the Company strategic growth strategy, as it furthers its efforts to complete the development and integration of the Vermont operations, improve operational efficiencies, drive future revenues, and reduce capital expenditures. Additionally, Drew McManigle was appointed Interim CEO and Chairman of the Board as part of an executive management transition to strategically reposition SLANG for profitable revenue growth. In conjunction with the Loan Transaction, SLANG has made a strategic pivot in its Core Markets and Emerging Markets strategy to pursue geographies that are expected to provide meaningful and profitable lines of revenue. In regard to its Core Markets, the Company has decided to wind down manufacturing operations of all SLANG branded THC products in Oregon, focusing its future efforts to the profitable Core Markets of Colorado and Vermont. As for Emerging Markets, the Company maintains capital light strategic partnerships in 12 markets, allowing SLANG one of the largest U.S. distribution footprints in cannabis. Post quarter-end, the Company announced several changes to its Management Team and Board of Directors. The changes include the enhancement of the Board of Directors through the appointment of Kevin K. Albert, a seasoned professional with significant knowledge and expertise in the cannabis industry, a deep and fundamental understanding of finance and management, and a successful track record in M&A, as an Independent Member of the Board. Mr. Albert's appointment succeeded Matt Fraser's resignation from the Board. As a result of the steps taken to restructure the sales and marketing departments, SLANG announced the elimination of the position of Chief Revenue Officer. In addition, the Company is in the process of adding a new sales manager for its Colorado operations and recently selected a new COO to manage its emerging position in Vermont and New Jersey. Post quarter-end, SLANG has implemented a consolidation (the "Consolidation") of its outstanding common shares ("Common Shares") and its outstanding restricted voting shares ("Restricted Shares", and together with the Common Shares, the "Shares") on the basis of one new Share for every six outstanding Shares at the time of the Consolidation. The effective date of the Consolidation was February 28, 2022. Fourth Quarter 2021 Highlights Revenue from continuing operations for Q4 2021 was $8.84 million, compared to Q4 2020 revenue of $8.29 million, representing a 7% increase. Gross profit of $4.1 million (46% gross margin) in Q4 2021, compared with $3.03 million (37% gross margin) in Q4 2020, representing a 35% increase. The increase in margin is largely in relation to the acquisition of HiFi in August 2021 bringing higher margin sales. Adjusted EBTIDA of ($2.13 million) in Q4 2021, compared with ($1.05 million) in Q4 2020. The Company remains committed to prudently managing its operating expenses on its mission to further improve the efficiency of operations. The Company believes it will continue to see an improvement in this metric as it recognizes greater high-margin revenue from its operations. As part of the process of evaluating the viable entities in the Company's business, SLANG completed the wind down of all manufacturing THC activities in Oregon. By discontinuing these plant touching sales and listing various Oregon assets for sale, the Company will be recognizing a reduction in operating expenditures of over $2 million annually related to those operations. The Company made progress throughout the quarter in implementing a strategic growth plan to focus on its Core Markets of Vermont and Colorado with special attention to streamlining operations, developing new products and branding and investigating opportunities to reduce manufacturing costs, including manufacturing outsourcing and enhanced logistics. In Q4 2021, 717,126 SLANG Branded Units were sold across The SLANG Network with Colorado generating approximately 51% of SLANG's total Branded Units volume.1 The Company's Core Markets of Colorado and Vermont saw sequential improvements in Q4 2021 when compared to Q4 2020, with Massachusetts and Washington showing increases due to the Company having entered those markets in 2021. SLANG's brands continued to earn market-leading positions in its core markets in Q4 2021. Highlighted by O.pen maintaining its #1 ranking in the vape cartridge category In Colorado, according to BDSA. Full Year 2021 Financial Review The consolidated financial statements were prepared in accordance with IFRS. The following is selected presentation of the Income Statement for the year end December 31, 2021. 3 months ended 31-Dec-21 3 months ended 31-Dec-20 12 months ended 31-Dec-21 12 months ended 31-Dec-20 (In thousands except per share data and percentages) CDN$ CDN$ CDN$ CDN$ Net Operating Revenue from Continuing Operations $8,838 $8,292 $37,777 $25,454 Cost of Goods Sold 5,501 5,260 23,311 12,764 Gross Profit Before Gain on Fair Value of Biological Assets 3,337 3,032 14,466 12,690 Realized fair value amounts included in inventory sold (501) - (886) - Unrealized gain on fair value of biological assets 1,264 - 1,547 - Gross Profit 4,100 3,032 15,127 12,690 Gross Profit Margin 46% 37% 40% 50% Operating expenses 11,053 6,146 40,463 35,298 Operating Loss (6,953) (3,114) (25,336) (22,608) Other items (Impairment, FV adjustment, FX, gains/losses, taxes, etc.) 30,227 31,384 31,274 (8,016) Total Comprehensive Income / (Loss) (37,180) ($34,498) (56,610) ($14,592) Earnings Per Share     Basic ($0.39) ($0.64) ($0.60) ($0.26)     Diluted ($0.39) ($0.64) ($0.60) ($0.26)   3 months ended 31-Dec-21 3 months ended 31-Dec-20 12 months ended 31-Dec-21 12 months ended 31-Dec-20 (In thousands except per share data and percentages) CDN$ CDN$ CDN$ CDN$ Total Comprehensive Income (Loss) ($37,180) ($34,498) ($56,610) ($14,592) EBITDA (4,866) (1,459) (17,487) (16,155) Adjusted EBITDA (2,133) (1,054) (4,965) (5,472)   See the Company's management's discussion and analysis for the three and twelve months ended December 31, 2021 (the "Q4 2021 MD&A") for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss). SLANG's financial statements and the Q4 2021 MD&A are available on SEDAR at www.sedar.com, and on the Company's Investor Relations website at www.slangww.com. The Company reported $20.83 million of combined restricted and unrestricted cash and cash equivalents at December 31, 2021, compared to $6.61 million at December 31, 2020, and $3.5 million at September 30, 2021. Non-IFRS Measures EBITDA, Adjusted EBITDA and Branded Unit volume 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. See the heading "Key Performance Indicators" in the Q4 2021 MD&A for a description of how each of Branded Unit volume is calculated. 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 today, April 28, 2022, at 11:00 am ET to discuss the results. Timing: Thursday, April 28, 2022 at 11:00 am ET Dial-in: 1 (888) 440-5983 (US toll-free) or 1 (646) 960-0202 (US toll) or for a list of international toll-free options click here Conference ID: 6291438 Webcast: A webcast can be accessed from the Investors section of Company's website at www.slangww.com or at https://events.q4inc.com/attendee/946595775A replay of the webcast will be archived on the Company's website for one year.   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. 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 the Q4 2021 MD&A and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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.
SLANG Worldwide Closes Previously Announced Acquisition of NS Holdings Inc.
press release

SLANG Worldwide Closes Previously Announced Acquisition of NS Holdings Inc.

Toronto, Ontario--(Newsfile Corp. - April 12, 2022) - 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, announced today that it has closed its previously announced acquisition of NS Holdings Inc. ("NSH"), a manufacturing business based in Oregon (the "NSH Acquisition"). The closing of the previously announced NSH Acquisition won't affect the Company's decision to wind down manufacturing operations in the unprofitable Oregon market. This acquisition follows SLANG's newly implemented transformational growth strategy focused on tapering its Core Markets to Vermont and Colorado, supporting the Company's goal of reducing non-profitable operations and achieving greater operating efficiencies. NSH is the parent company of GNT Oregon, LLC ("GNT"). GNT operates a licensed CO2 extraction and manufacturing facility in Portland, Oregon. The Company issued a non-material amount of common shares as consideration for the NSH Acquisition. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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. 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 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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.
SLANG Worldwide Appoints Mr. Kevin K. Albert as Independent Member of the Board
press release

SLANG Worldwide Appoints Mr. Kevin K. Albert as Independent Member of the Board

Toronto, Ontario--(Newsfile Corp. - April 4, 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 the appointment of Mr. Kevin K. Albert as an Independent Member of its Board of Directors. SLANG's Board of Directors is now comprised of 6 directors, 3 of whom are independent. Mr. Drew McManigle, Interim CEO and Chairman of SLANG, said, "I am very excited to have an experienced business professional like Kevin join our Board, a seasoned professional with significant knowledge and expertise in the cannabis industry, a deep and fundamental understanding of finance and management, and a successful track record in M&A. We deeply appreciate Kevin's willingness to serve as a Director. We believe Kevin will bring significant business insight while providing skilled and experienced board level expertise to the task of building value for our shareholders and effectively managing and growing SLANG, as it positions itself from its turnaround stage into its growth stage." Mr. Albert worked in the investment banking division of Merrill Lynch & Co. for 24 years. Now retired, he is currently managing a portfolio of private investments, the majority of which are in the legal cannabis industry. From September 2010 through December 2019, Mr. Albert was a Senior Partner of Pantheon Ventures LLC ("Pantheon") and a member of its six-person Partnership Board. For most of his nine-year tenure there, he was responsible for the firm's global business development, and during this time Pantheon's assets under management increased from approximately US$25 billion to approximately US$50 billion. From 2006 until 2017, he also served as an independent director on the board of Merrill Lynch Ventures, LLC, a series of private equity partnerships offered to Merrill Lynch employees aggregating over US$1.8 billion of original committed capital. He currently serves as an independent director on the boards of Harborside Inc, Osiris Ventures, Inc. dba, NorCal Cannabis Company, Octavius Holdings Inc dba, Flow Cannabis Company, and Achari Venture Holding Corp I, a special purpose acquisition company targeting a merger with a non-plant touching cannabis company. Mr. Albert has a BA and an MBA from the University of California, Los Angeles where he continues to be involved as the Chair of the Board of Visitors of the Economics Department. Mr. Albert noted, "I am excited to be joining SLANG at this time as I believe the Company has tremendous potential and is well positioned to expand its footprint and capture additional market share in its core markets. I look forward to working with the other members of the Board and the management team as we help drive growth at SLANG." To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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. 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 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Media and Investor inquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil Carlson SLANG@kcsa.com
SLANG Worldwide Announces $17.3 Million USD Financing from Trulieve Cannabis Corp., Pura Vida Investments, and Seventh Avenue Investments and Executive Leadership Transition
press release

SLANG Worldwide Announces $17.3 Million USD Financing from Trulieve Cannabis Corp., Pura Vida Investments, and Seventh Avenue Investments and Executive Leadership Transition

Toronto, Ontario--(Newsfile Corp. - November 16, 2021) - 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 a term-loan financing (the "Loan Transaction") with Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve"), a leading and top-performing cannabis company based in the United States, and two existing significant shareholders of the Company, Pura Vida Investments ("Pura Vida") and Seventh Avenue Investments ("Seventh Avenue"), for aggregate proceeds of $17.3 million USD. At least 50% of the loan proceeds will be allocated to the development of operations in Vermont to achieve long-term profitability and further execute strategic growth objectives. In addition, the Company's board of directors (the "Board") has appointed Drew McManigle as interim Chief Executive Officer and Chairman of the Board, effective November 15th. Mr. McManigle succeeds Chris Driessen as Chief Executive Officer, upon his departure from the Company. Mr. McManigle also succeeds Peter Miller as Chairman of the Board and Mr. Miller remains a director of the Company. Drew McManigle's appointment as interim CEO and Chairman provides SLANG with proven leadership with experience across a variety of industries to strengthen SLANG's position as a specialty focused, nimble, pragmatic organization. This leadership transition, integrated with the overall strategic transformation, positions the Company to successfully capitalize and build upon its platforms in Colorado and Vermont to drive profitable growth, while taking a carefully crafted and prudent approach to evaluating and capturing additional future growth opportunities. "Our investment in SLANG underscores the success of our strategic partnership, as well as our commitment to providing the trusted and reliable brands our customers rely on," said Kim Rivers, CEO of Trulieve. "Since beginning our exclusive partnership in Florida, we have been able to bring SLANG to additional markets, expanded into wholesale, and now look forward to continued growth at scale and mutual success as we strive to provide our customers with the highest-quality products and unparalleled experience they can expect at Trulieve." "I'm excited about the opportunity to lead SLANG and further develop its established operating platform in the cannabis industry. My focus is on assuring SLANG is both operating efficiently and profitably capitalizing on new growth opportunities" said interim CEO and Chairman Drew McManigle. "Our top priority is the evolution of SLANG and its strategic positioning. The concurrent financing round represents a vote of confidence from a leading industry partner, Trulieve, and two of our largest shareholders, Pura Vida and Seventh Avenue." Mr. McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC ("MACCO"). He brings both wide-ranging experience, derived from a variety of industries, as well as a solutions-driven leadership style that has led to successful outcomes in numerous complex situations. As interim CEO and Chairman, Mr. McManigle will have oversight over key strategic, operational and financial functions. In addition to existing SLANG management, Mr. McManigle will also have the added support of members of MACCO who will provide senior level operating and financial expertise to enable rapid strategic reviews and business plan implementation. While at MACCO, Drew has held several leadership and fiduciary roles, including interim CEO and CRO. He has also served as an independent director. Prior to MACCO, Mr. McManigle was a principal of his own firm for 22 years. He had previously been employed by a Fortune 500 healthcare services company and had established the Houston office for a California-based advisory firm. He attended Texas Tech University and received his bachelor's degree from the University of Houston. The Company further announces that it has accepted the resignation of each of Chris Donnelly, Chris Driessen, Kelly Ehler, Keith Stein and Robert Verdun from the Board, effective immediately. The Company acknowledges each of the departing members of the Board for their support and contributions to the Company. To support the leadership transition, the Company has entered into an agreement with Mr. Driessen to provide transitional services to the Company in exchange for certain cash payments and the issuance of 600,480 Common Shares on the date hereof, as well as future share-based payments. Under the terms and conditions of the Loan Transaction, Trulieve, Pura Vida, Seventh Avenue, and other investors (collectively, the "Lenders") will provide SLANG a loan of $17.3 million USD (the "Initial Loan Amount"), which is subject to an original issue discount of 3% and will have a three-year term and a PIK interest rate of 9.75%, compounded quarterly, with the entire outstanding balance, including interest, becoming due and payable on third anniversary of the Loan Transaction (the "Maturity Date"). Additionally, SLANG will pay the Lenders an aggregate total amount equal to $3.6 million USD (together with the Initial Loan Amount, the "Loan Amount") on the earlier of: (i) the Maturity Date; and (ii) any date of prepayment of the Initial Loan Amount. In addition, the Company has granted the Lenders an option to, at any time on or prior to the Maturity Date, convert any portion of the Loan Amount, including the earned interest thereon, into common shares of the Company ("Common Shares") at a price per Common Share equal to $0.1273 USD. The Loan Amount is secured by a first secured ranking on the assets of SLANG, guaranteed on a senior secured basis by certain of SLANG's subsidiaries. The proceeds of the Loan Transaction will be used for both working capital and to fund the development of SLANG's Vermont operations. In addition, the Company has decided to reduce its Oregon operations and will consolidate production to its Colorado facility. Therefore, in the near term, the Company is pivoting its strategic agenda and focusing on its core markets of Colorado and Vermont. Mr. McManigle will lead the Company to success by leveraging SLANG's core platform to drive near term profitability and tactfully guide the Company's long-term strategy in connection with his appointment. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. Related Party Transaction Disclosure The participation of Seventh Avenue and Pura Vida in the Loan Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Loan Transaction as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Loan Transaction, insofar as it involved the related parties (being Seventh Avenue and Pura Vida), exceeded 25% of the Company's market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company. The material change report will not be filed more than 21 days prior to closing of the Loan Transaction due to the timing of the announcement of the Loan Transaction and the anticipated closing thereof occurring in less than 21 days. 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. About MACCO Restructuring Group MACCO Restructuring Group, LLC (www.macco.group) is a middle-market focused interim leadership and financial advisory practice with 17 highly experienced and talented professionals. Based in Houston, MACCO has offices in Las Vegas, Denver, Oklahoma City, Wilmington, DE, and New York City. MACCO's professionals possess real world business experience and have led and managed companies, acted as CEOs, CROs, CFOs, as senior lenders or in fiduciary roles such as operating chapter 11 trustee, assignee, and receiver. About Trulieve Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with 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. Learn more at: www.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 in this news release include, but are not limited to, statements regarding the terms of the financing agreement, the use of net proceeds from the Initial Loan Amount, the Company's ability successfully capitalize and build upon its platforms in Colorado and Vermont to drive profitable growth, the Company's ability to capitalize on its existing platform to pursue future opportunities, expectations regarding profitability of the Company and expectations relating to the Company's partnership with Trulieve. 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 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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. Media and Investor inquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil Carlson / Rory RumoreSLANG@kcsa.com
SLANG Announces Issuance of Shares Pursuant to Rights Agreement
press release

SLANG Announces Issuance of Shares Pursuant to Rights Agreement

Toronto, Ontario--(Newsfile Corp. - November 5, 2021) - 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 issued 9,260,809 common shares, at a deemed price of CAD$0.17362 per common share, as compensation for a product licensing rights agreement. The common shares have a value of USD$1,300,000 and are subject to a hold period expiring March 3, 2022. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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. 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 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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. Media and Investor inquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil Carlson / Rory RumoreSLANG@kcsa.com
SLANG Worldwide Enters Vermont Market Through Closing of High Fidelity Acquisition
press release

SLANG Worldwide Enters Vermont Market Through Closing of High Fidelity Acquisition

Toronto, Ontario--(Newsfile Corp. - August 12, 2021) - 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 that it has closed its previously announced acquisition (the "HI-FI Acquisition") of High Fidelity, Inc. ("HI-FI"), Vermont's largest medical cannabis company. "The integration of HI-FI into our nationwide platform will allow us to expand our operational footprint and add Vermont to our existing core markets of Colorado and Oregon," said Chris Driessen, Chief Executive Officer of SLANG. "Hi-Fi's vertically integrated business model enhances our capacity and operational capabilities through its cultivation, production, and retail, including home delivery services, adding significant value to our full portfolio of assets. For Vermont, this partnership will bring revenue to the local and state economy while also providing quality jobs with competitive salaries and benefit packages. We are fully committed to nurturing Vermont's value-driven culture as well as the High Fidelity team's core values, standing by the principles of quality, collaboration and best consumer and employee experience." Key Transaction Benefits: HI-FI generated positive adjusted EBITDA in fiscal year June 2021, and on this basis, is expected to be accretive to SLANG's earnings in calendar 2021 and onward. HI-FI's trailing twelve month revenue is $6.9 million USD and trailing twelve month adjusted EBITDA is $1.1 million1 Broadens SLANG's core market footprint, adding Vermont to its existing core markets of Colorado and Oregon Expands SLANG's operational footprint with the addition of Vermont's leading vertically integrated cannabis company, which includes a 28,000-square-foot cultivation, production, lab, and retail distribution facility, with a planned 50,000-square-foot expansion expected to be completed in 2022 Adds two of the five medical cannabis licenses in Vermont with four fully operational dispensaries, including in the Burlington area, with ability to add two new retail dispensaries upon receipt of licenses Strengthens SLANG's experienced leadership with the integration of engaged local management teams including a proven and profitable operator with an eight-year history Key Vermont Market Benefits: Helps build infrastructure to meet market demand in the state, providing fresh capital investment to the area Provides new job opportunities with competitive wages and benefit packages SLANG's 2200-outlet retail pipeline provides immediate opportunity for Vermont-branded product distribution to a larger US market Creates strong partnership in supporting the social justice initiatives in Vermont's cannabis laws Adds leadership and expertise to support innovation, best manufacturing practices and compliance About High FidelityHI-FI is Vermont's premier vertically integrated cannabis company, founded in 2012 in Burlington. The Company owns two of the five medical cannabis licenses in Vermont and services approximately 70 percent of registered patients2. In June 2021, both licenses commenced operating under a new brand name, CeresMED. In the upcoming licensing process for adult use, current medical license holders will have early access to the market alongside Vermont's craft growers, giving them a significant opportunity to build consumer loyalty. In addition to the four dispensaries, HI-FI operates statewide home delivery services and wholesale distribution of its own branded products as well as SLANG branded products. Furthermore, HI-FI is awaiting approval of a social equity application for a retail medical cannabis license in New Jersey. HI-FI also owns and operates Ceres Natural Remedies, Vermont's original CBD store. Since 2016, Ceres has grown to include three retail stores and a portfolio of Ceres branded products with distribution in over 1,200 retail locations, which will expand the SLANG network to over 3,400 total points of retail distribution. 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. The Company 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. 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 included in this news release include, but are not limited to, statements in respect of the manufacture and distribution of SLANG branded products in Vermont and the expansion of SLANG's facility in Vermont. 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 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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. Financial OutlookThis press release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the revenue and adjusted EBITDA of HI-FI during the fiscal year ended June 30, 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading "Forward-Looking Statements" above and assumptions with respect to market conditions, pricing, and demand. Actual results may vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward-Looking Statements" above, it should not be relied on as necessarily indicative of future results. Non-IFRS MeasuresAdjusted EBITDA is a non-IFRS financial measure that the Company uses to assess its operating performance. Adjusted EBITDA is defined as net earnings (loss) before net finance costs, income tax expense (benefit) and depreciation and amortization expense, 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 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 supplemental measures 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. 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. 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. Third Party InformationThis 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 Media and Investor inquiriesInvestors@SLANGww.comKCSA Strategic CommunicationsPhil Carlson / Elizabeth BarkerSLANG@kcsa.com
SLANG Worldwide Returns To California Market Through Strategic Partnership With Natura
press release

SLANG Worldwide Returns To California Market Through Strategic Partnership With Natura

Toronto, Ontario--(Newsfile Corp. - August 4, 2021) - 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 that it is relaunching in California with popular edibles brand District Edibles. Products will be manufactured exclusively by Natura Life + Science ("Natura"), a vertically integrated cannabis manufacturing company and available throughout the Golden State. Based in Sacramento, Natura is bringing back one of California's favorite infused products, District Edibles, which were previously one of the top-selling gummies in the state. "With brand recognition for District Edibles already established, this partnership will enable SLANG to increase Gross Merchandise Value and distribution in one of our key emerging markets," said Chris Driessen, CEO of SLANG. California is the largest cannabis market in the U.S., generating sales of nearly $4.4 billion USD in 2020 up 57 percent from 2019, according to MJ Biz Daily. Through a previously announced strategic partnership, Natura has been granted an exclusive license to produce and distribute the SLANG product suite in California. The Company expects to launch more SLANG-branded products in the coming quarters. SLANG will also provide sales consulting services and will receive royalty payments for each branded product sold in the state. Seth Sznapstajler, VP of Sales, Natura said, "SLANG is one of the most successful and admired industry leaders in cannabis consumer packaged goods. Natura has a world-class manufacturing facility, built to bring the best cannabis products to market. With this partnership, we have a dream team that will enable SLANG brands to thrive in California. By popular demand, we're kicking off the partnership by launching District Edibles. The Natura team is ecstatic to bring such a tasty and high-quality product to the California market." Equity Compensation Issuances SLANG also announces that it will issue an aggregate of 732,936 common shares ("SLANG Shares"), at a deemed price of C$0.21 per SLANG Share, to 25 employees, including 3 executive officers, who elected to receive shares as part of their compensation. The issuance of the SLANG Shares is subject to Canadian Securities Exchange (the "Exchange") approval and a hold period expiring 4 months and 1 day from the date of issuance, unless waived by the Exchange. The Company also announces that it has granted 3,232,398 incentive stock options, 2,742,398 of which were granted to directors and officers, the options are subject to vesting provisions and exercisable for five and ten year periods at a price of C$0.21 per SLANG Share. The Company further announces it has granted 350,000 restricted share units (each, an "RSU"), to certain key employees of the Company, 250,000 of which were granted to an officer. RSUs represent the right to receive, upon vesting, SLANG Shares, cash, or any combination thereof, at the discretion and approval of the directors of the Company. To be added to SLANG's email distribution list, please email SLNG@kcsa.com with "SLNG" in the subject. 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. The Company 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. 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 included in this news release include, but are not limited to, statements in respect of the manufacture and distribution of SLANG branded products in California. 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 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. 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. Media and Investor inquiriesInvestors@SLANGww.com KCSA Strategic CommunicationsPhil Carlson / Elizabeth BarkerSLANG@kcsa.com