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Press Release
SLANG Worldwide Introduces New "Gyro" Dabbing Product
Spill-proof concentrate container filled with hydrocarbon live resin extract for convenience and simplicity
Toronto, Ontario--(Newsfile Corp. - October 6, 2020) - 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 launch of a new concentrate product called the Gyro. The latest addition to SLANG's Bakked product line, the Gyro is the first spill-proof, gyroscopic container for live resin concentrates used for dabbing.
The Gyro innovates the way that cannabis consumers who prefer to dab transport their extracts. Because the Gyro is always right side up, dabbers never have to worry about spilling their costly extracts. The Gyro is designed to withstand shaking, tossing and even dropping, all without any spills.
The Bakked Gyro is an innovative, no-spill concentrate container filled with high-quality live resin extracts.
To view an enhanced version of this image, please visit:https://orders.newsfilecorp.com/files/6983/65311_Bakked%20Gyro%20Product%20Photo.jpg
"The Gyro makes dabbing simpler and more convenient so that our customers can enjoy their dabbing experience," said SLANG President & CEO Chris Driessen. "Full credit goes to the SLANG product team for once again developing an innovative product that is truly unique in the cannabis CPG space. The Gyro marks our third product in the hydrocarbon extract space, with more on the way."
The Gyro is packaged with 1 gram of live resin concentrate, available in "live sap" or "live sugar" consistencies. The live resin is produced from whole-plant fresh-frozen material which produces a full-spectrum, high-flavor extract. The Gyro is currently available in Colorado and is expected to launch in several additional states in 2021.
The Bakked brand is known for high-quality concentrates offered in innovative delivery systems. On the strength of its Dabaratus one-click dabbing solution, Bakked has been ranked in the top five in various concentrate categories of several state markets, according to BDSA. With the addition of popular hydrocarbon concentrates, SLANG plans to leverage its large distribution network to gain even more market share in these growing categories.
More information about the Gyro, including a short video, is available at https://bakked.com/gyro.
Media and Investor inquiriesInvestors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the OTCQB under the symbol SLGWF. 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 in this news release include, but are not limited to, statements regarding the distribution and benefits of the Gyro product.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and six months ended June 30, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SLANG Worldwide Completes Acquisition of Oregon's LBA Global Corporation
Toronto, Ontario--(Newsfile Corp. - October 1, 2020) - 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 has completed its previously announced acquisition (the "Transaction") of LBA Global Corporation ("LBA") and its Lunchbox Alchemy ("Lunchbox") brand portfolio and subsidiary Lunchbox Distribution.
The Transaction is expected to bolster SLANG's position in Oregon by adding a complementary portfolio of top-selling products along with robust cannabis extraction, manufacturing and distribution capabilities. The establishment of an integrated operation is expected to generate increased revenues and gross profit in Oregon, which the Company considers to be a core market.
"LBA satisfies several key strategic objectives for us, beyond the addition of some great brands to our portfolio," said SLANG President & CEO Chris Driessen. "Our strategy in core markets like Oregon is to consolidate our supply chain and establish a fully integrated, wholesale operation to capture greater unit economics. With this acquisition, we now have an experienced team on the ground, an advanced manufacturing facility and a thriving distribution business, all of which will serve as a platform for long-term growth."
Founded in 2014, LBA is the owner of the award-winning Lunchbox Alchemy portfolio of cannabis brands, which has been recognized for its innovations in cannabis-infused edibles and concentrate production. Today, LBA owns and manufactures gummies and hard candies that have consistently ranked among the top sellers in their respective categories in Oregon over the past several years, according to BDSA. LBA also owns a CBD-infused product line that is currently available in more than 500 retail stores in 45 states across the U.S.
SLANG intends to leverage LBA's infrastructure, experience and industry relationships to enhance its capabilities and market position in Oregon. Lunchbox Distribution is one of the largest cannabis distributors in the state and distributes Lunchbox products along with other selected third-party brands to 382 dispensaries across Oregon, representing approximately 62% dispensary penetration.
"We are very excited to become part of the SLANG team. After working closely together over the past year, we are more confident than ever in the strategic fit and the path forward," said LBA CEO Eric Plantenberg. "Our local infrastructure and customer relationships plus SLANG's national footprint and proven experience growing brands is a winning combination that will add value for both companies."
Under the terms of the Transaction, SLANG issued 23,913,043 restricted voting shares to the former owners of privately-held LBA in exchange for all equity interest in LBA and its subsidiaries.
The Oregon market generated total retail sales in excess of $800 million USD in 2019, and grew by 39% in the first seven months of 2020 compared to the same period last year, according to BDSA. With the addition of Lunchbox to its existing brands such as O.penVAPE and Bakked, SLANG-branded products have recently ranked among the top 10 sellers in the edibles and vape categories. The Company has also entered the flower category in Oregon through a strategic partnership with Cookies.
Media and Investor inquiries
Investors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the OTCQB under the symbol SLGWF. 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 in this news release include, but are not limited to, statements regarding the Company's prospects in Oregon.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and six months ended June 30, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Press Release
SLANG Worldwide Continues to Consolidate Colorado Supply Chain with Acquisition of Pleasant Valley Ranch
Toronto, Ontario--(Newsfile Corp. - September 29, 2020) - 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 has entered into an agreement dated September 25, 2020 (the "Agreement") to acquire (the "Acquisition") Colorado-licensed cannabis cultivator Pleasant Valley Ranch, LLC ("Pleasant Valley").
SLANG anticipates that ownership of a cultivation operation will provide greater assurance of a supply of raw materials in the growing Colorado market, while also reducing its input costs and thereby improving gross margins.
"The purchase of Pleasant Valley is another key step in our strategy to assemble a fully integrated, wholesale operation in our core market of Colorado," said SLANG President & CEO Chris Driessen. "The Colorado market continues to generate double-digit growth, and this transaction will help us capture additional market share. The acquisition of a trusted supplier will help us continue to expand our production volumes while improving our unit economics and maintaining our high standards of quality."
Pleasant Valley is a privately-owned company located in Carbondale, CO specializing in high-quality, organically grown cannabis strains that thrive in high altitude, mountainous environments. Pleasant Valley has 1,600 square feet of greenhouse cultivation area, and a five-acre outdoor facility at an elevation of approximately 7,500 feet that produces an authentic, naturally cultivated product using snowmelt water. It currently has a capacity of 3,600 plants and produces approximately 4,800 pounds annually and is projected to double its capacity by 2021. Pleasant Valley has been a key supplier of raw materials for SLANG-branded concentrate and edibles products in Colorado.
The purchase of Pleasant Valley marks another milestone in SLANG's strategy of consolidating its supply chain in Colorado. Following the approval of its application for suitability by the Colorado Department of Revenue's Marijuana Enforcement Division (the "MED") in August 2020, the Company acquired Denver-based licensed cannabis producer and distributor, Peoria Partners LLC. The Company is evaluating other potential acquisitions and opportunities in Colorado.
The Colorado market generated total retail sales in excess of $1.7 billion USD in 2019, and grew by 22% in the first seven months of 2020 compared to the same period last year, according to BDSA. In these conditions of rising demand, the retail market price of flower in the state has recently exceeded $1,300 USD per pound, according to the Colorado Department of Revenue, an increase of more than 30% from a year earlier.
Pursuant to the Agreement, the Company will acquire Pleasant Valley for consideration comprised of a non-material amount of cash and common shares of the Company. The Acquisition will be completed by way of three-cornered amalgamation and is anticipated to close in the fourth quarter of 2020. Closing of the Acquisition is subject to the satisfaction or waiver of customary closing conditions, including applicable regulatory approval by the MED.
Media and Investor inquiriesInvestors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the OTCQB under the symbol SLGWF. 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 in this news release include, but are not limited to, statements regarding the Company's proposed acquisition of Pleasant Ranch and the Company's production and distribution of cannabis products in Colorado.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and six months ended June 30, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
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Press Release
SLANG Worldwide Shares Commence Trading on OTCQB
Toronto, Ontario--(Newsfile Corp. - September 14, 2020) - 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 its common shares have commenced trading on the OTCQB ® Venture Market ("OTCQB") under the ticker symbol SLGWF.
"Trading on a platform in the U.S., where we conduct most of our business, is an important milestone for our company," said SLANG President & CEO Chris Driessen. "We anticipate that this will increase our liquidity and visibility in the U.S. investment community, at a time when the cannabis sector is gaining acceptance across the country."
The OTCQB is a leading market for early-stage and developing U.S. and international companies. To be eligible, companies must be current in their reporting and undergo an annual verification and management certification process. Investors can find information and trading statistics on SLANG at https://www.otcmarkets.com.
OTCQB trading offers companies the advantages of being publicly traded in the U.S. with lower cost and complexity than a U.S. exchange listing. Investors can benefit from efficient trading through their preferred broker or financial advisor, transparent pricing with real-time quotes, and trusted disclosure that is made broadly available to broker-dealers and market data providers.
The Company also announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company ("DTC"). DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. DTC services provide cost benefits for investors and brokers trading Canadian securities in the United States.
The Company's common shares will continue to trade on the Canadian Securities Exchange under the symbol SLNG.
Media and Investor inquiriesInvestors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the OTCQB under the symbol SLGWF. 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 in this news release include, but are not limited to, statements regarding the Company's liquidity and visibility in the U.S. capital markets.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and six months ended June 30, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SLANG Worldwide and Trulieve Partner to Bring Leading Portfolio of Cannabis Brands to Massachusetts
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2020) - SLANG Worldwide Inc. (CNSX: SLNG) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced a strategic partnership with Trulieve Cannabis Corp. (CSE: TRUL) & (OTCQX: TCNNF) ("Trulieve"), a leading and top-performing cannabis company based in the United States, to introduce SLANG-branded products to consumers in Massachusetts.
Pursuant to the partnership, Trulieve has been granted an exclusive license to produce and distribute the SLANG product suite in Massachusetts, including its category-leading brands O.penVAPE, Firefly, Pressies, District Edibles, and Bakked. SLANG will also provide sales consulting services and will receive royalty payments for each branded product sold in the state.
Trulieve is currently building out Phase 1 cultivation and processing capabilities at its 140,000 square foot facility in Holyoke, Massachusetts. Trulieve is also completing work on its first Massachusetts dispensary in Northampton, and holds licenses to operate up to three co-located medical and adult use locations.
"Trulieve is a natural partner for us in Massachusetts given their industry leadership and the successful relationship our companies have enjoyed in Florida," said SLANG CEO Chris Driessen. "Here they will take on an additional capacity as a wholesaler and play a vital role in helping us grow our brands with cannabis consumers in the state."
Massachusetts is the first eastern U.S. state to legalize both medical and adult use cannabis. Research firm BDS Analytics estimates that retail sales in the state will grow from US$587 million in 2019, the first full year of legal sales, to more than US$745 million in 2020, and an estimated US$1.35 billion by 2024.
SLANG-branded products are expected to be available in Massachusetts in the first half of 2021, following the completion of Trulieve's facilities and ramp-up of production.
For further information:
SLANG media and Investor inquiries: Investors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. 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 in this news release include, but are not limited to, statements regarding the distribution of SLANG-branded products in Massachusetts.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and six months ended June 30, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SLANG Worldwide Establishes Colorado Distribution Business with Acquisition of Peoria Partners LLC
Toronto, Ontario--(Newsfile Corp. - September 3, 2020) - SLANG Worldwide Inc. (CNSX: SLNG) ("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 acquired the licensed cannabis producer and distributor, Peoria Partners LLC ("Peoria"). Peoria is the state-licensed manufacturer and distributor of SLANG's District Edibles brand in Colorado. The Company intends to continue to use Peoria's Denver facilities for the manufacture of District Edibles and for the distribution of the full suite of SLANG-branded products within Colorado.
"This is one of the planned acquisitions that allow us to consolidate our supply chain in Colorado," said SLANG President & CEO Chris Driessen. "Owning a licensed cannabis facility capable of manufacturing and distributing cannabis-infused SLANG products immediately opens up new opportunities for us, including the ability to capture greater top-line revenue and more favorable unit economics."
The purchase of Peoria marks a significant milestone in SLANG's strategy of consolidating its supply chain in Colorado. The Company announced last month that the Colorado Department of Revenue's Marijuana Enforcement Division had approved its application for suitability. That approval allows the Company to own "plant-touching" operations such as manufacturing and distribution facilities. The Company is working to complete other proposed acquisitions in Colorado.
The Company anticipates that consolidation of its Colorado supply chain will deliver several benefits, including increased revenue and gross profit per unit sold, greater control over production and distribution planning, improved efficiency across the organization and a strengthening of its leadership position in the state.
As previously disclosed in the Company's financial filings, the Company entered into an agreement with Peoria and its unitholders in February 2020 to acquire Peoria for non-material cash consideration.
Media and Investor inquiriesInvestors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. 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 in this news release include, but are not limited to, statements regarding the potential consolidation of entities in the Company's Colorado supply chain and the expected benefits of such consolidation.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and six months ended June 30, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Press Release
SLANG Worldwide Announces Second Quarter 2020 Financial Results
Q2 2020 revenue of $4.6 million, a 3% decrease from Q1 2020 revenue of $4.7 million as results were significantly impacted by the COVID-19 crisis; weaker April and May activity was offset by a sales rebound in June
Core market revenues were up more than 130% year-over-year in June and more than 4x compared to April, which saw a 50% decline vs. April 2019
Core market sales have continued to accelerate through July and August
Pro-forma revenue of $10.1 million, which includes the estimated impact of the previously announced proposed acquisitions, investments, and assets within the SLANG Network(1)
SLANG Network assets in core markets generated positive cash flow in June; cash and equivalents of $11.1 million at June 30, 2020, up from $10.4 million on March 31, 2020
Obtained regulatory approvals in core markets of Colorado and Oregon that will pave the way for completion of the Company's previously announced acquisitions
Company anticipates solid growth in the second half of 2020 compared to the first half driven by continued strength in core markets, new product launches and traction in newly-entered markets
Toronto, Ontario--(Newsfile Corp. - August 27, 2020) - SLANG Worldwide Inc. (CNSX: SLNG) ("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 six months ended June 30, 2020. All figures in this press release are stated in Canadian dollars unless otherwise noted.
"We were encouraged to see our revenues and margins hold steady in the second quarter despite facing a full three months of the COVID-related challenges that first appeared in March," said SLANG President & CEO Chris Driessen. "These results reflect improvements in June, which offset weak April and May activity driven by the COVID-19 crisis. Additionally, the decisive steps we have taken to adjust to the market environment have led to reduced operating expenses and more efficient use of our cash resources. The success we have experienced since the recovery in June is further proof that we are emerging from the challenges of the first half of the year even stronger, with revenues and momentum exceeding pre-COVID levels."
Key Financial and Operational Highlights
Q2 2020 Financial Highlights
Revenue of $4.6 million in Q2 2020 decreased by 36% compared to Q2 2019 revenue of $7.2 million and declined 3% compared to $4.7 million in Q1 2020. The year-over-year decline is primarily due to the previously announced decision to recalibrate supply chain relationships in California and other emerging markets that management believed were not showing a pathway to profitable growth. The stay-at-home orders associated with the COVID-19 response also adversely affected certain retail locations that sell the Company's branded products.
Performance in the Company's core markets (Colorado and Oregon) helped offset decreased revenues in its emerging markets. On a year-over-year basis, core market revenues were down 50% in the month of April, at the height of the pandemic, but recovered by June to deliver a 130% increase over June 2019.
Pro-forma revenue of $10.1 million, which includes the estimated impact of the previously announced proposed acquisitions, investments, and assets within the SLANG Network.(1)
Gross profit of $2.8 million (62% gross margin) in Q2 2020 compared to gross profit of $3.3 million (45% gross margin) in Q2 2019, as a higher margin profile associated with the licensing sales model helped offset the revenue decrease. Gross profit was consistent with $2.9 million (61% gross margin) reported in Q1 2020.
Adjusted EBITDA loss of $1.8 million narrowed in comparison to the Q1 2020 loss of $2.7 million and the Q2 2019 loss of $2.1 million, due to the ongoing realization of cost reductions implemented in recent quarters. Cost reductions from streamlining activities at SLANG and within the SLANG Network have resulted in approximately $10.5 million of annualized cost savings.
$11.1 million of cash and cash equivalents at June 30, 2020, compared to $10.4 million at March 31, 2020. The Company continues to operate with a strong cash position that is expected to be sufficient to fund operations through to profitability.
Corporate Development Update
Subsequent to quarter end, the Company's application for suitability was approved by the Colorado Department of Revenue's Marijuana Enforcement Division. The approval is a required step for the Company to execute on its core market strategy of consolidating its supply chain through the acquisition of "plant-touching" operations such as manufacturing and distribution facilities in Colorado.
Subsequent to quarter end, the Oregon Liquor Control Commission has approved the Company as a license holder in Oregon. The approval positions SLANG to consolidate its supply chain in Oregon, including closing the proposed acquisition of Lunchbox Global, LLC ("LBA") by the Company.
During Q2 2020, the Company completed the acquisition of Cultivate Brands Corp., a company with a strong cash position and other complementary assets.
Operational Highlights
Product Diversification: Continuing to bring new product SKUs to market in 2020 through the launch of additional brands in new product verticals and expansion of existing product lines.
Concentrates: Introduced Cookies-branded "Terp Sauce" cartridges and O.penVAPE-branded Craft RESERVE Live Resin cartridges in Colorado during the summer of 2020.
Flower: SLANG has entered the flower category with the introduction of Cookies-branded flower products in Colorado and Oregon. Flower is typically a top-selling category of the cannabis market.
Edibles: Introduced District Edibles to the Oregon market, marking the Company's first entry into edibles in Oregon.
Path to Profitability: Accelerating the path to profitability through a rebalancing of the workforce and continued optimization of SLANG Network relationships, resulting in combined annualized savings expected to be approximately $10.5 million. Streamlining efforts were undertaken in the context of a strategic realignment of operations to reflect business realities in the markets where the Company operates and are expected to improve gross margins and accelerate the timeline to consistently positive cash flow. SLANG Network partner assets in Colorado and Oregon are demonstrating the capability for profitable cash flow from operations and we are optimistic for the future as those acquisitions are near completion.
Strategic Partnerships: Continuing to recalibrate or strengthen relationships in emerging markets to provide for sustainable and profitable growth. Recent highlights include: the launch of Firefly 2+ vaporizers in Florida at Trulieve Cannabis Corp. retail locations which account for approximately half of cannabis sales by volume in the state; product availability in Oklahoma starting in July 2020 through strategic partner Elite Cultivation LLC; and in Canada, minority-owned licensed producer Agripharm Corp. has received a sales license and announced a supply agreement with the Province of Ontario.
Brand Leadership: SLANG's brands continued to earn market-leading positions in its core markets in the second quarter of 2020. Highlights include: Open.VAPE ranked as the #1 vape in Colorado and #6 in Oregon; Firefly Mini was the #4 disposable vaporizer in Colorado; Bakked was the #4 distillate in Oregon and #5 in Colorado; District Edibles was the #9 gummy in Colorado; Pressies was the #4 pill in Colorado. (Source: BDS Analytics.)
Key Performance Indicators: 494,000 branded units sold in Q2 2020; 44 million branded servings sold in Q2 2020 (average of approximately 485,000 servings per day).
Streamlined Management: As previously announced, the Company has promoted Chris Driessen to President & CEO, John Moynan to Chief Operating Officer & General Counsel, and Mikel Rutherford to Chief Financial Officer. Peter Miller has transitioned from the CEO role to serve as Executive Chairman, while Billy Levy has transitioned from President to a strategic advisor role, and former CFO Kelly Ehler has been elected to the Company's Board of Directors.
Strengthened Board of Directors: At the Company's annual meeting held on July 8, 2020, shareholders elected four new board members: Chris Donnelly, Kelly Ehler, Matt Fraser and Robert Verdun. The new directors are expected to contribute considerable expertise in consumer products, marketing, corporate strategy and financial management to the Board of Directors.
Outlook for Second Half of 2020
"We remain optimistic about delivering growth in the second half of this year, driven by market fundamentals as well as our own strategic initiatives," said SLANG President & CEO Chris Driessen. "The positive sales momentum that began in June has continued into July and August, indicating that we are past the worst of the COVID-19 impact and signaling a strong third quarter. In addition, we have been active in launching new products and advancing our strategic partnerships in emerging markets. We also expect to begin consolidating our supply chain in core markets through the completion of pending acquisitions."
The Company anticipates that momentum being realized throughout the business will lead to stronger results in the second half of 2020. Factors expected to contribute to improved top-line and bottom-line performance include the following:
Licensing revenues from recently-signed strategic partners commencing and continuing to grow as those partners introduce products into their local markets;
Continued expansion into new emerging markets, such as California and Massachusetts, provided strategic partnerships can be successfully concluded;
Increased sales from the Company's recent and ongoing expansion into new product categories and introduction of new brands;
The ongoing recovery from the effects of COVID-19 closures, as demonstrated by positive sales trends in July and August;
The consolidation of supply chain assets, and a corresponding increase in revenue and margins, resulting from the potential closing of the proposed acquisitions of LBA in Oregon, and Allied Concession Group ("ACG"), Peoria Partners LLC and Pleasant Valley Ranch, LLC in Colorado;
Reduced operating expense run-rate as a result of recent streamlining activities; and
Continued focus on prudent credit management and prioritization of near-term cash generation.
Conference Call
The Company will hold a conference call at 10:00 a.m. EDT on Thursday, August 27, 2020 to discuss the Company's Q2 2020 financial results.
Dial-in: 833.529.0214 (toll free) or (+1) 647.689.6824 (local or international calls)
Webcast: A live webcast can be accessed from the Investors section of Company's website at www.slangww.com or at this link.
A replay of the webcast will be archived on the Company's website for one year.
Q2 2020 Financial Review
The consolidated financial statements were prepared in accordance with IFRS.
The following is selected presentation of the Income Statement for the quarters ended June 30, 2020 and June 30, 2019:
Three Months Ended:
June 30, 2020
June 30, 2019(Amended)
(In thousands except per share data and percentages)
CDN
CDN
NET OPERATING REVENUE
$ 4,570
$ 7,194
Cost of goods sold
1,729
3,927
GROSS PROFIT
2,841
3,267
GROSS PROFIT MARGIN
62%
45%
Operating expenses
8,678
13,087
OPERATING (LOSS)
(5,837)
(9,820)
Other items (Impairment, FV adjustment, FX, gains/losses, deferred tax recovery, etc.)
(8,549)
(26,226)
TOTAL COMPREHENSIVE INCOME / (LOSS)
2,712
16,406
EARNINGS PER SHARE
Basic
$ 0.01
$ 0.08
Diluted
$ 0.01
$ 0.06
Gross Margin
The Company generated a 62% gross margin in the quarter ended June 30, 2020, which improved from an adjusted gross margin of 45% in Q2 2019. Margin improvements were driven by an increasing emphasis on a licensing model, as well as the Company's refocus on the core markets of Colorado and Oregon.
Below is the gross profit margin from operations for the quarters ended June 30, 2020 and June 30, 2019:
Three Months Ended:
June 30, 2020
June 30, 2019
(In thousands except per share data and percentages)
CDN
CDN
Net Operating Revenue
$ 4,570
$ 7,194
Cost of goods sold
1,729
3,927
Gross Profit
2,841
3,267
Gross Profit Margin
62%
45%
Non-IFRS Measures
EBITDA, Adjusted EBITDA, Adjusted Gross Profit, Branded Unit volume and Branded Servings 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. Management defines Adjusted Gross Profit as gross profit adjusted for non-recurring items such as fair value adjustments on acquisitions. See the heading "Operations Overview - Branded Volume" in the Company's management's discussion and analysis for the quarter ended June 30, 2020 (the "Q2 2020 MD&A") for a description of how each of Branded Unit volume and Branded Servings 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.
Three MonthsEnded June 30,2020
Three MonthsEnded June 30,2019
(In thousands except per share data and percentages)
CDN
CDN
TOTAL COMPREHENSIVE INCOME
$ 2,712
$ 16,406
EBITDA
(4,239)
(4,287)
ADJUSTED EBITDA
(1,771)
(2,054)
See the Company's Q2 2020 MD&A for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss). SLANG's financial statements and MD&A for the three months ended June 30, 2020 are available on SEDAR at www.sedar.com, and on the Company's Investor Relations website at www.slangww.com.
Issuance of RSUs and Promissory Note
The Company announces that it will grant 7,800,000 restricted share units ("RSUs") to directors, officers and a consultant of the Company. 4,050,000 of the RSUs will be subject to vesting provisions and 3,750,000 of the RSUs will be subject to performance-based milestones being achieved.
The Company further announces that through ongoing cost cutting measures, it has significantly reduced and deferred certain commitments, some of which will be carried through a convertible unsecured promissory note (the "Note"), to settle current indebtedness of the Company owed to one insider, subject to the approval of the Canadian Securities Exchange (the "Exchange"). The Note has an outstanding principal amount of USD$807,000, accrues interest at the U.S. Prime Rate, matures on August 26, 2023, and is convertible, from time to time, in whole or in part, into Common Shares at a price equal to the greater of (i) the volume-weighted average price of a Common Share on the Exchange for the thirty (30) day period ending on the date prior to which a conversion notice is delivered, and (ii) the minimum price permitted by the Exchange. The Note and any securities issued pursuant to the Note are subject to four month hold period expiring on December 27, 2020. The issuance of the Note constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) as the fair market value of the Note is not more than 25% of the Company's market capitalization.
Media and Investor inquiriesInvestors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com.
Notes:
(1) This press release contains references to pro forma financial information, including with respect to pro forma revenues. Pro forma revenues include the estimated revenue for the three month period ended June 30, 2020 for previously announced acquisitions. Such proposed acquisitions include the previously announced proposed acquisitions of LBA and ACG. These acquisitions cannot be consolidated, in the case of ACG, because such acquisition was still under option as at June 30, 2020 and, in the case of LBA, because such acquisition has not yet closed. Pro forma revenues do not include anticipated costs and expenses to generate such revenue. Completion of the proposed acquisitions of LBA and ACG are subject to, among other things, the negotiation and execution of definitive acquisition agreements and related documents and the satisfaction or waiver of any conditions precedent to the consummation of such acquisitions (including the receipt of any requisite regulatory and third-party approvals). There can be no assurance that the Company will complete the acquisitions of LBA and ACG. The Company believes the pro forma results presented provide relevant and useful information for investors because they clarify each company's estimated operating performance, making it easier to compare the Company's results with those of other companies in the same industry as the Company and allow investors to review the performance of these companies in the same way as the Company's management. Since these measures are not calculated in accordance with IFRS, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of the Company's performance, and they may not be comparable to similarly named measurements from other companies.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the Q2 2020 MD&A, as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Press Release
SLANG Worldwide Debuts Live Resin Vape Cartridges in Colorado
Toronto, Ontario--(Newsfile Corp. - August 21, 2020) - SLANG Worldwide Inc. (CNSX: SLNG) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced the launch of Craft RESERVE Live Resin cartridges under O.penVAPE, its leading vaporizer brand. The product represents the Company's entry into the hydrocarbon space.
Live Resin is produced using a hydrocarbon extraction method and fresh frozen whole-plant cannabis material from top-performing cannabis strains. Freezing cannabis material immediately after harvest allows for better preservation of the plant's desirable compounds such as terpenes and cannabinoids. This creates a richer flavor profile and delivers a more full-spectrum cannabinoid experience reflective of the plant's genetics.
Craft RESERVE Live Resin cartridges offer loud and robust flavor profiles with a full-spectrum cannabinoid experience
To view an enhanced version of this image, please visit:https://orders.newsfilecorp.com/files/6983/62234_OpenVAPE_Craft_RESERVE_Live_Resin.jpg
Live Resin cartridges will be rolled out across SLANG's Colorado distribution network, which includes approximately 300 dispensaries. The new product is expected to benefit from strong brand recognition and a significant existing customer base, in a state where O.penVAPE is the all-time top-selling vape brand, according to BDS Analytics data since tracking began in 2014.
"These pure live resin carts are not only delicious, but will build on our leadership position by offering new options to our rapidly growing base of customers in Colorado," said SLANG CEO Chris Driessen. "This launch is consistent with our strategy of innovating within our core product categories to further differentiate our best-in-class offering. We anticipate using the same extraction methodology to introduce live resin versions in other selected categories in the coming months."
Craft RESERVE Live Resin carts will complement SLANG's existing Craft RESERVE Cured Resin carts. Cured Resin is made from dried flower using a low-pressure, subcritical extraction technique that creates a high potency extract. Since its launch in 2017, Craft RESERVE Cured Resin has won awards for best cannabis extract at events that include the High Times Cannabis Cup, Oregon Growers Cup and the THC Classic.
Live Resin carts are manufactured at the Allied Concessions Group ("ACG") facility in Boulder, Colorado. The Company continues to work towards the completion of its previously announced proposed acquisition of ACG, consistent with its strategy of consolidating supply chain assets in its core markets.
Media and Investor inquiries
Investors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. 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 in this news release include, but are not limited to, statements regarding the distribution of the SLANG-branded vape cartridges in Colorado, the anticipated launch of additional live resin products and the proposed acquisition of ACG.
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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and three months ended March 31, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Press Release
SLANG Worldwide Announces Second Quarter 2020 Conference Call Details
Toronto, Ontario--(Newsfile Corp. - August 19, 2020) - SLANG Worldwide Inc. (CSE: SLNG) ("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 second quarter 2020 financial results.
The Company expects to file its Q2 2020 results the morning of Thursday, August 27, 2020 prior to the commencement of stock market trading. Management plans to host an investor conference call that same day at 10:00 am EDT to discuss the results.
Conference Call Details
Timing:
Thursday, August 27, 2020 at 10:00 am EDT
Dial-in:
833.529.0214 (toll free) or (+1) 647.689.6824 (local or international calls)
Webcast:
A live webcast can be accessed from the Investors section of Company's website at www.slangww.com or at this link.
A replay of the webcast will be archived on the Company's website for one year.
Slides:
An investor presentation to accompany management's remarks will be available on the Company's website and on the webcast page.
Media and Investor inquiriesInvestors@SLANGww.com
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. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. 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 final long form prospectus dated January 17, 2019 and "Risks and Uncertainties" in the management discussion and analysis for the year ended December 31, 2019 and three months ended March 31, 2020, each as filed 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.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.