SLANG Worldwide Announces Q2 2019 Financial Results

SLANG Worldwide Announces Q2 2019 Financial Results

  Delivered Q2 2019 revenue of $7.2 million; a 44% increase over full quarter Q1 2019 revenue of $5.0 million Q2 2019 pro forma revenue of $22.0 million which includes the impact of previously announced acquisitions and investments (1) Sold over 1.1 million branded units sold, containing 74 million branded servings, up by 16% and 45%, respectively, over Q1 2019 Q2 2019 gross profit of $3.3 million, versus negative $0.2 million in Q1 2019 Q2 2019 Adjusted EBITDA loss of $1.6 million versus Q1 2019 Adjusted EBITDA loss of $1.0 million Q2 2019 net income of $17.5 million versus Q1 2019 net loss of $16.1 million driven by derivative valuations Executed on CPG-driven, capital-light strategy by launching new products and expanding the SLANG partner network into new markets; multiple SLANG brands continued to be ranked among the highest selling cannabis products in the most competitive markets. Full year 2019 revenue outlook revised to reflect changing business conditions TORONTO, Aug. 27, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), today announced that it has filed its financial results for the three and six months ended June 30, 2019.  The consolidated financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS").  All figures are stated in Canadian dollars unless otherwise noted. "We saw significant momentum across our business and delivered strong growth in revenue and unit sales in Q2 over the previous three months. Through each deal and initiative we announced in the quarter, we adhered to the capital-light model that we believe delivers the best value for our shareholders," said SLANG CEO Peter Miller. "Global cultural, political and commercial tailwinds represent a huge organic growth opportunity for our brands. We will responsibly scale into this opportunity, continuing to focus on building a great team and the right assets to efficiently and competitively deliver our products to market. We continue to see strong organic growth opportunities for the remainder of 2019 and beyond, and remain optimistic about the outlook for the business." Key Financial and Operational Highlights Financial Highlights: Q2 2019 revenue of $7.2 million represents a sequential increase of 44% over the full quarter revenue of $5.0 million during Q1 2019, and a 79% increase over the reported Q1 2019 revenue of $4.0 million; The increase reflects inclusion of a full quarter of operations, sequential growth in Nevada and Oregon, positive changes in product mix, the initiation of sales of the Firefly 2+ vaporizer as well as the Company's first sales in Florida and Puerto Rico Q2 2019 pro forma revenue of $22.0 million which includes the impact of the previously announced proposed acquisitions, investments, and the exercise of options to own assets within the SLANG Network(1) Q2 2019 gross profit of $3.3 million (45% margin) compared to unadjusted negative $0.2 million in Q1 2019 reflects positive impact from growth in volumes. Elimination of one-time inventory adjustment in Q1 2019 results in adjusted gross profit of $2.2 million Q2 2019 adjusted EBITDA loss of $1.6 million, compared with an adjusted EBITDA loss of $1 million in Q1 2019. Net income of $17.5 million in Q2 2019 compared with a net loss of $16.1 million for Q1 2019. The difference reflects the positive impact of the reduction of non-recurring start-up, financing and professional services costs, as well as a fair value adjustment to the options to acquire NS Holdings Inc. ("NSH") and Allied Concessions Group ("ACG") (the balance of the Organa Brands business), offset by costs related to the Company's corporate and reporting activity during the quarter. $18 million of cash and cash equivalents at the end of the quarter is sufficient to fund current operations.   Operational Highlights: Established SLANG Health & Wellness, a new wellness-focused business division on May 2, 2019. The new business unit is focused on developing and marketing the Company's portfolio of plant-based cannabidiol ("CBD") products that are distributed in partnership with Greenlane Holdings, Inc. (NASDAQ: GNLN) through its extensive distribution network. SLANG Health & Wellness launched its first product (Reserve CBD) in June. Launched the latest line of premium Firefly vaporizer products, including the Firefly 2+ (a standalone dry-herb and extract vaporizer) and the Firefly Mini (a disposable concentrate vape). The Firefly 2+ launched on May 23, 2019 nationwide in partnership with Greenlane, while the Firefly Mini was piloted in Colorado in June. Announced entry into Oklahoma via new strategic partnership with Elite Cultivation LLC Announced entry into Europe, starting with Greece, via an agreement with Global Cannabis Corp. on July 22, 2019 On May 21, 2019, SLANG's Canadian investee, Agripharm Corp., secured one of the country's first outdoor cannabis production licenses, further bolstering SLANG's Canadian supply chain with potential access to low-cost material.   Key Performance Indicators in Q2 2019: 1.1 million branded units sold — Branded unit volumes have increased by 16% over Q1 2019 following the start of sales in Florida, and growth in Nevada and Oregon. Nearly 74 million branded servings (average of 800,000+ servings per day) — Branded servings grew by 45% in the quarter versus Q1 2019. Percentage growth in branded servings significantly outpaced growth in branded units as product mix shifted towards higher volume form factors. 2,600+ retail stores across 12 states selling SLANG's branded products — SLANG commenced sales in Florida during the quarter and announced several agreements to initiate sales in additional high quality cannabis markets. The Company will continue to leverage its extensive distribution network and corporate development activity to grow its business through the balance of 2019.   Brand Performance in Q2 2019 SLANG's brands continued to produce market leading positions across multiple product categories and territories in Q2 2019. O.penVAPE #1 Vape Colorado #1 Vape New Mexico #1 Vape Vermont #2 Vape in Nevada #9 Vape in Oregon #2 selling cannabis brand of all time with over USD $300 million in cumulative retail sales to-date and, through Q2 YTD   District Edibles #2 Gummy in Nevada #6 Gummy in California #6 Gummy in Colorado   Bakked #2 Distillate in Arizona #2 Distillate in California #2 Distillate in Vermont #4 Distillate in Oregon   Pressies #3 Pill in Colorado   Hellavated (Arbor Pacific) Among the top 10 highest selling vape SKUs in Washington and Oregon in Q2 2019   Avitas (Arbor Pacific) #5 selling vape in Oregon in Q2 2019   Sources: BDS Analytics, Headset, proprietary POS data Corporate Development Update: The Company previously announced its intention to exercise its options to acquire the remaining assets of Organa Brands (NSH and ACG), subject to the terms and conditions of the applicable option agreements. Announced proposed acquisition of Arbor Pacific, Inc. ("Arbor") on April 16, 2019. Arbor is a leading producer of branded cannabis products. Arbor's product portfolio includes a mix of branded offerings that span the vaporizer, flower and CBD product categories. Arbor's Avitas and Hellavated brands are among the highest selling cannabis brands in the Pacific Northwest, with multiple products regularly listed among the top 10 best-selling vape SKUs in Washington state, according to Headset. On May 14, 2019, the Company announced the proposed acquisition of LBA Global Corporation ("LBA") including its Lunchbox Alchemy brand portfolio and distribution subsidiary Hydra Distribution. The proposed transaction will bolster SLANG's position in the Pacific Northwest by adding a complementary portfolio of top-selling products in Oregon and California and robust supply chain and distribution capabilities. The Company is proceeding with regulatory approvals and final due diligence with an expectation of completing each of these transactions by the end of the calendar year.   Capital Markets and Financing Activity: Announced on May 24, 2019 that the Company's warrants originally issued on July 23, 2018 would have their expiry date accelerated to June 28, 2019, in accordance with their terms. Overall, nearly 13.2 million of the warrants were exercised, representing 98% of the warrants originally issued, resulting in aggregate proceeds of $10.2 million to the Company.   Updated 2019 Full Year Outlook The Company has updated its outlook for the 2019 fiscal year.  SLANG anticipates significant growth over the next 6-12 months, with the timing of the close of acquisitions likely to be the largest single factor in annualized revenues by year-end.  Previous targets were provided on the basis of certain expectations that have since been revised including the following: First, the Company expected that edible and vape sales would commence in Canada in October. Subsequent to providing the original outlook, applicable regulations were released, and we now believe mid-December will be the timing for these products coming to market. Given SLANG's portfolio strength is in vapes and edibles, the delay has an impact on our outlook as we expect Canada to be a strong market. Secondly, management has made strategic decisions to focus on growth in mature markets where our brands are currently performing well, and to slow down growth initiatives in certain emerging markets, primarily Massachusetts and Michigan. These markets have been developing at a slower pace than anticipated and are currently facing supply constraints. While management believes these markets offer significant longer-term opportunities for the SLANG brands, further investment in growth initiatives in the current environment would put pressure on margins and profitability. Thirdly, the Company has decided to delay certain product releases in order to further consolidate market share gains being achieved by its existing products.   While each of these three initiatives are expected to contribute to the Company's growth in 2020, the decisions to focus on sustainable and profitable growth will impact annualized revenues in 2019. Expectations have been revised to $70-$100 million on a full year annualized basis for 2019 with 50-60% gross margins (relative to the previous outlook of $130-$160 million at 50-60% margins) and reflects a more conservative approach.  This includes an outlook for revenue and gross margin projections including consolidation of portions of our brand licensees (the "SLANG Network") via option exercise (ACG and NSH) as well as completion of previously announced acquisitions. Q2 2019 Financial Review The consolidated financial statements were prepared in accordance with IFRS.  All figures are stated in Canadian dollars unless otherwise noted. The acquisitions of Firefly and National Concessions Group, Inc. were completed on January 22, 2019.  Operations were fully consolidated from that date. The following is selected presentation of the Income Statement for the quarter April 1, 2019 to June 30, 2019 and the comparable quarter in 2018:   June 30, 2019 June 30, 2018 (In thousands except per share data and percentages) CDN CDN NET OPERATING REVENUE $ 7,194 $ 440 Cost of goods sold (1) 3,927 0 GROSS PROFIT 3,267 440 GROSS PROFIT MARGIN 45% 100% Operating expenses 12,859 2,554 OPERATING (LOSS) (9,592) (2,115) Other items (Impairment, FV adjustment, etc.) 27,156 (11,096) Gain / (Loss) Before Income Taxes 17,489 (13,210) Income taxes (6) 0 NET INCOME / (LOSS) FOR PERIOD 17,482 (13,210) Exchange on translation of foreign operations (3,142) (90) TOTAL COMPREHENSIVE INCOME / (LOSS) $ 14,340 $ (13,300) EARNINGS PER SHARE     Basic $ 0.08 $ (0.18) Diluted $ 0.06 $ (0.18)   Gross Margin The Company generated a 45% gross margin in the quarter ended June 30, 2019. During the period, there was an increase in import costs of products coming from China, which negatively impacted our previously stated 56% normalized gross margin in the quarter ended March 31, 2019. Product mix and market segmentation of sales will impact gross margin. Below is the normalized gross profit margin from operations, for the 3 months ended June 30, 2019: 3-months ending: June 30, 2019 March 31, 2019 (In thousands except per share data and percentages) CDN CDN Net Operating Revenue $ 7,194 $ 4,006 Cost of goods sold 3,927 4,230 Inventory fair value adjustment 0 (2,449) Adjusted Gross Profit $ 3,267 $ 2,225   Non-IFRS Measures EBITDA, Adjusted EBITDA, 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.  See the heading "Operations Overview – Branded Volume" in the Company's Q2 2019 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 is a non-IFRS measure and does 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.   June 30, 2019 (In thousands except per share data and percentages) CDN TOTAL COMPREHENSIVE INCOME $ 14,340 EBITDA (2,068) ADJUSTED EBITDA $ (1,633)   See the Company's Q2 2019 MD&A for a detailed reconciliation of EBITDA and Adjusted EBITDA to Total Comprehensive Income / (Loss). SLANG's Q2 2019 Financial Statements and Management's Discussion and Analysis will be filed on SEDAR at www.sedar.com, and on the Company's Investor Relations website at www.slangww.com. Conference Call The Company will hold a conference call at 8:30 a.m. EDT on Wednesday, August 28, 2019 to discuss the Company's Q2 2019 financial results. Dial-in: 888.231.8191 (toll free) or (+1) 647.427.7450 (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.   An archive of the webcast will be available 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. Replay: An audio replay of the call will be available for seven days at (+1) 855.859.2056, passcode 3195615.   About SLANG Worldwide Inc. SLANG Worldwide Inc. is a leading cannabis-focused consumer packaged goods company.  The Company is focused on acquiring and developing market-proven regional brands, as well as creating new brands to meet the needs of cannabis consumers worldwide. 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, including those reference in "Updated 2019 Full Year Outlook" herein, and "2019 Growth Catalysts" in the Company's management discussion & analysis for the period ending June 30, 2019, 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, 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, 2018 and six months ended June 30, 2019, 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. Financial Outlooks This press release contains financial outlooks within the meaning of applicable Canadian securities laws.  The financial outlook has been prepared by management of SLANG to provide an outlook for fiscal 2019 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 "Updated 2019 Full Year Outlook" herein, and "2019 Growth Catalysts" in the Company's management discussion & analysis for the period ending June 30, 2019 and assumptions with respect to certain proposed acquisitions.  The actual results of the Company's operations for any period will likely vary from the amounts set forth herein 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", it should not be relied on as necessarily indicative of future results. (1)  Pro Forma Financial Information This press release contains references to pro forma financial information, including with respect to pro forma revenues.  Pro forma revenues include the revenue for the three month period ended June 30, 2019 for each of Arbor, LBA, NSH and ACG.  Such proposed acquisitions include the previously announced proposed acquisitions of Arbor and LBA, as well as the exercise of options to acquire the remaining Organa Brands businesses, NSH and ACG.  These acquisitions cannot be consolidated, in the case of NSH and ACG, because such acquisitions are under option and, in the case of Arbor and LBA, because such acquisitions have not yet closed.  Pro forma revenues do not include anticipated costs and expenses to generate such revenue.  Completion of the proposed acquisitions of Arbor and LBA and the exercise of the Company's option and subsequent acquisition of NSH and ACG is 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). The Company believes the pro forma results presented provide relevant and useful information for investors because they clarify the Company's actual operating performance, make it easier to compare the Company's results with those of other companies and allow investors to review performance 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. The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.   SOURCE SLANG WORLDWIDE [/vc_column_text][/vc_column][/vc_row]
SLANG Worldwide Announces Second Quarter 2019 Conference Call Details

SLANG Worldwide Announces Second Quarter 2019 Conference Call Details

TORONTO, Aug. 16, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states, today announced details of its planned release of second quarter 2019 financial results. The Company expects to file its Q2 2019 results on Tuesday, August 27, 2019 after the close of financial markets. Management will host an investor conference call on August 28, 2019  at 8:30am EDT to discuss the results. Conference Call Details Timing:        Wednesday, August 28, 2019 at 8:30 am EDT     Dial-in:       888.231.8191 (toll free) or (+1) 647.427.7450 (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.       An archive of the webcast will be available 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.     Replay:       An audio replay of the call will be available for seven days at (+1) 855.859.2056 passcode 3195615. About SLANG Worldwide Inc.SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. 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, 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, 2018, 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.   SOURCE SLANG WORLDWIDE
SLANG Worldwide Partners with Global Cannabis Corp. and Receives Greek Medical Cannabis Cultivation, Processing and Manufacturing License

SLANG Worldwide Partners with Global Cannabis Corp. and Receives Greek Medical Cannabis Cultivation, Processing and Manufacturing License

TORONTO, July 22, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states, today announced that it is entering the European Union, starting with Greece, through a partnership with Global Cannabis Corp. ("GCC"). GCC's wholly owned subsidiary, GCC Pharma S.A. is one of the first companies to receive a medical cannabis installation license from the government of Greece for cannabis cultivation, processing and manufacturing. SLANG has worked closely with GCC throughout the application process and has been instrumental in assisting GCC with the design and content of its license application. In exchange for the contribution of SLANG's specialized expertise, and continuing support, SLANG has been granted a 20% interest in GCC. SLANG intends to leverage its relationship with GCC to introduce its brand portfolio to the European Union, with products in market in 2020. The Company expects to collect licensing revenues in Greece similar to its partnerships in the United States. "The addition of GCC to SLANG's partner network is a major milestone in our global expansion strategy," said Peter Miller, CEO of SLANG. "This partnership can help lead to the awareness of our brands in new and key markets while leveraging the capital-light growth model that Slang has optimized in the United States." Greece has a population of 10.7 million and an annual health care expenditure of €14.3 billion with a cannabis market expected to reach €1.9 billion by 2028 (Source: Prohibition Partners – The European Cannabis Report, 4th Edition, January 2019). Medical cannabis use was legalized in Greece in June 2017. Shortly thereafter, in March 2018, lawmakers approved a law allowing the farming and processing of medical cannabis in Greece. With its ideal climate and agricultural expertise, Greece also has the opportunity to be a prominent supplier of cannabis and cannabis products throughout the EU where permitted. "We are extremely pleased to be amongst the first recipients of a cannabis license in Greece, a strategic entry point into the rapidly growing EU region with a population exceeding 740 million people," said Loannis Papadopoulos, CEO of GCC. "SLANG's diverse product portfolio and proven extraction and manufacturing expertise will be key to the timely introduction of our offering to medical cannabis patients." GCC Pharma's facilities are located just south west of the city of Chalkida, Greece. The property   is ideally situated approximately 90 minutes from Athens International Airport, in a pre-permitted agro-industrial zone with excellent existing infrastructure. The PowerOne Capital Group and other strategic partners have worked closely with GCC since inception. About SLANG Worldwide Inc. SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com. About Global Cannabis Corp. Formed by renowned cannabis industry experts and backed by some of the most successful pioneers in the cannabis sector, Global Cannabis Corp. is one of the first companies to be fully licensed for cannabis cultivation, processing and manufacturing in Greece. Leveraging experience and success in almost every jurisdiction with cannabis legislation globally, GCC's sophisticated team is actively pursuing opportunities in markets with evolving cannabis regulations. 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 document include, but are not limited to, statements regarding the anticipated benefits of the relationship between SLANG and Global Cannabis Corp, the introduction and distribution of SLANG branded products in Greece and elsewhere in the European Union, and the anticipated growth of the Greek and European medical cannabis market generally. 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, 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, 2018, 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.   SOURCE SLANG WORLDWIDE
SF Weekly: The Brief, Wasteful Life of Vape Cartridges

SF Weekly: The Brief, Wasteful Life of Vape Cartridges

Firefly CEO Steve Berg leads the charge to make single-use oil pods recyclable. As vaporizers and oil products become increasingly popular, more and more cartridges have flooded the market. Bay Area dispensaries dedicate entire walls to pods filled with Sour Diesel and Sunset Sherbet. Although oil cartridges may be flying out the door, Firefly’s Steve Berg is working on a way to encourage customers to bring them back. Read On SF Weekly
SLANG Worldwide and Trulieve Launch RESERVE Brand in Florida

SLANG Worldwide and Trulieve Launch RESERVE Brand in Florida

TORONTO, July 8, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG) ("SLANG"), a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states, announced that its RESERVE line of vaporizer cartridges is now on sale in the State of Florida through Trulieve Cannabis Corp. (CSE: TRUL & OTC: TCNNF) ("Trulieve"), a leading and top-performing cannabis company in the United States. SLANG Worldwide Inc. (CNW Group/Trulieve Cannabis Corp.) RESERVE is the first SLANG product to be offered in Florida under its strategic partnership with Trulieve announced in February 2019. Pursuant to SLANG's agreement with Trulieve, Trulieve has an exclusive license to produce and distribute the SLANG portfolio of products in Florida. As Florida's largest fully integrated medical cannabis company, Trulieve is offering RESERVE at all 29 of its licensed dispensaries across the state. "Our Trulieve relationship is off to a great start. This product launch is an important milestone, and the first of many we look forward to reaching in Florida," said Peter Miller, CEO of SLANG. "We expect RESERVE to be very well received in Florida by medical cannabis patients who are seeking a strain-specific, repeatable experience at an affordable price." "Expanding patient access to high-quality, natural relief in safe, reliable, and innovative forms is an important factor in deciding who we partner with and what products we offer to patients. Our partnership with SLANG allows us to continue providing patients with an expanded variety of high-quality medication," said Kim Rivers, CEO of Trulieve. "We know patients in Florida will benefit greatly from their award-winning products." First launched in California earlier this year, the RESERVE product offering was created to fulfill a demand in the market for a curated selection of top strains available at a competitive price. The RESERVE line uses both botanical and cannabis terpenes to deliver memorable moments to the quality-conscious consumer. Three RESERVE strains are available in Florida, including Jack Herer, Master Kush, and SFV OG. RESERVE is filled with high-quality, high-potency distillate and is available in both half-gram and one-gram O.penVAPE cartridges with accompanying 2.0 batteries. RESERVE is an extension of the O.penVAPE brand, which has been the #2 best-selling cannabis brand in the United States since 2014, as reported by BDS Analytics. Through its strategic partnership with Trulieve, SLANG also plans to introduce its Bakked, District Edibles, and Magic Buzz product lines to Florida's growing number of medical patients. Availability of products is subject to regulatory approval by the Florida Department of Health's Office of Medical Marijuana Use. Consumers can visit www.openvape.com/find to locate their nearest Trulieve dispensary carrying RESERVE. About SLANG Worldwide Inc.SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com. About TrulieveTrulieve is a vertically integrated "seed-to-sale" company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve also operates in California, Massachusetts and Connecticut. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements. To learn more about Trulieve, visit 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 document include, but are not limited to, statements regarding the  receipt of anticipated regulatory approvals and ultimate sale of SLANG products in Trulieve dispensaries. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG and Trulieve 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, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the possibility that the Company or Trulieve will be unable to successfully integrate the Organa Brands product portfolio in the State of Florida, the risks associated with international and foreign operations and the other risks identified under the heading "Risk Factors" in SLANG's final long form prospectus dated January 17, 2019, and Trulieve's Annual Information Form for the year ended December 31, 2017, each as filed on SEDAR at www.sedar.com. Neither SLANG nor Trulieve is 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. 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, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the possibility that the Company will be unable to successfully launch its RESERVE brand in Florida 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, 2018 and three months ended March 31, 2019 , 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. SOURCE Trulieve Cannabis Corp. For further information: SLANG Media Inquiries: Media@SLANGworldwide.co; SLANG Investor Inquiries: Kelly Ehler, Chief Financial Officer, Investors@SLANGworldwide.co, 833.752.6499; Trulieve Media Inquiries: Victoria Walker, Director of Marketing & Community Relations, (704) 773-3446, Victoria.Walker@trulieve.com; Trulieve Investor Relations: Lynn Ricci, Director of Investor Relations, (850) 480-7955, IR@trulieve.com
Podcast: Mark Williams - Lord of the (fire)flies

Podcast: Mark Williams - Lord of the (fire)flies

Mark Williams is the designer and engineer extraordinaire behind the Friefly 2+, generally regarded as the Tesla of vaporizers. As you would expect from such a man, he has a “relationship with cannabis” that has been a constant companion from his high school days to his years at Apple working on the initial design of the iPhone. Ever wonder about the atmosphere of a company founded by an acidhead like Steve Jobs? Well, there’s a reason they don’t give drug tests in Silicon Valley. Listen To Full Podcast
SLANG Worldwide Announces Result of Acceleration of Warrant Expiry, Annual General Meeting and Management Appointment

SLANG Worldwide Announces Result of Acceleration of Warrant Expiry, Annual General Meeting and Management Appointment

TORONTO, July 3, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods company, is pleased to announce the outcome of the accelerated expiry of its warrants issued on July 23, 2018 and originally expiring on July 21, 2020 (the "Warrants"). Since the announcement of the accelerated expiry of the Warrants on May 24, 2019, 8,841,319 Warrants were exercised prior to the accelerated expiration date of June 28, 2019 and the Company received aggregate proceeds of approximately C$10.2 million in connection therewith.  Overall, nearly 13.2 million Warrants were exercised, representing 98% of the total Warrants originally issued. As a result, the Company now has common shares outstanding of 225,557,884.  260,608 warrants expired unexercised. "We are pleased with the outcome of the early warrant exercise," said Peter Miller, CEO.  "The funds brought in from the accelerated warrants could represent 2 years of operating capital. SLANG is well positioned to continue executing on our capital light business model, focusing on development and ownership of the best brands in cannabis." The Company is pleased to remind shareholders that it will host its Annual and Special Meeting of shareholders at 2:00 p.m. EDT on Monday, July 8, 2019 at the offices of Dentons Canada LLP located at 77 King Street West, Suite 400, Toronto-Dominion Centre, Toronto, Ontario.  A management information circular and form of proxy have been filed on SEDAR and mailed to registered shareholders. All shareholders of record as of May 9, 2019 are invited to attend the Annual and Special Meeting, which will feature a management presentation on the Company's progress and strategy. Those who are unable to attend in person can access an archived webcast on the Investors section of Company's website at www.slangww.com. The webcast will be available on the Company's website for one year. SLANG also announced today that Kristina McCahon has joined the Company as Director, Investor Relations and Chief of Staff. In this role, she will be a primary point of contact for the investment community and other key stakeholders. Ms. McCahon has eight years of experience in the financial services industry including positions at BMO Capital Markets, RBC Capital Markets and CIBC Wood Gundy. At those institutions, Ms. McCahon worked primarily on the Corporate Access teams with responsibility for the planning and execution of IPOs and other investor marketing events. She was also actively involved in relationship management, liaising between corporate clients and internal banking, research, sales and trading teams, as well as institutional investors.  Ms. McCahon earned a B.A. (Hons) from Wilfrid Laurier University and a post-graduate certificate in marketing management from Humber College. About SLANG Worldwide Inc. SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 the US. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. 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, 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, 2018, 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.   SOURCE SLANG WORLDWIDE
SLANG Worldwide Brings Leading Portfolio of Cannabis Products to Oklahoma

SLANG Worldwide Brings Leading Portfolio of Cannabis Products to Oklahoma

Fourth new U.S. market entry announced in 2019 TORONTO, June 26, 2019 /CNW/ - SLANG Worldwide Inc. (CNSX: SLNG), ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods ("CPG") company with a robust portfolio of renowned brands, has announced a new strategic partnership with licensed processor Elite Cultivation LLC ("Elite") to offer its branded cannabis products to patients throughout the State of Oklahoma. Pursuant to the partnership, Elite has been granted a license in Oklahoma to produce and distribute the SLANG product suite in Oklahoma, including its category-leading products O.penVAPE, Pressies, District Edibles, Bakked, and Magic Buzz. SLANG will receive royalty payments for each branded product sold in the state. Oklahoma legalized cannabis for medical use in 2018 and has seen rapid growth in licensing activity.  More than 138,000 registered patients and 1,500 licensed dispensaries have been approved by the State as of June 17, 2019. Historical Oklahoma medical cannabis sales topped $23 million in May 2019, based on recent reports from the Oklahoma Tax Commission. "We are pleased to be able to offer our products to medical cannabis patients in Oklahoma," said SLANG CEO Peter Miller. "We have demonstrated that we can be flexible in structuring our relationships with partners as we enter a new state, depending on the circumstances of the local market. Our expansion continues to be executed in a very capital efficient manner, with the goal of growing our branded unit sales." SLANG's products will be manufactured by Elite and distributed and sold broadly in medical cannabis dispensaries throughout Oklahoma. Sales are expected to commence in the third quarter of 2019, starting with selected vaporizers, concentrates and edibles, with all SLANG products eventually available for sale. "We are excited to partner with such a strong organization to bring the best products possible to the Oklahoma market," said Richard Freeman of Elite Cultivation. "With their proven brands and leadership across multiple markets and our relationships in the state of Oklahoma, we feel that we have put together a solid team and a recipe for success." Oklahoma is the fourth new U.S. market SLANG has announced entry into in 2019.  The Company has previously established operations through licensing agreements in Florida and Puerto Rico, and also anticipates entering the State of Washington pending the completion of a proposed acquisition, which would extend the Company's U.S. footprint to 13 states. SLANG's goal is to grow its brand share and demonstrate brand leadership in Oklahoma, as measured by branded unit sales and servings, similar to its performance in several other markets. About SLANG Worldwide Inc. SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 12 US states. The Company is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com. About Elite Cultivation Elite Cultivation, LLC is an Oklahoma limited liability corporation owned by Richard Freeman, his brother Royce Lee Freeman, D7 Holdings, LLC and other close friends and business associates of the Freeman family.  Richard Freeman also owns and operates Elite Motorsports, LLC, which operates a world class drag racing program having won back-to-back world championships in NHRA's Pro Stock class in 2014 and 2015.  Erik Danielson, the owner of D7 Holdings, LLC, also holds a medical marijuana dispensary license in Arkansas.  The Denver-based law firm, Vicente Sederberg LLP and the Arkansas-based Danielson Law Firm, PLLC both advised Elite on the SLANG transaction. 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 document include, but are not limited to, statements regarding the anticipated benefits of the relationship between SLANG and Elite, the introduction and distribution of SLANG branded products in Oklahoma, SLANG's proposed acquisition and entry in Washington and the anticipated growth of the Oklahoma medical cannabis market generally 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, 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, 2018, The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.   SOURCE SLANG WORLDWIDE
SLANG on Reddit | CEO AMA

SLANG on Reddit | CEO AMA

See The Full Reddit AMA