SLANG Worldwide Announces Selected Preliminary Fourth Quarter and Full Year 2020 Financial Results and Corporate Updates
Expects to Report Fourth Quarter and Fiscal Year 2020 Financial Results on April 30th
Toronto, Ontario--(Newsfile Corp. - April 6, 2021) - SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today issued preliminary, unaudited, selected financial results for the full year and three months ended December 31, 2020 as well as commentary on the current business environment and outlook. All figures in this press release are stated in Canadian dollars unless otherwise noted.
Preliminary 2020 Financial Results
- Full-year 2020 revenue of $26,819,576. Fourth quarter 2020 revenue of $9,657,645
- $6,476,873 of cash and cash equivalents at December 31, 2020
- Adjusted EBITDA loss in a range of ($900,000) to ($1,400,000)
- The Company expects to file its combined Q4 and FY2020 Financial results on or about April 30, 2021, followed by an investor conference call
Subsequent Corporate Highlights
- The Company has announced that it has entered into a strategic partnership with Snowcrest LLC ("Snowcrest"), a cultivator and processor in Vancouver, WA, to bring SLANG's cannabis products to consumers and patients in Washington. As part of this partnership, Snowcrest will manufacture SLANG branded products and SLANG's sales and marketing teams will work to place these products in dispensaries across the state. The agreement follows a royalty-based payment structure. In addition, Dolce Foglia, LLC, a full-service flavor house catering to the growing food & beverage industries, is also a partner in the Washington license.
- The Company has announced that it expects to launch District Edibles by May 2021, a new line of SLANG products that will be available in the State of Florida with seven SKUs.
Chris Driessen, CEO of SLANG, said, "In 2020 Slang became a stronger, more vibrant business as we integrated companies, signed new strategic partnerships and continued to grow our brands. We are now a plant touching company, which is in the early phases of providing more meaningful revenue and the opportunity to generate profit in the coming quarters. In Q4, we generated solid results to cap off our year and set the stage for a promising 2021. Forming strong partnerships is a crucial element of our growth strategy and we are delighted to partner with Snowcrest, one of the premier cultivators and processors in the state. This partnership provides us with the opportunity to expand the supply of our expansive and unique portfolio of branded cannabis products to reach a greater number of consumers and build brand recognition in the state."
SLANG Worldwide Completes Acquisition of Oregon's LBA Global Corporation
SLANG completed its previously announced acquisition of LBA Global Corporation and its Lunchbox Alchemy brand portfolio and subsidiary Lunchbox Distribution.
SLANG Worldwide Introduces New "Gyro" Dabbing Product
SLANG launched 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.
SLANG Worldwide Partners with Natura to bring Leading Portfolio of Cannabis Brands to California
SLANG and Natura Life + Science, entered a strategic partnership to introduce SLANG-branded products to consumers in California.
SLANG Worldwide Products Available in British Columbia
SLANG's O.pen line of products is now available in British Columbia.
SLANG Worldwide Chooses Colorado, the Epicenter of Cannabis, for Expansion
SLANG has selected Colorado for its expanded production.
SLANG Worldwide Products Available in Ontario, Canada
SLANG's O.pen and Firefly Mini line of products are now available in Ontario.
SLANG Worldwide Partners With Flower By Edie Parker to Manufacture and Distribute Cannabis Products
SLANG has entered into a strategic partnership to manufacture and distribute cannabis products for Flower by Edie Parker.
SLANG Worldwide Announces Closing of Pleasant Valley Ranch Acquisition
SLANG has closed its previously announced acquisition of Colorado-licensed cannabis cultivator Pleasant Valley Ranch.
SLANG Worldwide Provides Update on its Pending Acquisition of Allied Concessions Group
SLANG has entered into a definitive agreement and plan of merger with respect to its previously announced proposed acquisition of Allied Concessions Group Inc.
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About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. The Company specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. For more information, please visit www.slangww.com.
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 completion of the Acquisition.
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.
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