On October 9, 2024, a global cannabis consumer packaged goods company announced that it has entered into a waiver and support agreement with secured lenders under a credit agreement. The lenders have agreed to a standstill, refraining from taking any steps under the credit agreement until the maturity date. In exchange for this, the company will make a payment of US$1.75 million and adhere to enhanced reporting covenants.
The company’s board of directors and management are exploring the financial condition and available alternatives for the company and its subsidiaries. The board has approved entering into the support agreement which also includes provisions for potential sale, liquidation, or wind down of the company’s operations and assets.
SLANG Worldwide Inc. is a leader in branded cannabis consumer packaged goods with a diverse portfolio of five distinct brands. The company operates in 13 legal cannabis markets and specializes in acquiring and developing regional brands while launching new brands to meet consumer demands. The company will provide further updates as the process evolves according to the agreement with the lenders.
Please note that forward-looking statements in this news release involve risks and uncertainties that could cause actual results to differ from anticipated results. The company is not obligated to update or revise any forward-looking information except as required by law.
