On August 27, 2024, SLANG Worldwide Inc., a company operating in the cannabis consumer packaged goods (CPG) sector, released its financial results for the three and six months ended June 30, 2024. In this report, all figures are presented in Canadian dollars. John Moynan, the Chief Executive Officer of SLANG, acknowledged the achievements of the previous quarter, highlighting reduced operating expenses, increased wholesale sales in Vermont, and growth in sales of Alchemy Natural CBD gummies. However, he also discussed challenges with competitive headwinds impacting the company’s Core and Emerging Markets, resulting in a decline in sales revenue, gross profit, and Adjusted EBITDA.
Key highlights of the financial summary for the second quarter of 2024 include a 26% decrease in revenue compared to the same period in 2023, a 38% decrease in gross profit, and operating expenses of $5.47 million. The quarter saw a total comprehensive loss of $11.50 million, with an EBITDA of ($2.07 million) and an Adjusted EBITDA of ($1.42 million).
Operational highlights in the second quarter of 2024 included Vermont’s wholesale sales of $0.38 million and growth in sales of Alchemy Naturals CBD gummies.
The Company’s financial statements, prepared in accordance with IFRS, can be accessed for further details. EBITDA and Adjusted EBITDA were used as non-IFRS financial measures to assess SLANG’s operating performance.
SLANG Worldwide Inc. operates in 13 legal cannabis markets in the U.S. with five distinct brands and products. The Company has extensive experience in the regulated cannabis industry, providing partners with valuable expertise. Interested parties can find more information at www.slangww.com.
The forward-looking statements included in this news release represent management’s views on anticipated results, performance, and future developments. These statements are subject to various risks and uncertainties that could impact actual outcomes. Readers are advised to exercise caution when relying on forward-looking statements.
SLANG Worldwide Inc. notes that neither the Canadian Securities Exchange nor the Market Regulator endorses the adequacy or accuracy of this release.
For further details and the source version of this press release, visit https://www.newsfilecorp.com/release/221280.
