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SLANG WorldWide Reports 2019 Financial Results

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SLANG WorldWide Reports 2019 Financial Results

Slang Worldwide (CNSX: SLNG), a cannabis company focused on consumer packaged goods, released its audited financial results for the full year 2019. 

Financial Results

Slang disclosed a full-year revenue of $29.2 million and a full year pro forma revenue of $90.7 million, including the impact of two important acquisitions Slang completed in late January. Gross profit totaled 15.6 million while adjusted gross profit was reported of 53%.

Adjusted EBITDA implied a loss of $6.5 and the company reported liquidity of $18.9 million on Dec. 31, 2019.

Operational Highlights

In 2019, the company sold approximately 4 million branded units, containing more than 243 million branded servings. It entered the Florida market by partnering with Trulieve and entered licensing agreements in Oklahoma and Puerto Rico, following its emerging markets strategy.

Other operational events that should be noted are the expansion of its product portfolio — dry herb vaporizer and a new line of vape cartridges — and the partnership with cannabis brand Cookies.

"We delivered a solid fourth quarter in the context of significant public health concerns related to illicit vaporizers, demonstrating both the quality of our products and the diversity of our portfolio," said Slang CEO Peter Miller. "Overall, 2019 was a successful and transformational year. We established SLANG as a public company, integrated operations and personnel, grew our brands across multiple markets and formed important new strategic partnerships."

 

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