Global Cannabis Consumer Packaged Goods SLANG At Risk: $17.3M Debt And Revenue Drops Spell Trouble
SLANG Worldwide (OTC:SLGWF), the cannabis company known for popular brands like O.pen and Firefly, is in the midst of a financial crisis, facing a $17.3 million debt repayment deadline on November 15, 2024.
The company announced a deal with its lenders, agreeing to pay $1.75 million upfront and provide frequent financial updates to avoid immediate action.
This situation goes back to a 2021 financing arrangement, where SLANG secured the $17.3 million loan from Trulieve Cannabis Corp. (OTC:TCNNF), Pura Vida Investments, and Seventh Avenue Investments (the current ownership of this loan was not declared in the statement, and could have varied).
The funds were primarily intended to boost operations in Vermont, a key part of SLANG’s long-term growth strategy. However, …