Slang Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) posted a $3.4 million loss for the third quarter of 2022, but based on the opening of Vermont’s recreational cannabis market and better-than-expected performance in Colorado, company leadership projected confidence heading into 2023.
“We are operating more efficiently than ever before, and we have a clear path towards profitability,” said newly appointed CEO John Moynan, who took the reins of the company just last month.
Slang’s losses were down from the same quarter a year prior, when the company lost $4.1 million, and Moynan said the company “strategically advanced upon a number of key growth opportunities” in both Colorado and Vermont during the past quarter that will help position it moving forward.
Slang owns one of the recreational cannabis stores in the Vermont college town of Burlington, Ceres Collaborative, which launched adult-use marijuana sales Oct. 1. In July, the company launched a new edibles line in Colorado, Alchemy Naturals Edibles, and it grew Colorado account sales overall by a whopping 229% from August to September, with year-over-year growth of 45% in the same months.
The company’s cash reserves are shrinking, however. At the close of the quarter, Slang was left with $9 million in the bank, down from $11.5 million in June and $15.3 million at the end of 2021.
Revenue for the third quarter was down 13% year-over-year, to $5.9 million from $6.8 million.