Slang Worldwide Inc. (OTCQB: SLGWF) delivered preliminary, unaudited, selected financial results for the full year and three months ended December 31, 2020. The fourth-quarter revenue was $9.6 million, which grew sequentially from the third-quarter revenue of $7.9 million and topped last year’s revenue of $8.7 million for the same time period.
For the full year of 2020 Slang said its revenue would be $26,819,576, which is a decline from 2019’s revenue of $29.2 million. The adjusted EBITDA loss is said to be in the range of ($900,000) to ($1,400,000), which would be lower than 2019’s loss of $6.5 million for the year. All figures are stated in Canadian dollars.
Chris Driessen, CEO of SLANG, said, “In 2020 Slang became a stronger, more vibrant business as we integrated companies, signed new strategic partnerships, and continued to grow our brands. We are now a plant-touching company, which is in the early phases of providing more meaningful revenue and the opportunity to generate profit in the coming quarters. In Q4, we generated solid results to cap off our year and set the stage for a promising 2021. Forming strong partnerships is a crucial element of our growth strategy and we are delighted to partner with Snowcrest, one of the premier cultivators and processors in the state. This partnership provides us with the opportunity to expand the supply of our expansive and unique portfolio of branded cannabis products to reach a greater number of consumers and build brand recognition in the state.”
Slang said it had $6,476,873 of cash and cash equivalents on December 31, 2020. The company said it expects to file its combined Q4 and FY2020 financial results on or about April 30, 2021, followed by an investor conference call.
Following the year-end, Slang announced that it had entered into a strategic partnership with Snowcrest LLC, a cultivator, and processor in Vancouver, WA, to bring SLANG’s cannabis products to consumers and patients in Washington. As part of this partnership, Snowcrest will manufacture SLANG branded products, and SLANG’s sales and marketing teams will work to place these products in dispensaries across the state. The agreement follows a royalty-based payment structure. In addition, Dolce Foglia, LLC, a full-service flavor house catering to the growing food & beverage industries, is also a partner in the Washington license.
The company also announced that it expects to launch District Edibles by May 2021, a new line of SLANG products that will be available in the State of Florida with seven SKUs.