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StaffMay 4, 2022


On April, 28, 2022, Green Market Report held its first-ever Women’s Summit. During the event, the Women’s Leadership Awards were announced and presented to the winners. Over the next two weeks, we will highlight each of these winners and congratulate them on their contributions to the cannabis industry.

Women’s Leadership Award

C-Suite Public Company

Kim Rivers


Kim Rivers is CEO of Trulieve Cannabis Corp. (OTC: TCNNF), a vertically-integrated “seed-to-sale” operation based in Florida. Rivers joined Trulieve at its inception and has been the key driver for the company’s customer-centric vision, strong growth, strategic expansion and industry-leading profitability. Ms. Rivers oversees every activity involved with the cannabis process to ensure quality, operational integrity and financial success. She is the only female CEO of a publicly-traded MSO in the cannabis space.


Prior to Trulieve, Ms. Rivers spent several years in private practice as a lawyer where she specialized in mergers, acquisitions and securities for multi-million dollar companies and has run a number of successful businesses from real estate to finance. Her experience has been instrumental in building Trulieve’s market-leading position in its home state of Florida and provides the solid foundation to execute growth and expansion initiatives as an MSO.


Last year, Kim spearheaded the largest cannabis acquisition deal to date. Trulieve’s purchase of Harvest Health & Recreation created the largest cannabis company in the U.S. The deal was signed within a record 5 months.


Under Kim’s guidance, Trulieve released the first Environmental, Social, and Governance (ESG) report from an American MSO. Rivers said the impetus behind the report was to ensure the cannabis industry is safe, inclusive, equitable and sustainable for generations to come – and that the company has a commitment to operating transparently for its stakeholders and the industry at large. 


Ms. Rivers plays an active role in her community and serves on numerous charitable boards.


Julie AitchesonApril 28, 2022


On Thursday, April 26th, the first-ever Green Market Report Women’s Leadership Awards ceremony was held at The Green Market Report Women’s Summit in Manhattan, NYC to honor female and female-identifying cannabis professionals in categories ranging from Cultivation to Activism and Politics. 

The Women’s Leadership Award in the Brands category went to Nancy Whiteman, CEO of Wana Brands. Honored for her adroit management of Canadian cannabis company Canopy Growth’s acquisition of 100% of each Wana entity as well as her commitment to social equity in cannabis, Whiteman was also lauded for her innovative new product lines and product development. Khadijah Tribble, Vice President of Corporate Responsibility at Curaleaf, (OTC: CURLF) received the Women’s Leadership Award in the MSO category. A highly-respected expert on equity and inclusion in cannabis, Tribble created and runs Rooted in Good, one of the most robust corporate responsibility programs in any industry, and is also the founder of Marijuana Matters, a cannabis education and advocacy incubator. 

The Women’s Leadership Award in Marketing went to Natalie Shaul, Co-Founder and VP of Marketing at Springbig. Shaul was instrumental in Springbig’s pivot to cannabis and is known as a trendsetter, job creator, fundraiser and changemaker in the industry. Shaul has helped thousands of cannabis retailers while her business has created more than 80 jobs across South Florida while providing discounted services to support veteran and minority-owned cannabis businesses.

Kim Rivers, CEO of Trulieve Cannabis Corp., was given the Women’s Leadership Award in the C-Suite- Public Company category. She is the only female CEO of a publicly traded company in the cannabis space. A former lawyer, Rivers has since spearheaded the largest cannabis acquisition deal to date with Trulieve’s purchase of Harvest Health & Recreation. Rivers was also instrumental in Trulieve’s Environmental, Social and Governance report, the first of its kind from an American MSO. The award for Women’s Leadership in the C-Suite Private Company category went to Ralina Shaw, founder of House of Tyne and leadership team member of 4thMVMT, a leading social impact organization with a mission to support those disproportionally impacted by cannabis laws. She is also one of the few BIPOC executives in the PR and Retail space.

Founder and CEO of Women Employed in Cannabis (WEIC) Kyra Reed was given the Women’s Leadership Award in Activism/Politics for her helming of the largest association for women working in cannabis, psychedelics, hemp & CBD. Named as a “Social Media Pioneer” by Entrepreneur Magazine, Reed has grown WEIC into a 15,000 member organization as well as the premiere brand and international organization dedicated to empowering women to achieve their goals.

The Women’s Leader Award for Cultivation went to Joyce Cenali, COO of Sonoma Hills Farm. Under Cenali’s leadership, Sonoma Hills was the first farm to be recognized as “organic comparable” as designated by CCOF’s OCal program. She co-founded an Emerald Cup-winning organization and supports female founders innovating in cannabis with a mission to advance a regulatory model that unites capitalism and inclusion. Chanda Macias, PhD, CEO of Ilera Holistics, took home the award for Women’s Leadership in the Science category, in no small part for her role as the first Black woman medical cannabis operator as CEO of National Holistic Healing Center—the largest medical marijuana dispensary in Washington, D.C.  She is also Chairwoman of the Board of Managers and CEO for Women Grow and First Vice Chair of the National Cannabis Roundtable Board.

Narmin Jarrous, Chief Development Officer at Exclusive Brands, won the Women’s Leadership Award in Social Equity. Jarrous’s social equity program partners with organizations like the National Birth Equity Coalition and The Last Prisoner Project while also helping Social Equity Applicants gain their licenses. Jarrous is also a mentor, educator, speaker, and advocate for women of color in the industry. Ronit Pinto, founder of Honeysuckle Magazine, took home the Women’s Leadership Award in Media. Honeysuckle has gained national distribution and also created Honey Pot Magazine, a sister print and digital publication focusing exclusively on cannabis and hemp issues.

Wendy Bronfein, Co-founder, Chief brand Officer and Director of Public Policy at Curio Wellness was honored in the Dispensary category. Bronfein drives the company’s legislative agenda across multiple states and oversees the brand as well as all corporate communications. She also helped initiate Curio’s Wellness investment Fund and a program to provide start-up capital for minority business-owners to open their own Curio franchise locations. The Women’s Leader Award for Public Relations went to Shawna Seldon McGregor, founder and CEO of Maverick Public Relations. She represents businesses across all sectors and is recognized as one of the most effective cannabis agencies in the industry. MacGregor has provided pro bono PR work and has served on the boards of numerous charitable organizations.

Honorees were nominated by colleagues from across cannabis sectors. Almost a hundred nominations were reviewed by industry insiders before they decided upon the twelve women executives and entrepreneurs to receive these special awards spanning several areas within the cannabis industry. 


StaffApril 22, 2022


This article was republished with permission from Cannabiz Media. 

Cannabiz Media has been tracking cannabis and hemp licenses globally since 2015. Over those seven years, we have aggregated a mass of data on licenses, companies, and transactions that result in change of license ownership.

After compiling 500 transactions in our Cannabiz Intelligence platform, we wanted to take a closer look at how key publicly traded MSOs were adding to their store footprints. Our goal was to determine which stores were “built” versus those that were “bought”.

Key Findings

  • Almost 12% of US cannabis stores are owned by a public company.
  • 338 of these stores have changed hands, and 29 public companies were involved in these transactions.
  • Almost 60% of the store acquisitions occurred in five states (Florida, Colorado, Pennsylvania, California, and Arizona).
  • The number of stores changing hands has increased every year. In 2021, we found 185 stores that were purchased, up from 53 in 2020.


According to the Cannabiz Media License Database, there are currently 8,909 stores/dispensaries in the US. Of those licenses, 1,048 (11.8%) are owned by public companies, and we found 338 stores that changed hands. A total of 29 public companies were involved in these transactions.

The graph below shows the number of stores that have changed hands. We only included closed deals.


In trying to assess the footprint impact, we compiled the number of stores bought against the number built or awarded. The Leaderboard below shows public MSOs that bought at least 10 stores.

Based on our analysis, Trulieve has bought the most stores (54), and that accounts for 32% of its footprint. AYR Wellness purchased 42, accounting for 62% of its stores. Curaleaf, a company with a very large footprint, has only acquired 15 stores. $1.2B was spent by these firms to acquire these licenses.


  • In the table above, Schwazze bought 77% of its licenses with AYR Wellness at 62%. Cresco comes in third at 56% though this will change once the Columbia Care acquisition is complete.
  • Verano spent the most at $202 million with Cresco at $178 million and Trulieve at $176 million.
  • Verano paid the most per store at $9.64 million while Schwazze paid the least at $1.79 million.


More stores were acquired in limited license states rather than unlimited license states. Limited license environments are more predictable thanks to the oligopolistic protections afforded by the regulations.  Early entrants are well positioned when the inevitable adult use market opens, and they have advantages including customers, marketing, branding, real estate and established relationships with regulators.

The M&A Hotspots Table shows the states that public MSO’s invested in.


We do not see this trend ending anytime soon. The latest blockbuster deal of Cresco and Columbia Care will run into license cap issues in some states, and this will require divestiture. In future posts, we plan to look at the license cap issue and delve into which states have had their licenses MSO’d – like Connecticut. We welcome your questions as well, so reach out directly to ekeating


Analysis like this is as much art as science, so here is some of the logic we applied:

  • Only active licenses are counted. Pending and applied are not included, nor are future licenses that a company has the right to operate. This approach makes some of the Pennsylvania licenses look very expensive as operators bought these licenses knowing they could run multiple stores.
  • In large deals where a variety of assets were acquired, we backed out the value of cultivation/manufacturing assets based on comparable transactions when available.
  • We strive to be comprehensive but we may not have caught every deal, and in some cases, the MSO may have deemed a small acquisition as immaterial.
  • In addition to the Cannabiz Intelligence platform, the team derived deal data from SEC and SEDAR filings as well as company press releases, investor decks, and investor relations staff.


Ed Keating is a co-founder of Cannabiz Media and oversees the company’s data research and government relations efforts. He has spent his career working with and advising information companies in the compliance space. Ed has managed product, marketing, and sales while overseeing complex multijurisdictional product lines in the securities, corporate, UCC, safety, environmental, and human resource markets.

Shea Sanford is Product Manager for Cannabiz Media’s Cannabiz Intelligence product.  He’s responsible for sleuthing out corporate transactions and keeping track of MSOs, SSOs, REITs, SPACs and any other acronyms we can find.

Cannabiz Media customers can stay up-to-date on these and other new licenses through our newsletters, alerts, and reports modules. Subscribe to our newsletter to receive these weekly reports delivered to your inbox. Or you can schedule a demo for more information on how to access the Cannabiz Media License Database yourself to dive further into this data.


Debra BorchardtMarch 30, 2022


Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced its results for the quarter and full-year ended December 31, 2021. In the fourth quarter, Trulieve delivered revenue of $305.3 million, which was an increase of 81% over the fourth quarter of 2020 and 36% sequentially over the third quarter. The company reported a net loss of $71.5 million in the quarter and an adjusted net income of $1.8 million, which excludes $73.3 million of the non-recurring fair value of inventory step-up, transaction, acquisition, and integration charges primarily associated with the Harvest acquisition. the earnings per share was a loss of ($0.49) per share which missed the Yahoo Finance average analyst estimate for a loss of $0.18) cents per share.

Full Year Results

For the full year of 2021, Trulieve reported that revenue increased 80% year over year to $938.4 million in 2021. The company also delivered a net income of $18 million and adjusted net income of $123.4 million, which excluded $105.4 million of non-recurring compensation, the fair value of inventory step-up, and transaction, acquisition, and integration charges primarily associated with the Harvest Health & Recreation Inc. (“Harvest”) acquisition. The company said it had rebranded and reopened fourteen legacy Harvest dispensaries in Florida during October as required following the Harvest acquisition.

“2021 was a phenomenal year for Trulieve, full of monumental achievements, punctuated by the completion of the Harvest acquisition,” said Kim Rivers, Trulieve CEO. “We delivered another record year while making substantive progress toward achieving our long-term goals.”


Trulieve is introducing 2022 guidance with expected revenue in the range of $1.3 billion to $1.4 billion and adjusted EBITDA in the range of $450 million to $500 million. Based on its current forecasts, the company said it expected to realize improved performance in the second half of 2022 relative to the first half of 2022.

Rivers continued, “Our team built upon our established track record of success, further expanding our distribution network through our hub strategy while setting the stage for continued growth. In 2022 we expect to deliver improved performance as our efforts to optimize assets and teams across our platform provide meaningful contributions to our results.”

Expansion Continues

Trulieve continues to open dispensaries at a breathless pace. The company added 58 dispensaries in the fourth quarter including 49 acquired through Harvest and Purplemed, 9 opened in FloridaPennsylvania, and West Virginia, and completed the relocation of two dispensaries in Florida. Overall, the company added 84 dispensaries in 2021, increasing retail footprint by 112% to 159 retail locations nationwide at year-end. It finished the year with operations in 11 states and 30% of its retail locations outside of the state of Florida.



StaffFebruary 16, 2022



Valda Coryat, Chief Marketing Officer, Trulieve (OTC: TCNNF)

When did you formally enter the cannabis space?

I formally joined the cannabis industry in December 2019 after spending over 25 years in marketing, building brands at both Fortune 500 companies and private-equity-backed ventures. I saw so many new growth opportunities in cannabis – and what better way to cut my teeth in this emerging industry than to lead marketing at one of the largest MSOs in the country?

Before joining Trulieve, I served as the Director of Marketing at the National Mango Board and spoke at many food-and-beverage industry conferences. There, I noticed several cannabis entrepreneurs presenting how cannabis fits into the sector’s future. This piqued my interest, and the more I looked into the cannabis industry, the more I realized how I could apply my skills to add value within this space. Now, I’ve been a part of this industry for just over two years, and it’s been incredibly rewarding to create a positive impact within so many local communities through this plant.

 What made you decide to work in the cannabis industry?

I saw the opportunity to channel my skills towards a greater cause and help companies make purpose-driven business decisions. Cannabis has been used as a healing modality for thousands of years by providing real relief for millions of people, and I believe in the natural benefits of the plant. It’s rewarding to know that I’m helping destigmatize the plant, change misperceptions and fight injustices brought on by the disastrous War on Drugs.

Since the industry is so new, there isn’t a marketing playbook to follow – and it’s exciting to write it in real-time. Every new market and brand launch is a valuable opportunity to fine-tune Trulieve’s approach to engaging with patients and consumers who come from varying experience levels, preferences, lifestyles and ages. The industry is full of bold, imaginative problem solvers, and it’s inspiring to build this space from the ground up with so many talented professionals.

Do you feel there is more opportunity for Black Americans in the cannabis industry vs a more traditional industry? Yes or no and why?

Cannabis is still a relatively young industry and I believe there are relatively more entry points for Black professionals to become leaders in this space. At the same time, it’s clear that Black Americans need more representation in the regulated industry, and there are numerous opportunities to make this space more equitable and inclusive.

Black Americans played a tremendous role in creating the vibrant cannabis culture that exists today, and established companies have a responsibility to rectify the social and economic disparities created by the War on Drugs by investing resources into initiatives like expungement and partnering with Black-owned brands and suppliers.

While capital remains one of the main barriers to entry on the industry’s plant-touching side, there are still numerous ancillary opportunities that Black entrepreneurs can pursue. I encourage Black professionals to look beyond owning a dispensary – we need marketers, lawyers, coders and a host of other business skills to grow this evolving industry.

 What is the most successful social equity effort in your opinion?

There are several nonprofits driving profound industry-wide change, but the Last Prisoner Project stands out. Although the regulated cannabis space is growing at breakneck speed and is now increasingly accepted by the public, there are still thousands of individuals incarcerated for nonviolent cannabis charges.

Last Prisoner Project addresses this head-on by not only providing pro-bono legal services but supporting local expungement efforts and offering critical reentry programs. Trulieve has been a long-time partner of the organization and will continue to donate and raise awareness to support this impactful team.

What is your personal goal for 2022?

I want to create more pathways for Black folks with a variety of skills to enter the cannabis industry and thrive. This means developing deeper relationships with more Black vendors and suppliers and featuring more local Black-owned brands in Trulieve’s dispensaries. As an executive at the largest MSO in the country, I am also personally committed to mentoring and supporting more Black professionals, both within Trulieve and in the industry at large. I hope to utilize my professional circles and resources to foster new connections within the Black business community and create a welcoming environment for aspiring entrepreneurs of color.

StaffFebruary 15, 2022


With so many deals never making it to the finish line, two cannabis companies closed on strategic deals today.


Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) completed the acquisition of an operational 64,000 sq. ft. cultivation facility in Phoenix, Arizona. Trulieve said it will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements.

“We are excited to close this acquisition which is in line with our strategic priorities,” said Kim Rivers, CEO of Trulieve. “The facility strengthens Trulieve’s presence in the cornerstone market of our Southwest hub, as well as expands our cultivation capacity. We look forward to serving more patients and customers throughout Arizona with our high-quality, proprietary brands.”

The new cultivation facility immediately improves supply chain capacity and becomes Trulieve’s fifth cultivation facility in Arizona, supporting Trulieve’s 17 dispensaries in the state of Arizona with flower for medical patients and adult-use customers. Trulieve locations in Arizona include AvondaleCasa GrandeChandlerCottonwoodGlendaleGuadalupe, Lake Havasu, MesaPeoriaPhoenixScottsdaleTempe and Tucson.

Ayr Wellness

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has closed the acquisition of Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers and water-soluble tinctures.

“Bringing Levia into the Ayr family represents a key addition to our portfolio of high-quality, branded offerings,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “We look forward to expanding the presence of Levia’s seltzers and water-soluble tinctures across our multi-state footprint, while bringing new, innovative form factors to life, like beverage enhancers. With a fast-acting formula and great taste, we believe Levia will be a crucial component in expanding our reach to new and existing consumers who seek a predictable and familiar cannabis experience.” Levia uses a proprietary technology that provides for rapid onset of the effects of THC, typically 15-20 minutes with lasting effects up to 3 hours, allowing for a more consistent consumption experience compared to many edible products, which often take longer.

StaffDecember 28, 2021


Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has acquired PurpleMed Healing Center in Tucson, Arizona. It must’ve been a bargain since the company said in a statement that the “Consideration paid for the acquisition was deemed immaterial”. Located at 1010 S Freeway in Tucson, the retail operation is being rebranded to Harvest House of Cannabis and will open Wednesday, Dec. 29 at noon.

“Trulieve is excited to expand our footprint in Tucson and add a second location in the state’s second-largest market,” said Kim Rivers, CEO of Trulieve. “We look forward to serving patients and customers at both of our Tucson-area locations and building strong relationships in the community.” Trulieve-affiliated dispensary locations in Arizona include Avondale, Casa Grande, Chandler, Cottonwood, Glendale, Guadalupe, Lake Havasu,  Mesa, Peoria, Phoenix, Scottsdale, Tempe, and Tucson.

No Holiday Break For Openings

Trulieve hasn’t taken any rest time during the holidays. Last week Trulieve announced the opening of a new medical cannabis dispensary in Port Richey, Florida. The Port Richey location is Trulieve’s 112th dispensary in Florida and its 159th nationwide, following the relocation of the Tampa North Dale Mabry medical dispensary.

“Trulieve’s top priority is providing safe, reliable and natural relief to the growing number of patients in the state,” said Kim Rivers, CEO of Trulieve. “As with every location we open, we are honored and excited to build patient connections in Port Richey by providing an unrivaled retail experience with the industry-leading brands they can trust.”

On December 21st, The company opened its eighth medical cannabis dispensary in the Tampa area. Grand opening festivities included St. Petersburg-based Craft Tee custom t-shirt printing, music, and numerous partner giveaways. As always, all first-time guests are eligible for a 50% new customer discount at any Florida-based location. Trulieve also offers statewide home delivery, convenient online ordering, and in-store pickup.

Debra BorchardtNovember 24, 2021


SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) released financial results for the third quarter ending September 30, 2021, with revenue rising to $10.1 million versus last year’s $7.9 million for the same time period. Slang said that the acquisition of High-Fidelity, Inc. resulted in approximately $1.1 million in revenue during the quarter. the net loss was trimmed slightly to $5.6 million versus last year’s net loss of $5.9 million.

Slang’s new interim CEO Drew McManigle said, “With the significant support from our respected strategic and investor partners, I look forward to utilizing my extensive experience in repositioning corporate operations to assist in the transformation of the SLANG operating platform. This transformation will be based on a refined strategy to appropriately position the Company to achieve future sustainable revenue growth.” McManigle was handed the reins in a major shift of executive management at the company just a few weeks ago. The move saw the exodus of CEO Chris Driessen and numerous board members.

While the repositioning is meant to address the lack of performance, the company quickly crowed about the accomplishments of the third quarter saying Slang’s brands continued to earn market-leading positions in its core markets of Colorado and Vermont. “Highlights include: O.pen ranked as the #1 vape cartridge in Colorado; Firefly Mini was the #6 and O.pen was the #5 disposable vaporizer in Colorado; Bakked was the #6 dabbable distillate in Colorado; District Edibles was the #12 gummy in Colorado; Pressies was the #6 pill in Colorado (Source: BDSA.)” The products, however, weren’t selling as well in Oregon and that seems to be why the company decided to exit the market.

Despite the high product rankings, the company seems to be burning through cash as it was down to $3.5 million of cash and cash equivalents on September 30, 2021, versus $6.5 million on December 31, 2020, and $9.7 million at June 30, 2021. Slang said the decrease in cash though was primarily due to $5 million of transaction expenses related to the Hi-Fi acquisition.

Trulieve To The Rescue

Slang’s strategic partner Trulieve came through with term-loan financing for aggregate gross proceeds of $17.3 million. The financing came with conditions including the company is required to allocate a minimum of 50% of the aggregate proceeds to complete the development and integration of the Vermont operations. Further to building out the Vermont operations, the company will shift its focus to efficiently refining the product mix according to the state’s most popular consumer preferences, as well as creating significant efficiencies across the financial and operational cycle. The financing also stipulated that McManigle step into the top role.

Mr. McManigle continued, “During the third quarter, SLANG deepened its strategic partnership with Trulieve, expanding product availability into new markets exclusively through Trulieve retail locations, and further securing opportunities for additional revenue over the long-term. In the short time, I’ve been appointed to manage the strategic transition and transformation of SLANG, we’ve made substantial progress in evaluating the go-forward structure, effectively executing prudent measures beginning with consolidating core market operations and refining our product mix. We are confident in our rightsizing agenda to create a future path to profitability, and ultimately deliver attractive returns to our shareholders.”

Focus On Colorado/Vermont

The company said in a statement that under the newly appointed leadership a redirection in the company’s focus on regions within the current platform that displays strong consumer demand for the profitable cannabis brands in the company’s product portfolio. As a result, the company has determined its Core Markets going forward will be tapered to Colorado and Vermont, where a properly executed growth strategy has the potential to produce a sustainable and profitable revenue stream. The ongoing consolidation process of the supply chain in the Core Market of Colorado, where the company currently recognizes wholesale revenue from sales of its leading brands directly from retail channels, will create synergies and operating efficiencies to contribute to go-forward revenue recognition.

As part of this process, Slang will work toward further consolidating its manufacturing and distribution segments, and divesting several licenses in the state, as well as its cultivation facility. Relative to the Core Market of Vermont, the Hi-Fi acquisition, in conjunction with the significant Loan Transaction led by industry-leading strategic partners and noteworthy shareholders, represents a catalyst for considerable growth opportunities as the Company continues its effort to capitalize on an integrated SLANG platform while strictly pursuing highly profitable lines of revenue.

Debra BorchardtNovember 16, 2021


SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) announced the departure of several top executives and a new financing deal with Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) along with two existing significant shareholders, Pura Vida Investments and Seventh Avenue Investments for $17.3 million.

Executive Overhaul

Slang’s CEO Chris Driessen has resigned and Drew McManigle has been appointed interim CEO and Chairman. McManigle also succeeds Peter Miller as Chairman of the Board and while Miller remains a director of the Company. Driessen has been with the company since its early days as the Organa Vape brand, which commanded a big market share in Colorado in the early days of adult-use sales. McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC and he plans on tapping Macco’s resources for rapid strategic reviews and business plan implementation.

In addition to those changes, Driessen, Chris Donnelly, Kelly Ehler, Keith Stein, and Robert Verdun have all resigned from the Board, effective immediately.

“I’m excited about the opportunity to lead SLANG and further develop its established operating platform in the cannabis industry. My focus is on assuring SLANG is both operating efficiently and profitably capitalizing on new growth opportunities” said interim CEO and Chairman Drew McManigle. “Our top priority is the evolution of SLANG and its strategic positioning. The concurrent financing round represents a vote of confidence from a leading industry partner, Trulieve, and two of our largest shareholders, Pura Vida and Seventh Avenue.”

Downsizing Oregon

Slang also decided to reduce its Oregon operations and will consolidate production to its Colorado facility. Thus, Slang is pivoting its strategic agenda and focusing on its core markets of Colorado and Vermont. McManigle is said to lead the company to success by leveraging its core platform to drive near-term profitability and tactfully guide the company’s long-term strategy in connection with his appointment.

Trulieve Loan

Trulieve, Pura Vida, Seventh Avenue, and other investors will provide SLANG a loan of $17.3 million, which is subject to an original issue discount of 3% and will have a three-year term and a PIK interest rate of 9.75%, compounded quarterly, with the entire outstanding balance, including interest, becoming due and payable on third anniversary of the Loan Transaction . Additionally, SLANG will pay the Lenders an aggregate total amount equal to $3.6 million on the earlier of: (i) the Maturity Date; and (ii) any date of prepayment of the Initial Loan Amount. At least 50% of the loan proceeds will be allocated to the development of operations in Vermont to achieve long-term profitability and further execute strategic growth objectives.

“Our investment in SLANG underscores the success of our strategic partnership, as well as our commitment to providing the trusted and reliable brands our customers rely on,” said Kim Rivers, CEO of Trulieve. “Since beginning our exclusive partnership in Florida, we have been able to bring SLANG to additional markets, expanded into wholesale, and now look forward to continued growth at scale and mutual success as we strive to provide our customers with the highest-quality products and unparalleled experience they can expect at Trulieve.”


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