TORONTO – SLANG Worldwide Inc.’s Colorado subsidiaries were placed into receivership by Order of Justice Goldberg of the District Court in Denver County, Colorado. The Receivership Order appointed Highline Financial Group LLC as receiver of the assets, undertakings and property of certain of the Company’s Colorado subsidiaries.
SLANG has received a conditional extension of the Company’s waiver and support agreement with, among others, the secured lenders under the Company’s credit and guaranty agreement dated November 15, 2021, as amended. Since the Company has not been able to repay amounts owing under the Credit Agreement, the Lenders and Company have agreed to extend the Support Agreement and continue to standstill and not take any steps under the Credit Agreement and related documents until the earlier of: (a) the date that is three (3) days following the date Lenders provide SLANG with written notice of the termination of the standstill period; (b) the occurrence of an Accommodation Termination Event (as defined in the Support Agreement); and (c) January 31, 2025. SLANG has agreed not to seek to impose a stay, or enjoin in any way the Lenders’ (and the administrative agent’s and credit agent’s) enforcement rights pursuant to the Credit Agreement or as otherwise provided by law.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is an industry leader in branded cannabis consumer packaged goods, with a diversified portfolio of five distinct brands and products distributed across the U.S. Operating in 13 legal cannabis markets nationwide.
