Zinger Key Points
- SLANG Worldwide Inc. confirmed Tuesday that it is entering receivership in Colorado and declared bankruptcy in Canada.
- This decision follows the company’s expectation that it will not be able to repay amounts owed under its credit agreement maturing Nov. 15.
- Feel unsure about the market’s next move? Copy trade alerts from Matt Maley—a Wall Street veteran who consistently finds profits in volatile markets. Claim your 7-day free trial now.
SLANG Worldwide Inc. SLNG SLGWF confirmed Tuesday it is entering receivership in Colorado and declared bankruptcy in Canada. The Toronto-based cannabis company finalized a wind-down plan for its assets and subsidiaries with its secured lenders. This decision follows the company's expectation that it will not be able to repay amounts owed under its credit agreement, which matures on Nov. 15, 2024.
Under the wind-down plan, the company will pursue several steps. It plans to dispose of its Colorado assets through a receivership process involving its Colorado subsidiaries. In Canada, the company will file for bankruptcy under the Bankruptcy and Insolvency Act. In Vermont, its subsidiaries may sell their assets, with any remaining assets assigned for the benefit of creditors, pending local regulatory approval.
Read Also: Global Cannabis Consumer Packaged Goods SLANG At Risk: $17.3M Debt And Revenue Drops Spell Trouble
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.
Despite the company's best efforts, it has been unable to attract a viable transaction to restructure its debts and/or seek any sales of the company or of its assets in the normal course. The decision to approve and enter into the wind-down plan was made after careful consideration of the current financial condition of the company and its subsidiaries, the company’s inability to pay its liabilities as they become due and negotiations between the company and the lenders.
The company anticipates that B. Riley Farber Inc. will be appointed as the trustee under the bankruptcy proceedings.
SLANG is one of several cannabis operators to go bankrupt recently, including California cannabis company StateHouse Holdings, MedMen, Eaze, Herbl, Green Dragon, and more.
Read Next: South Dakota Rejects Measure 29: Cannabis Legalization Fails Again
Photo: Courtesy of Smart Calendar via Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving—don’t get left behind!
Curious about what’s next for the industry and how to stay ahead in today’s competitive market?
Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.
Secure your spot now before prices go up—this is where the biggest deals and connections happen!
