SLANG Worldwide Enters into Waiver and Support Agreement with Secured Lenders in Anticipation of Upcoming Maturity Date

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Toronto, Ontario--(Newsfile Corp. - October 9, 2024) - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company"), a global cannabis consumer packaged goods company with a diversified portfolio of popular brands, today announced that it has entered into a waiver and support agreement (the "Support Agreement") with, among others, the secured lenders (the "Lenders") under the Company's credit and guaranty agreement dated November 15, 2021, as amended (the "Credit Agreement") given the upcoming maturity date under the Credit Agreement of November 15, 2024 (the "Maturity Date").

Pursuant to the Support Agreement, the Lenders have agreed to a standstill and to not take any steps under the Credit Agreement, related guarantees and security documents until the earlier of: (i) the Maturity Date, and (ii) the occurrence of certain specified termination events, in exchange for a payment of US$1.75 million and enhanced reporting covenants from the Company during the term of the standstill period. The Company does not anticipate being able to repay amounts owing under the Credit Agreement at the Maturity Date.

In light of this and in advance of the Maturity Date, the Company's board of directors (the "Board") and management have been working with their advisors to carefully consider the current financial condition of, and all available alternatives available to, the Company and its subsidiaries. The Board has approved entering into the Support Agreement, which also provides for the potential sale, liquidation and/or wind down of the Company's existing operations and assets (the "Process"). The Company has engaged B. Riley Farber Inc. to act as an advisor to the Company and to help facilitate and assess these steps. The Company will provide additional details as the Process progresses in accordance with a plan to be agreed upon with the Lenders.

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, SLANG specializes in acquiring and developing market-proven regional brands, as well as launching innovative new brands to seize market opportunities and match evolving consumer tastes. Its product pipeline from uniquely positioned and scalable brands like O.pen, Alchemy Naturals, Ceres, and Firefly have a proven track record of success with the brands consistently ranking among the top performers in the states where SLANG operates. Learn more at slangww.com.