SLNG - SLANG Worldwide Q1 Revenue Drops 35% YoY Touts E-Commerce Segment Improvement Thanks To CBD Gummy Brand | Benzinga
Cannabis consumer packaged goods company, SLANG Worldwide Inc.(CSE:SLNG) (OTCQB:SLGWF) released its financial results Thursday for the first quarter ended ended March 31, 2024. The Toronto-headquartered company announced revenue of CA$7.03 million ($5.13 million), down from CA$10.8 million.
The company attributed revenue declines to increased competition in recreational cannabis stores in core markets in Vermont and Colorado, offset by increases in its wholesale channel in Vermont and a decline in the overall cannabis market in Colorado.
“Our results for the first quarter demonstrated the importance of SLANG’s diversified strategy as well as our commitment to our disciplined, efficient business model,” stated John Moynan, chief executive officer of SLANG. “While we saw softness in our Core Markets in the first quarter, we mitigated the impact on our business with increased sales in our newer, higher-margin e-commerce channel, our Vermont wholesale channel and across our Emerging Markets, and by reducing ...