Mr. John Moynan reports

SLANG WORLDWIDE RETAINS PGP CAPITAL ADVISORS IN CONNECTION WITH STRATEGIC ALTERNATIVES REVIEW

Slang Worldwide Inc. has retained PGP Capital Advisors LLC to assist in a review of its strategic alternatives. The board of directors has formed a committee of independent directors to assist Slang's management team and PGP in exploring, reviewing and evaluating strategic alternatives that may be available to the company to maximize shareholder value.

"The company has been successful in driving organic growth and streamlining operations. With each of our business segments continuing to produce positive net income, EBITDA [earnings before interest, taxes, depreciation and amortization] and cash flow, the company is in the best financial health that it's ever been," said John Moynan, chief executive officer of Slang. "Our flexible strategy has allowed us to adapt and succeed in a challenging industry. I believe that this review will provide us with options that could create greater long-term value for Slang and our shareholders as well as the ability to increase the scale of our business."

The company will evaluate a full range of strategic and financial alternatives, including, but not limited to, one or more of the following: a business combination, sale, divestiture, acquisition or merger that may involve all or part of its business or assets, restructuring, recapitalization, refinancing, or any other strategic transaction that may be identified during the strategic review. The company is evaluating these opportunities in order to explore synergies which may reduce the overhead costs associated with being publicly traded, provide opportunities to rapidly increase scale and market share, and to expand the overall product offering and footprint of Slang.

Financial and operational highlights:

• Strong financial position to support growth: The company announced cash and restricted cash of $11.2-million as of Aug. 15, 2023.
• Streamlined operations: The company posted its strongest adjusted gross margin to date in Q2 2023 of 54 per cent as a result of its success in streamlining operations.
• Colorado leadership: In the first half of 2023, sales of O.pen cartridges experienced significant growth, up by 16 per cent to 415,082 units from 357,924 units, during the same period in the previous year with the brand maintaining its position as the top performing vape cartridge in Colorado.
• Vermont leadership: The company established a first-mover position in Vermont with the opening of the state's first recreational cannabis stores and its expansion into the Vermont wholesale market. The company continues to lead and operate as one of Vermont's strongest cannabis operators.
• Legacy brand positioning: O.pen has demonstrated more than a decade of success in becoming one of the most recognized and best-selling vape brands in the country, selling over 12 million vape products since its inception in 2012.
• Strategic partnership: Slang brands are distributed across 12 states as a result of partnerships with best-in-class operators such as Trulieve, providing for brand performance and broad distribution.

Other than as described in this news release, the company has not set a timetable to complete the strategic review process and has not made any decisions related to strategic alternatives at this time. The company cautions that there are no assurances that the evaluation of strategic alternatives will result in the approval or completion of any specific transaction or outcome. The company does not intend to comment further unless and until the board of directors approves a specific transaction, concludes its review of strategic alternatives or determines that further disclosure is appropriate or required.

About Slang Worldwide Inc.

Slang Worldwide is the industry leader in branded cannabis consumer packaged goods, with a diversified portfolio of five distinct brands and products distributed across the United States. 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 global market opportunities and match evolving consumer tastes. The company has over a decade of experience operating in the nascent and highly regulated cannabis sector and its partners enjoy the benefits of that experience, with access to the Slang playbook for successful operations, sales and marketing.

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