Marijuana MSO Slang Worldwide starts strategic review; is sale possible?

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Marijuana multistate operator Slang Worldwide could be putting itself on the auction block after the company hired outside advisers to launch a strategic review.

Toronto-based Slang said it hired PGP Capital Advisors and formed a committee of independent directors to look at strategic alternatives “to maximize shareholder value.”

Those options could include “a business combination, sale, divestiture, acquisition or merger that may involve all or part of our business or assets, restructuring, recapitalization, refinancing, or any other strategic transaction,” Slang said in a news release.

Slang said it aims to cut “overhead costs associated with being publicly traded” as well as boosting its “scale and market share” and growing its “overall product offering and footprint.”

The strategic review does not have a specific timeline, according to the release.

Slang describes itself as a “branded cannabis consumer packaged goods” company that operates in 13 different legal cannabis markets.

The company expects to report third-quarter earnings on Nov. 28.

Slang shares trade as SLNG on the Canadian Securities Exchange and SLGWF on U.S. over-the-counter markets.

The shares have lost more than 99% of their value since listing in early 2019.

In September, the former owner of Vermont cannabis company High Fidelity filed a lawsuit against Slang alleging that the MSO failed to disclose key financial details while acquiring the parent company of marijuana retailer CeresMed.