Toronto-based Slang Worldwide (CSE: SLNG) (OTCQB: SLGWF) became the latest multistate cannabis company to go belly-up, with an announcement Tuesday that it is entering receivership in Colorado and declaring bankruptcy in Canada, effectively closing up shop.
Slang “finalized a wind-down plan,” the company stated in a press release, after noting it has debts maturing this month that it simply cannot pay.
That includes a $17.3 million loan that’s coming due along with multiple smaller loans, primarily to lenders Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), Pura Vida Investments and Seventh Avenue Investments, according to regulatory filings.
At the close of the second quarter this year, Slang had a working capital deficit of the same amount as the loan, $17.3 million, according to regulatory filings. In its most recent quarter, Slang reported quarterly net losses of $8.3 million and year-to-date losses of $12.7 million as…
