SLANG Worldwide Announces $17.3 Million USD Financing from Trulieve Cannabis Corp. and Two Other Firms, Executive Leadership Transition

Heady Vermont Staff 16 Nov 2021

Editor’s Note: This press release is directly from the SLANG Worldwide website, and is published in full here because it is important and relevant Vermont medical marijuana community news.

TORONTO, Ontario — SLANG Worldwide Inc., a leading global cannabis consumer packaged goods company with a diversified portfolio of popular brands, today announced a term-loan financing  with Trulieve Cannabis Corp., a leading and top-performing cannabis company based in the United States, and two existing significant shareholders of the Company, Pura Vida Investments and Seventh Avenue Investments for aggregate proceeds of $17.3 million USD.

At least 50% of the loan proceeds will be allocated to the development of operations in Vermont to achieve long-term profitability and further execute strategic growth objectives. In addition, the Company’s board of directors has appointed Drew McManigle as interim Chief Executive Officer and Chairman of the Board, effective November 15th. Mr. McManigle succeeds Chris Driessen as Chief Executive Officer, upon his departure from the Company. Mr. McManigle also succeeds Peter Miller as Chairman of the Board and Mr. Miller remains a director of the Company.

Drew McManigle’s appointment as interim CEO and Chairman provides SLANG with proven leadership with experience across a variety of industries to strengthen SLANG’s position as a specialty focused, nimble, pragmatic organization. This leadership transition, integrated with the overall strategic transformation, positions the Company to successfully capitalize and build upon its platforms in Colorado and Vermont to drive profitable growth, while taking a carefully crafted and prudent approach to evaluating and capturing additional future growth opportunities.

“Our investment in SLANG underscores the success of our strategic partnership, as well as our commitment to providing the trusted and reliable brands our customers rely on,” said Kim Rivers, CEO of Trulieve. “Since beginning our exclusive partnership in Florida, we have been able to bring SLANG to additional markets, expanded into wholesale, and now look forward to continued growth at scale and mutual success as we strive to provide our customers with the highest-quality products and unparalleled experience they can expect at Trulieve.”

“I’m excited about the opportunity to lead SLANG and further develop its established operating platform in the cannabis industry. My focus is on assuring SLANG is both operating efficiently and profitably capitalizing on new growth opportunities” said interim CEO and Chairman Drew McManigle. “Our top priority is the evolution of SLANG and its strategic positioning. The concurrent financing round represents a vote of confidence from a leading industry partner, Trulieve, and two of our largest shareholders, Pura Vida and Seventh Avenue.”

Mr. McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC. He brings both wide-ranging experience, derived from a variety of industries, as well as a solutions-driven leadership style that has led to successful outcomes in numerous complex situations. As interim CEO and Chairman, Mr. McManigle will have oversight over key strategic, operational and financial functions. In addition to existing SLANG management, Mr. McManigle will also have the added support of members of MACCO who will provide senior level operating and financial expertise to enable rapid strategic reviews and business plan implementation.

While at MACCO, Drew has held several leadership and fiduciary roles, including interim CEO and CRO. He has also served as an independent director. Prior to MACCO, Mr. McManigle was a principal of his own firm for 22 years. He had previously been employed by a Fortune 500 healthcare services company and had established the Houston office for a California-based advisory firm. He attended Texas Tech University and received his bachelor’s degree from the University of Houston.

The Company further announces that it has accepted the resignation of each of Chris Donnelly, Chris Driessen, Kelly Ehler, Keith Stein and Robert Verdun from the Board, effective immediately. The Company acknowledges each of the departing members of the Board for their support and contributions to the Company.

To support the leadership transition, the Company has entered into an agreement with Mr. Driessen to provide transitional services to the Company in exchange for certain cash payments and the issuance of 600,480 Common Shares on the date hereof, as well as future share-based payments.

Under the terms and conditions of the Loan Transaction, Trulieve, Pura Vida, Seventh Avenue, and other investors will provide SLANG a loan of $17.3 million USD, which is subject to an original issue discount of 3% and will have a three-year term and a PIK interest rate of 9.75%, compounded quarterly, with the entire outstanding balance, including interest, becoming due and payable on third anniversary of the Loan Transaction, or the Maturity Date. Additionally, SLANG will pay the Lenders an aggregate total amount equal to $3.6 million USD (together with the Initial Loan Amount) on the earlier of: (i) the Maturity Date; and (ii) any date of prepayment of the Initial Loan Amount. In addition, the Company has granted the Lenders an option to, at any time on or prior to the Maturity Date, convert any portion of the Loan Amount, including the earned interest thereon, into common shares of the Company at a price per Common Share equal to $0.1273 USD. The Loan Amount is secured by a first secured ranking on the assets of SLANG, guaranteed on a senior secured basis by certain of SLANG’s subsidiaries. The proceeds of the Loan Transaction will be used for both working capital and to fund the development of SLANG’s Vermont operations.

In addition, the Company has decided to reduce its Oregon operations and will consolidate production to its Colorado facility. Therefore, in the near term, the Company is pivoting its strategic agenda and focusing on its core markets of Colorado and Vermont. Mr. McManigle will lead the Company to success by leveraging SLANG’s core platform to drive near term profitability and tactfully guide the Company’s long-term strategy in connection with his appointment.

Origially published on SLANG Worldwide.

About SLANG Worldwide Inc.

SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. SLANG specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. For more information, please visit

About MACCO Restructuring Group

MACCO Restructuring Group, LLC ( is a middle-market focused interim leadership and financial advisory practice with 17 highly experienced and talented professionals. Based in Houston, MACCO has offices in Las Vegas, Denver, Oklahoma City, Wilmington, DE, and New York City. MACCO’s professionals possess real world business experience and have led and managed companies, acted as CEOs, CROs, CFOs, as senior lenders or in fiduciary roles such as operating chapter 11 trustee, assignee, and receiver.

About Trulieve

Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. Learn more at:

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