Q1 2019 Quarter Report All figures in CDN$ unless otherwise noted - - PowerPoint PPT Presentation

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Q1 2019 Quarter Report All figures in CDN$ unless otherwise noted May 30, 2019 CNSX: SLNG | Frankfurt: 84S Disclaimer DISCLAIMERS This presentation of SLANG Worldwide Inc. (the Company or SLANG) is for information only and

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May 30, 2019

CNSX: SLNG | Frankfurt: 84S

Q1 2019 Quarter Report

All figures in CDN$ unless otherwise noted

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SLANG WORLDWIDE

Disclaimer DISCLAIMERS This presentation of SLANG Worldwide Inc. (the “Company” or “SLANG”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is based on publicly available information, internally developed data and other sources. Where any opinion or belief is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion or belief only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. SLANG disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual’s circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances. The information contained in this presentation is not directed to persons or entities resident in the United States and does not constitute an offer or solicitation of an offer of securities in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. FORWARD-LOOKING STATEMENTS Certain statements included herein, including those that express management’s expectations or estimates of the Company’s future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “potential” or the negative of these terms or other similar

expressions. Forward-looking statements are based on certain assumptions regarding the Company’s expected growth, results of operations, performance, industry trends and growth opportunities. Forward-looking statements are necessarily based upon a number of estimates and

assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Readers are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the possibility that the Company will be unable to successfully integrate businesses and the risks associated with international and foreign operations and the other risks identified under the headings “Risk Factors” in the Company’s final long form prospectus dated January 17, 2019, and “Risks and Uncertainties” in the Company’s management discussion and analysis for the year ended December 31, 2018 and three months ended March 31, 2019, each as filed on SEDAR at www.sedar.com. The forward-looking statements contained herein reflect the Company’s current views with respect to future events, and except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise. FUTURE ORIENTED FINANCIAL INFORMATION To the extent any forward-looking information in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading “Forward-Looking Statements”. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presented for illustrative purposes only and may not be an indication of the Company’s actual financial position or results of

perations.

USE OF NON-IFRS MEASURES This presentation refers to EBITDA and Adjusted EBITDA which are non-IFRS financial measures that the Company uses to assess its operating performance. EBITDA is defined as net earnings (loss) before net finance costs, income tax expense (benefit) and depreciation and amortization

expense. The Company defines Adjusted EBITDA as EBITDA adjusted for other non-cash items such as the impacts of unrealized fair values, share based compensation expense, impairments, one-time gains and losses, and one-time revenues and expenses. This data is furnished to provide

additional information and is a non-IFRS measure and does not have any standardized meaning prescribed by IFRS. The Company uses these non-IFRS measures to provide investors and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties frequently use these non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate these non-IFRS measures differently than the Company, these metrics may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for deterring net loss as an indicator of operating results or as a substitute for cash flows from operating and investing activities. BRANDED UNITS AND BRANDED SERVINGS This presentation refers to “Branded Units” which represents the number of branded SLANG products sold at retail to a consumer - each Branded Unit represents one finished good. Also included in Branded Units are certain products licensed to, or distributed by, SLANG’s brand licensees (the “SLANG Network”) and for which the Company provides marketing support and from the sale of which it derives income. This presentation also refers to “Branded Servings” which volume represents the number of times a consumer engages with, or experiences, one of SLANG’s branded products. A Branded Serving is a unit of measurement in milligrams (“mg”) of cannabinoid content delivered to a consumer. SLANG considers 5 mg to be one (1) Branded Serving. MARKET RESEARCH AND PUBLIC DATA This presentation contains or references certain market, industry and peer group data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believe these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this presentation and accordingly, the accuracy and completeness of such data is not guaranteed. This document may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. Any forwarding, distribution or reproduction of this document, in whole or in part, is unauthorized. By accepting and reviewing this document, you acknowledge and agree to not utilize any of the information contained herein except to assist with your evaluation of the Company.

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SLANG WORLDWIDE

n Q1 2019 Financial Highlights n Branded Unit Sales n Retail Sales n The SLANG Network n Q1 2019 Highlights & Key Subsequent Events n Q1 Financial Highlights n 2019 Guidance n Q&A

Agenda

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SLANG WORLDWIDE

Q1 2019 HIGHLIGHTS

1M

Branded Units Sold

$32M

Retail Sales of Branded Units (1)

$5M

Full Quarter Revenue(2)

56%

Gross Margin

Q1 2019 Highlights

1) Please see “Branded Units and Branded Servings” 2) SLANG completed the acquisitions of National Concessions Group, Inc. (“Organa Brands IP Portfolio”) and NWT Holdings, LLC (“Firefly”) on January 22, 2019 (the “Acquisitions”). This amount includes operating revenue of Organa Brands IP Portfolio and Firefly from January 1, 2019. Revenue from January 1 to March 31, 2019, excluding revenues of Organa Brands IP Portfolio and Firefly prior to the acquisitions was $4 million.

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SLANG WORLDWIDE

Key messages

n Good start to 2019 through Q1 n Strong Retail Sales performance and demand for Slang’s portfolio of brands and products

Over 1 million branded units sold — Branded unit volume represents the number of finished good products purchased by consumers. This metric helps measure brand

performance and illustrates how consumers are voting with their dollars.

52M Branded servings (avg of 600,000+ branded servings a day) - Branded servings volume, which measures the number of 5 mg cannabinoid servings (lowest

regulatory denominator on max serving size), helps the Company track the number of experiences consumers are having with SLANG brands. Brand experiences lead to brand loyalty, which is core to creating sustained brand value.

$32M in retail sales – Retail sales is a measure of the gross merchandise value generated by retailers through the sale of SLANG’s branded products. It serves as a

comparison for SLANG to other United States Multi-State Operators that primarily generate revenue from retail operations.

2,600 retail stores selling branded products from Slang’s Portfolio – The number of retail stores is a measure of SLANG’s total distribution footprint, indicating both

market penetration and revenue concentration. The Company’s ability to build brands relies heavily on the broad availability of SLANG products. SLANG has one of the largest distribution footprints in the industry, and revenue is spread across a large number of retail accounts.

n Full Quarter Q1 2019 Revenue of $5M(1)

Q1 2019 revenue is primarily comprised of brand licensing activities and does not include economics generated by supply chain assets (manufacturing, wholesale,

distribution) in the Slang Network that are held under option via the Organa Brands acquisition.

Firefly did not make a material financial contribution to Q1 as it was between product cycles and the new device was released on May 28, 2019
Integration of acquired assets underway, productivity and synergy capture expected throughout 2019.

n Expected continued growth from business operations, organic, M&A, geographic expansion and new SLANG Health & Wellness CBD division. n The company anticipates pursuing the exercise of its option to acquire the Organa Brands’ manufacturing and distribution assets to potentially unlock economics from manufacturing, wholesale and distribution activities in future reporting periods. n Full-year annualized guidance of $130M - $160M with SLANG Network assets consolidated

KEY MESSAGES

1) This amount includes operating revenue of Organa Brands IP Portfolio and Firefly from January 1, 2019. Revenue from January 1 to March 31, 2019, excluding revenues of Organa Brands IP Portfolio and Firefly prior to the Acquisitions was $4 million. 2) The exercise of the Company’s options to acquire Allied Concessions Group, Inc. (“Organa Brands Manufacturing Entity”) and NS Holdings, Inc. (“Organa Brands Distribution Entity”) and potential acquisition thereof is subject to the terms and conditions of the applicable options agreements.

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SLANG WORLDWIDE

Branded Unit Sales

1M

BRANDED UNITS SOLD IN Q1

(1)

1) Please see “Branded Units and Branded Servings”

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SLANG WORLDWIDE

Branded Servings

52M

Q1 BRANDED SERVINGS

(1)

1) Please see “Branded Units and Branded Servings”

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SLANG WORLDWIDE

RET AIL SALES

Retail Sales

SLANG actively tracks the gross merchandise value generated by retailers through the sale

f its branded products. This metric serves as a comparison for SLANG to other US Multi-State

Operators that primarily generate revenue from retail operations.

Q3 2019: $37M Q4 2018: $32M Q1 2019: $13M Q1 2019: $21M Q4 2018: $17M Q4 2018: $2M

Q1 RET AIL SALES OF BRANDED UNITS(1): RET AIL SALES OF MSO’S(2)

$25M

1) Please see “Branded Units and Branded Servings” 2) Source: Public Filings

All figures in USD

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SLANG WORLDWIDE

Q1 P&L Snapshot

BROAD DISTRIBUTION

Products from the SLANG Worldwide Brand Portfolio are available in 2,600+ retail stores –

ne of the largest distribution footprints in the cannabis industry.

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SLANG WORLDWIDE

World Leader

SLANG OWNS LEADING BRANDED CANNABIS PRODUCTS AND CREA TES V ALUE THROUGH THE GROWTH AND SALE OF ITS BRANDED PRODUCTS.

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SLANG WORLDWIDE

How we make money

HOW WE MAKE MONEY

In Q1, the Company generated revenues and cash flows in two primary ways:

Collecting licensing fees and selling certain product components such as

flavouring concentrates/bases, packaging and hardware pieces

Selling certain non-plant touching products, such as our Firefly vaporizer

We generally sell these products to our brand licensees within The SLANG Network. The SLANG Network is a combination of licensed cannabis manufacturers, distributors and ecommerce distribution platforms that sell our branded products in 11 US states, and in over 2,600 stores. The SLANG Network provides a capital efficient and scalable platform through which SLANG drives brand value creation. Through this network, we continue to expand our presence in both established and emerging cannabis markets around the world.

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SLANG WORLDWIDE

The SLANG Worldwide Network

THE SLANG NETWORK

We are a global business that operates on a local scale, in every community where we do business. We are able to create global reach with local focus because of the strength of the SLANG Network, which comprises our company and our network partners worldwide. The SLANG Network is not a single entity from a legal or managerial perspective, and the company does not own or control all of our network partners. While many view our company simply as “SLANG“, our network operates through multiple local channels. The primary way that our products reach the marketplace starts with SLANG, which manufactures and sells product formulation bases and packaging to SLANG Network operations. SLANG also owns the brands and is responsible for consumer brand marketing and sales initiatives. Our SLANG Network partners manufacture, package, and distribute final branded products to retail customers, who then sell our products to consumers. All network partners work closely with retail customers to execute localized strategies developed in partnership with SLANG. Retail customers then sell our products to consumers who experience over 600,000 branded servings a day(1).

1) Please see “Branded Units and Branded Servings”

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SLANG WORLDWIDE

How Slang Brands get to Market

HOW SLANG BRANDS GET TO MARKET

At the cannabis extraction and manufacturing stage of the SLANG Network, we have three types of business relationships: § Regulated extractors/manufacturers in which we own equity. § Regulated extractors/manufacturers in which we have binding options to own equity. § Regulated contract extractors/manufacturers which operate entirely at arm’s length. We authorize these manufacturers to produce and wholesale our branded goods to

retailers. Manufacturers in which our Company has no ownership interest or a non-

controlling ownership interest, represented the majority of worldwide branded unit sales in the quarter. Generally, the manufacturing operations in which we own equity or control, generate higher net operating revenue but lower gross profit margins than our

perations which sell licenses, ingredients, and components to third-party manufacturers.

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SLANG WORLDWIDE

Network Operations

NETWORK OPERA TIONS INHERENTL Y CAPTURE MORE OF THE TOP LINE ECONOMICS FROM P ARTICIP A TING IN MORE OF THE SUPPL Y CHAIN

3x – 6x

Average higher revenue than brand licensing revenue.

Network Operation Revenue

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SLANG WORLDWIDE

SLANG Business Structure

SLANG HAS BINDING OPTIONS TO ACQUIRE ASSETS WITHIN ITS NETWORK

“Organa Brands” was comprised of multiple entities – the Organa Brands IP Portfolio owned the brands, trademarks, SOP’s and formulations. The Organa Brands Manufacturing Entity and Organa Brands Distribution Entity own the supply chain assets that licenses the IP to manufacture, wholesale and distribute the branded products. As such, those assets capture the majority of the economics.

THE ORGANA BRANDS ACQUISITION EXPLAINED

PRE - ACQUISTION POST- ACQUISTION When SLANG acquired Organa Brands IP Portfolio on January 22 2019, it fully acquired the entity that owned the IP (brands, trademarks, SOP’s, formulations) and extended into binding options on the entities that owned and operate supply chain assets (manufacturing, wholesale, distribution). The options can be exercised subject to the terms thereof and the consideration shares are already contemplated in SLANGs fully diluted share count. When/If SLANG exercises these

ptions, SLANG will recognize their economics.

OWNED OPTIONED

Manufacturing Entity Distribution Entity

IP Entity

Brands, trademarks, SOP’s, formulations

Manufacturing Entity Distribution Entity

IP Entity

Brands, trademarks, SOP’s, formulations

Supply chain businesses that licenses the IP entities brands and then manufacture, wholesale, and distribute the finished products Supply chain businesses that licenses the IP entities brands and then manufacture, wholesale, and distribute the finished products

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SLANG WORLDWIDE

FL NM CO AZ NV CA OR ME MI V T WA PR Consolidating Assets

STRA TEGICALL Y CONSOLIDA TING ASSETS WITHIN THE SLANG NETWORK

1) The exercise of the Company’s options to acquire Allied Concessions Group, Inc. (“Organa Brands Manufacturing Entity”) and NS Holdings, Inc. (“Organa Brands Distribution Entity”) and potential acquisition thereof is subject to the terms and conditions of the applicable

ptions agreements.

Licensee and Network Partner Owned Network Assets(1) Minority Owned Network Asset and Licensing Partner

n As a result of the recent strategic initiatives, management is expecting to pursue the exercise of its options to acquire the Organa Brands Manufacturing Entity and Organa Brands Distribution Entity to own assets within the SLANG Network supply chain. n Upon closing of these transactions, SLANG will be in a position to include the economics from their operating activities in our financial results(1).

JA 2) Completion of the proposed transaction to acquire Arbor Pacific, Inc. is subject to, among other things, the negotiation and execution of a definitive acquisition agreement and related documents and the satisfaction or waiver of any conditions precedent (including the receipt

f any requisite regulatory and third-party approvals).

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SLANG WORLDWIDE

Portfolio of Products

SLANG'S CAPIT AL-LIGHT MODEL DELIVERS DIVERSIFIED PRODUCTS TO MARKET IN THE MOST EFFICIENT W A Y POSSIBLE AND GROWS BRANDED UNIT SALES ACROSS ALL GEOGRAPHIES IN OUR NETWORK

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SLANG WORLDWIDE

WE HA VE ONE OF THE MOST DIVERSE AND WIDEL Y DISTRIBUTED PORTFOLIO OF BRANDS & PRODUCTS IN THE CANNABIS INDUSTRY

Consumer Centric Product Portfolio Best In Class Brand Builder Widespread Distribution Strategic Partners

Diverse Portfolios

States in the US

11 2,600+

Stores selling products

600,000+

Branded servings sold

n average per day

Continents where SLANG products are sold

Flower Concentrates Edibles Beverages Vape Pens and Disposables Hardware

BUILDING FROM A STRONG FOUNDA TION

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SLANG WORLDWIDE

First Quarter Highlights & Subsequent Events

Entered into partnership with Trulieve Cannabis Corp. on February 29, 2019 to bring SLANG products to Trulieve’s retail network of over 20 dispensaries in Florida Entered into partnership with Southern Development Holdings on March 6, 2019 to offer SLANG’s branded cannabis products to Puerto Rico customers including tourists with active medical cannabis licenses from qualified states. Launched the RESERVE product line in California on March 11, 2019. Established SLANG Health & Wellness, a new wellness- focused business division on May 2, 2019. The new business unit will develop and market a portfolio of plant- based cannabidiol (“CBD”) products that will be distributed in partnership with Greenlane Holdings, Inc. (NASDAQ: GNLN) (“Greenlane”) through its extensive distribution network. Launched latest vaporizer product, the Firefly 2+, on May 23, 2019. Firefly 2+ enhances the flagship product’s purpose-built dry herb and extracts technology and premium experience while broadening accessibility with a lower price. Closed acquisitions of Firefly and Organa Brands on January 22, 2019; entered into binding option agreement to acquire Organa Brands’ historical manufacturing and distribution partners. Expanded distribution relationship with Greenlane on March 18, 2019 to provide distribution of Firefly 2+

vaporizer. Greenlane currently delivers products into over

9,600 brick and mortar retail locations around the world and has a significant e-commerce presence. Announced proposed acquisition of Arbor Pacific, Inc. (“Arbor”) on April 16, 2019. Arbor is a leading producer of branded cannabis products. Arbor’s product portfolio includes a mix of branded offerings that span the vaporizer, flower and cannabidiol (“CBD”) product

categories. Arbor’s Avitas and Hellavated brands are

among the highest selling cannabis brands in the Pacific Northwest, with multiple products regularly listed among the top 10 best-selling vape SKUs in Washington state, according to Headset.(1) On May 14, 2019, the Company announced the proposed acquisition of LBA Global Corporation including its Lunchbox Alchemy brand portfolio and distribution subsidiary Hydra Distribution. The proposed transaction will bolster SLANG’s position in the Pacific Northwest by adding a complementary portfolio of top-selling products in Oregon and California and robust supply chain and distribution capabilities.(2) On May 21, 2019, SLANG’s Canadian investee, Agripharm Corp., secured one of the country’s first outdoor cannabis production licenses, further bolstering SLANG’s Canadian supply chain.

FIRST QUARTER 2019 HIGHLIGHTS & KEY SUBSEQUENT EVENTS

Operational Highlights: Corporate Development Highlights:

Satisfied escrow release conditions of $66 million subscription receipt financing on January 22, 2019. Completed listing of the Company’s common shares on the CSE under ticker SLNG with trading commencing on January 29, 2019. Listed shares on the Frankfurt Exchange under symbol 84S with trading on March 25, 2019. Announced on May 24, 2019 that the Company’s warrants

riginally issued on July 23, 2018 would have their expiry

date accelerated in accordance with their terms. The warrants will now expire on June 28, 2019 at 5:00PM (Toronto time). Gross proceeds to the Company will be approximately $10.5 million if all accelerated warrants are exercised.

Capital Markets and Financial Activity:

1) Completion of the proposed transaction to acquire Arbor Pacific, Inc. is subject to, among other things, the negotiation and execution of a definitive acquisition agreement and related documents and the satisfaction or waiver

f any conditions precedent (including the receipt of any requisite regulatory

and third-party approvals). 2) Completion of the proposed transaction to acquire LBA Global Corporation is subject to, among other things, the negotiation and execution of a definitive acquisition agreement and related documents and the satisfaction or waiver of any conditions precedent (including the receipt of any requisite regulatory and third-party approvals).

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SLANG WORLDWIDE

Q1 Financial Snap Shotxx

Q1 FINANCIAL SNAP SHOT

Management establishing a clear path to positive cash flow as the company continues to scale

§ Q1 2019 revenues do not include Organa Brands and Firefly economics for Jan 1 – Jan 21. Inclusive of those dates, SLANG’s Q1 2019 revenue is $5 million. § Since the acquisition of Organa Brands and Firefly, SLANG has begun integrating certain operations and expects to continue to realize strong gross margins

Figures in thousands

Please see “Use of Non-IFRS Measures”

Q1 2019 Q1 2018 Revenue 4,006 29 Adjusted Gross Margin 2,225 29 Gross Margin % 56% 100% Adjusted EBITDA (1,016) (587) EBITDA Margin %

nm Select Financial Information

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SLANG WORLDWIDE

2019 Full Year Levers of Growth

2019 FULL YEAR LEVERS OF GROWTH

EMERGING MARKETS MA TURING ORGANIC GROWTH IN EXISTING MARKETS HEAL TH & WELLNESS (CBD) STRA TEGIC M&A AND GEOGRAPHIC EXP ANSION

Reserve and Firefly mini CBD vape

sales with Greenlane

Additional CBD product distribution D2C

e-commerce, and non-cannabis retail

Canada Michigan Massachusetts Florida Puerto Rico

Next generation Firefly product

launches of dry herb and oil vaporizors

NEW PRODUCT RELEASES

Strain Hunters product will launch

and mark SLANGS entry into the Flower vertical

Category Expansion
Concentrated Sales and Marketing
Digital Products
Retail Experience
Store-in-store
Visual merchandising

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SLANG WORLDWIDE

FULL YEAR 2019 GUIDANCE

$130-160M

Annualized Net Operating Revenue

50-60%

Gross Margin

Full Year Guidance

Please see "Forward-looking Statements" and "Future Oriented Financial Information"

Considerations

Continuing to aggressively expand into new geographic areas—with sales to commence in Florida and

Puerto Rico in Q2 2019 and in Canada in Q4 2019 (subject to the coming into force of Canadian infused product regulations).

Complete acquisition and integration of certain SLANG Network supply chain assets to capture value added

revenues and margin by Q4 2019.

Category expansion and new product launches, including the launch of SLANG Health & Wellness,

Firefly 2+, Firefly Mini, and launch of the Strain Hunters flower brand.

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SLANG WORLDWIDE

SLANG Business Structure

WE ARE FOCUSED ON DELIVERING SHAREHOLDER V ALUE

l Portfolio of industry leading brands; operating in attractive growth categories l Capital-light organization with one of the most focused, scalable, capital efficient, and high-value

strategies in the cannabis industry

l One of the largest distribution footprints in US Cannabis; well distributed in key markets and driving

penetration in new and emerging markets

l Management team with proven track record in the cannabis industry l Robust pipeline of deal flow

SIGNIFICANT UPSIDE POTENTIAL

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SLANG WORLDWIDE

Q & A

Q&A