Welcome to our dedicated page for Greenlane Holdings news (Ticker: GNLN), a resource for investors and traders seeking the latest updates and insights on Greenlane Holdings stock.
Greenlane Holdings, Inc. (NASDAQ: GNLN) is recognized as a leading distributor of premium brands within the head shop, smoke shop, and dispensary channels. Founded in 2005, Greenlane has established itself as an industry leader by offering innovative products, competitive pricing, and exceptional customer service. The company operates as a global platform, distributing a wide range of smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and end consumers.
Greenlane's product portfolio includes vaporizers, parts, cleaning accessories, grinders, storage containers, pipes, rolling papers, and customized premium packaging. The company markets its products through business-to-business and business-to-consumer channels in the United States, Canada, and Europe, with a majority of its revenue derived from the U.S. market.
Greenlane's proprietary brands include DaVinci Vaporizers, Higher Standards, Groove, and Eyce. The company also holds exclusive licenses for Marley Natural and K.Haring branded products. Notable collaborations include renowned brands such as Storz & Bickel, Pax, VIBES, and CCELL. Greenlane's varied product offerings are available through its e-commerce platforms, including Vapor.com, Vaposhop.com, DaVinciVaporizer.com, PuffItUp.com, EyceMolds.com, HigherStandards.com, and MarleyNaturalShop.com.
Recent milestones include the launch of the DaVinci ARTIQ, a portable vaporizer featuring clean technology and a user-friendly design. Greenlane has also expanded its product line to include disposable nicotine offerings, aligning with consumer demand and market trends. Financially, the company has shown a commitment to growth and profitability through strategic product launches and operational efficiencies.
In August 2023, Greenlane achieved significant progress by repaying its outstanding asset-based loan, thereby fulfilling its financial commitments and acquiring additional cash for future endeavors. The company's recent financial results highlight a continuous effort to improve margins, reduce costs, and achieve profitability by Q4 2023.
For more information about Greenlane Holdings, Inc., please visit their investor relations website at https://investor.gnln.com.
Greenlane Holdings (NASDAQ:GNLN) has entered into a multi-year distribution agreement with Veriteque USA to distribute SwabTek™ and Verifique™ field test kits in the United States. These kits are designed for detecting narcotics, explosives, gunshot residue, and other harmful substances. Veriteque's San Diego facility can produce hundreds of thousands of tests daily and currently supplies major retailers like Walgreens and Rite Aid, thousands of U.S. schools, EU airports, and law enforcement agencies. The tests feature a safe dry paper and swab format, providing instant results through a simple single-step process.
Greenlane Holdings (NASDAQ: GNLN) reported Q3 2024 financial results with total revenue of $4.0 million, showing a 52% sequential increase from Q2 2024 but down from $11.8 million in Q3 2023. The company achieved a gross margin of 75%, driven partly by E&O inventory sales. Operating loss improved to $538,000 compared to $6.9 million in the prior year period. The company reduced operating expenses by 64% year-over-year to $3.6 million and strengthened its balance sheet through a $6.5 million capital raise. Net loss was $3.8 million, including a $3.2 million one-time non-cash charge for interest expense.
Greenlane Holdings (NASDAQ:GNLN) has secured an exclusive multi-year distribution agreement with Safety Strips Tech Corp to distribute fentanyl, xylazine and drink spike detection test strips in the U.S. The portfolio includes a low-cost test strip for detecting dangerous adulterants in substances. The test strips are available through Greenlane's online retail platforms and wholesale portal.
The ISO 13485 validated product can detect various synthetic opioids through a simple water-mixing process, providing results in approximately five minutes. This strategic move aligns with increasing customer demand for affordable test strip options amid the ongoing opioid crisis.
Greenlane Holdings, Inc. (NASDAQ:GNLN) has entered into a non-binding letter of intent to distribute CURB Lifestyle, Inc.'s patented, non-heating inhalation device in the U.S., Canada, Latin America, and the EU. The device uses ultrasonic vibrations to create a fine mist for delivering nicotine, cannabinoids, and other wellness compounds. Key features include:
- 100% water-soluble formulations for purity and safety
- Compatible with various wellness compounds
- Available for order from November 15, 2024 through Greenlane's online platforms
Greenlane and CURB plan to develop a portfolio of lifestyle products focusing on wellness formulas. This collaboration aims to provide innovative solutions for consumers seeking both enjoyment and wellness support. The partnership aligns with Greenlane's strategy to broaden its product portfolio and access the growing health and wellness market.
Safe Supply Streaming Co (CSE: SPLY) reports increased investor interest following an interview with Safety Strips CEO Geoff Benic, highlighting their role in combating the opioid crisis. The opioid overdose treatment market is expected to reach $1.54 billion in 2024. Greenlane Holdings, Inc. (NASDAQ: GNLN) has partnered with Safety Strips to distribute fentanyl, xylazine, and drink-spike detection test strips across North America.
Safety Strips' products are set to launch on September 25, 2024, with shipments beginning October 1, 2024. These test strips offer a quick solution for preventing accidental overdoses and drink-spiking incidents. Safe Supply Streaming is positioned to capitalize on the growing market for safety products, with their ISO 13485 validated products. The company is exploring partnerships to expand Safety Strips' scope and develop additional tests addressing public safety needs.
Greenlane Holdings, Inc. (NASDAQ: GNLN) is entering the battle against dangerous drugs by launching a new line of fentanyl, xylazine, and drink spike detection test strips under the Safety Strips, Inc. brand. The products will be available for order starting September 25th through Greenlane's online retail platforms, with shipments beginning October 1st.
This initiative comes amid the growing opioid crisis in the United States, where drug overdose deaths have increased nearly six times since 2000, with opioids accounting for about 80,000 deaths in 2021. The rising incidence of drink spiking has also prompted legislative action, such as California's AB 1013, which mandates that certain establishments offer drug testing kits to patrons.
Greenlane's partnership with Safety Strips aims to provide affordable, easy-to-use solutions for detecting dangerous substances, leveraging Greenlane's extensive sales, marketing, and distribution network. The global opioid overdose treatment market is expected to reach $1.54 billion in 2024, with a projected CAGR of 7.2% through 2034.
Safe Supply Streaming Co (CSE: SPLY) announces the launch of Safety Strips, a portfolio company introducing high-performing drug detection strips to combat fentanyl, xylazine, and drink spiking. The product will be distributed through Greenlane Holdings, Inc. (NASDAQ: GNLN) starting October 1, 2024. This initiative addresses the opioid epidemic and aligns with new California legislation (AB 1013) mandating bars and clubs to offer drug testing kits.
The launch is expected to create value for Safe Supply shareholders by enhancing market reach through Greenlane's distribution channels and meeting critical public safety needs. The U.S. opioid crisis has seen drug overdose fatalities increase nearly sixfold since 2000, with 71,000 deaths linked to fentanyl in 2021. Drink spiking also poses a significant threat, with over 320,000 reported cases of rape and sexual assault in 2016.
Greenlane Holdings, Inc. (NASDAQ:GNLN) has announced plans to launch a new line of fentanyl, xylazine, and drink spike detection test strips under the Safety Strips, Inc. brand. The products will be available for order from September 25th through Greenlane's online retail storefronts and wholesale portal, with shipments starting October 1st. This initiative aims to address the growing opioid epidemic and the rising incidence of drink spiking.
The company will leverage its distribution, operations, marketing, and sales teams to support the brand. This move aligns with California's new Assembly Bill No. 1013, which requires clubs and bars to offer drug testing devices for detecting controlled substances in drinks. Greenlane's CEO, Barbara Sher, emphasized the company's commitment to safety and improving lives through this partnership with Safety Strips, Inc.
Greenlane Holdings (NASDAQ:GNLN) announced its participation in the National Investment Bankers Association's (NIBA) 150th Investment Conference on September 4-5, 2024 in Ft. Lauderdale, Florida. CEO Barbara Sher will present and conduct one-on-one meetings with NIBA members, representing over 8,800 registered representatives with an estimated $100 billion assets under management.
Sher highlighted Greenlane's recent progress, including a 59.8% decrease in general and administrative expenses for Q2 2024 compared to Q2 2023, and a reduction in net loss from $9 million to $632 thousand. The company aims to control costs, drive efficiencies, and prioritize profitable revenue growth. Recent initiatives include a public offering to strengthen the balance sheet and becoming the exclusive U.S. distributor for Safety Strips, Inc.'s fentanyl, xylazine, and drink spike detection test strips.
Aegis Capital Corp. has successfully acted as the Exclusive Placement Agent for Greenlane Holdings, Inc. (NASDAQ: GNLN) in a $6.5 million private placement priced at-the-market. Greenlane Holdings is a prominent player in the cannabis accessories, vape devices, and lifestyle products industry, operating in the United States, Canada, and Europe.
The company's business is divided into two segments: Consumer Goods and Industrial Goods. Greenlane offers a wide range of products, including consumption accessories, vaporizers, pipes, rolling papers, and lifestyle merchandise under various brands such as Groove, Eyce, DaVinci, and Higher Standards. Additionally, Greenlane operates several e-commerce websites catering to both retail and wholesale customers.
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