Greenlane Acquires Eyce, The World’s Leading Brand of Silicone Smoking Products

Rhea-AI Summary

Greenlane Holdings (NASDAQ: GNLN) has acquired Eyce, a leader in specialty silicone smoking products, enhancing its portfolio of premium cannabis accessories. This strategic acquisition aims to drive revenue growth and profitability for Greenlane, with the company expressing confidence in the immediate accretive impact on its earnings. Eyce's established market presence and innovative product offerings align with Greenlane's goal to expand its brand footprint in the cannabis sector. The acquisition reflects Greenlane's commitment to acquiring high-quality brands to leverage growth opportunities.

Positive

• Acquisition of Eyce is expected to be immediately accretive to revenue and earnings.
• Eyce's established reputation and innovative product line enhance Greenlane's portfolio.
• Strategic focus on high-quality brand acquisitions supports future growth.

Negative

• None.

Adds one of its top performing partners to its Greenlane Brands Portfolio

BOCA RATON, Fla., March 03, 2021 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or “the Company”) (Nasdaq: GNLN), a global house of brands and one of the largest sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced it acquired the Eyce brand and substantially all of the assets of Eyce, a leading manufacturer of specialty silicone smoking products (“the Acquisition”).

“Eyce is the definitive leader in premium silicone smoking products and a trusted Greenlane partner for more than seven years. We are very excited to welcome them as the newest addition to our in-house family of brands,” said Aaron LoCascio, Co-Founder and CEO of Greenlane. “Eyce’s premium products and innovative designs set them apart and we are thrilled to be working with the highly experienced and talented Eyce team to accelerate growth in the Greenlane brands portfolio.”

Mr. LoCascio continued, “The Eyce acquisition represents the latest step in Greenlane’s relentless focus to find and acquire the highest quality brands and platform extensions in the cannabis market to further drive our revenue growth and profitability and deliver value to our shareholders. We have carefully built a robust pipeline of targets and we intend to add additional brands to our portfolio in the near term as we continue to execute on this growth plan.”

Charlie Hoch, CEO of Eyce, added, “Greenlane has been an incredible partner over the years and their platform has been instrumental in enabling us to rapidly launch products into the market and build scale. We are thrilled to be joining the team and continuing to work together to accelerate development of the innovative products our customers demand.”

The Acquisition is expected to be immediately accretive to Greenlane’s revenue and earnings.

About Eyce
Eyce is the leading manufacturer and product development company that specializes in silicone smoking products. Their ground-breaking and innovative product development and design work has made them a preferred choice around the world for those seeking superior experiences from reliable products. Eyce was founded in 2013 with their completely original Eyce Water Pipe Mold and since then has grown to create many other leading products in the counterculture industry.

About Greenlane Holdings, Inc.

Greenlane Holdings (NASDAQ: GNLN) is a global house of brands and one of the largest sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products to smoke shops, dispensaries, and specialty retail stores, as well as direct to consumer through its online e-commerce platform, vapor.com. Founded in 2005, Greenlane serves more than 11,000 retail locations and has over 250 employees with operations in 13 cities across the United States, Canada, and Europe. With a strong global footprint, Greenlane has been the partner of choice for many of the industry’s leading brands, who chose to leverage its strong distribution platform, unparalleled customer service, and highly efficient operations and logistics to accelerate their growth. Greenlane’s curated portfolio of house brands includes packaging innovator Pollen Gear™, VIBES™ rolling papers, Marley Natural™ Accessories; K.Haring Glass Collection, Aerospaced grinders and Higher Standards, which offers both an upscale product line as well as an innovative retail experiences with flagship stores located in Chelsea Market, New York and Malibu, California.

For additional information, please visit: https://gnln.com/.

Forward Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements include, among others: comments relating to the current and future performance of the Company’s business, including the impact of the Eyce acquisition on the Company’s future revenue and earnings; the impact of the ongoing COVID-19 pandemic on the Company's business; growth in demand for the Company’s products; growth in the market for cannabis and nicotine; the Company’s marketing and commercialization efforts; future acquisition activity; the possibility of post-closing contingent payment and the Company’s financial outlook and expectations. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2019 and the Company's other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Additional information is also set forth in Greenlane's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to Greenlane on the date hereof. Greenlane undertakes no duty to update this information unless required by law.

Media Contact:
MATTIO Communications
Greenlane@mattio.com

Investor Contact:
Rob Kelly
Investor Relations, MATTIO Communications
Greenlane@mattio.com
1-416-992-4539

FAQ

What is the significance of Greenlane's acquisition of Eyce?

The acquisition enhances Greenlane's portfolio of premium cannabis accessories and is expected to positively impact revenue and earnings.

How will the Eyce acquisition affect Greenlane's financial performance?

The acquisition is anticipated to be immediately accretive to Greenlane’s revenue and earnings, contributing to its profitability.

What products does Eyce specialize in?

Eyce specializes in premium silicone smoking products, known for their innovative designs and quality.

How long has Eyce been a partner of Greenlane?

Eyce has been a trusted partner of Greenlane for more than seven years prior to the acquisition.

What are Greenlane's future acquisition plans?

Greenlane intends to continue acquiring high-quality brands to further drive growth in the cannabis market.