Greenlane Announces Leadership Changes to Support Path to Profitability

Rhea-AI Summary

Greenlane Holdings (NASDAQ:GNLN) has appointed Lana Reeve as the new Chief Financial and Legal Officer. With over 25 years of experience, Reeve previously held senior roles at companies like Authentys and RealPage. She aims to enhance the company's financial and legal strategies. Greenlane has also granted Reeve 50,000 restricted stock awards as an inducement for her employment. This leadership change is part of Greenlane's strategy to transform into a leaner, profitable consumer business.

Positive

• Lana Reeve's extensive experience in finance and legal roles could enhance financial strategies.
• Reeve's appointment may lead to improved operational efficiency as it consolidates executive roles.

Negative

• Concerns about continuity and experience gaps resulting from the leadership change.

Company announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

BOCA RATON, FL / ACCESSWIRE / December 6, 2022 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, announced today that Lana Reeve will be the Company's new Chief Financial and Legal Officer. Ms. Reeve brings over 25 years of experience in senior legal and finance roles at both large and small and public and private companies.

Among her recent roles, Reeve served as President and Chief Legal Officer at Authentys, Inc., Senior Vice President, Legal M&A at RealPage, Inc. (NASDAQ:RP), and Executive Vice President, Finance and Legal, and Chief Legal Officer at NWP Services Corporation. "I'm incredibly excited to join Greenlane during this phase in its growth trajectory," said Reeve, "By drawing on my experience leading successful legal and finance teams, I am thrilled to support Greenlane's future growth plans through the renewed focus on strong financial and legal strategy and practices". In addition to leading strong legal and finance organizations, Reeve's extensive experience includes, leading the successful charge on multiple industry changing pieces of legislation; successfully and consequentially refinancing debt obligations; restructuring financial strategy and budgeting processes; and leading and managing multiple successful mergers and acquisitions with a strong focus on integration strategy and planning.

"We are excited to have Lana join us in our transformation to a lean, profitable consumer business. Lana's experience and skillset aligns well with the current and future demands of our business and her achievements are a perfect fit for what we look to accomplish. As we become a more effective and efficient team, Lana is a unique leader whose depth of experience and knowledge will allow her to significantly impact the organization in several key areas, including finance, legal, and human resources," said Craig Snyder, current President, and incoming CEO.

Reeve's skillset effectively spans both finance and legal leadership, greater efficiency in our team structure and the elimination of one executive role. The Company's Compensation Committee approved a grant of 50,000 restricted shares of the Company's stock ("RSA") as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The RSAs will vest in two equal installments starting on the six (6) month and one (1) year anniversary of the grant, subject to Ms. Reeve's continued service with the Company through the applicable vesting dates. The RSAs were granted outside of Greenlane Equity Incentive Plan.

About Greenlane Holdings, Inc.

Greenlane is the premier global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products. We operate as a powerful family of brands, third-party brand accelerator, and omni-channel distribution platform, providing unparalleled product quality, customer service, compliance knowledge, and operations and logistics to accelerate our customers' growth.

As a pioneer in the cannabis space, Greenlane has an incredible acumen for detecting opportunities in the marketplace. We proudly own and operate a diverse brand portfolio including DaVinci Vaporizers, Pollen Gear™,Higher Standards,Groove, and Eyce. Additionally, Greenlane strategically partners with leading multi-state operators, licensed producers, and brands, such as Storz & Bickel (Canopy-owned), Grenco Science, VIBES, and CCELL, to develop and distribute innovative and high-quality products.

Founded in 2005, Greenlane serves an expansive customer base comprised of thousands of retail locations, including licensed cannabis dispensaries, smoke shops, and specialty retailers. Greenlane also owns and operates Vapor.com and VapoShop.com, two industry-leading, direct-to-consumer e-commerce platforms in North America and Europe respectively.

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, statements relating to: the current and future performance of the Company's business; including the achievement of profitability and the efficiency and scalability of the Company's business; the Company's personnel strategies; 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 Annual Report on Form 10-K for the year ended December 31, 2021 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 nine months ended June 30, 2022. 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.

Investor Contact
Lauren Drury
ir@greenlane.com

SOURCE: Greenlane Holdings

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https://www.accesswire.com/730394/Greenlane-Announces-Leadership-Changes-to-Support-Path-to-Profitability

FAQ

Who is Lana Reeve and what is her role at Greenlane?

Lana Reeve has been appointed as the Chief Financial and Legal Officer at Greenlane Holdings, bringing over 25 years of experience in finance and legal leadership.

What stock awards were given to Lana Reeve?

Greenlane granted Lana Reeve 50,000 restricted stock awards as material inducements for her employment.

How will Lana Reeve's appointment affect Greenlane's financial strategy?

Reeve's extensive background is expected to enhance Greenlane's financial and legal strategies, supporting the company's growth and profitability goals.

What is the significance of the leadership change at Greenlane?

The leadership change is part of Greenlane's strategy to transform into a leaner and more profitable consumer business.