Greenlane Announces Non-Binding Letter of Intent to be the Exclusive Distributor in the U.S. of Safety Strips, Inc.'s Fentanyl, Xylazine and Drink Spike Detection Test Strips

Rhea-AI Summary

Greenlane Holdings (NASDAQ:GNLN) has entered a non-binding letter of intent to become the exclusive U.S. distributor of Safety Strips, Inc.'s fentanyl, xylazine, and drink spike detection test strips. These high-sensitivity tests offer powerful detection capabilities for the current opiate crisis. Safety Strips' products provide an affordable and accurate way to test substances for dangerous adulterants like fentanyl and xylazine, which are exacerbating the opioid epidemic.

The single, low-cost test strip can detect various synthetic opioids and is designed to help prevent opioid-related deaths. Greenlane plans to leverage its strong distribution, operations, marketing, and sales teams to support the brand and grow the business. This partnership aims to address the growing concern of drug-facilitated assaults and the increasing presence of dangerous drug combinations in the United States.

Positive

• Exclusive U.S. distribution agreement for high-sensitivity drug detection test strips
• Expansion of product portfolio with innovative and complementary offering
• Potential for business growth through leveraging Greenlane's distribution and marketing capabilities
• Addressing a critical market need in the fight against the opioid crisis

Negative

• Non-binding nature of the letter of intent, indicating the deal is not yet finalized
• Potential regulatory challenges in distributing drug detection products

News Market Reaction

+365.40%

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+365.40% News Effect

On the day this news was published, GNLN gained 365.40%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

High-sensitivity test strips offer powerful detection capability for the current and growing opiate crisis

Combining Greenlane's industry leading omnichannel distribution platform with Safety Strips affordable and highly accurate ISO certified test strips to help prevent opioid-related deaths

BOCA RATON, FL / ACCESSWIRE / August 12, 2024 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (NASDAQ:GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that it has entered into a non-binding letter of intent (the "LOI") to be the exclusive distributor in the U.S, of Safety Strips, Inc.'s fentanyl, xylazine and drink spike detection test strips.

Safety Strips, Inc. Testing Strips

"We are excited and proud to provide Safety Strips affordable and highly accurate tests with trace level fentanyl and xylazine detection capabilities to our customers throughout the U.S.," said Barbara Sher, Chief Executive Officer for Greenlane. "Safety Strips products are an innovative and complementary addition to our extensive product portfolio, and we plan to leverage our strong distribution, operations, marketing and sales teams to support the brand. We look forward to growing the business together."

Safety Strips offers a single, low-cost test strip that provides an affordable, reliable way for people to test substances for fentanyl and xylazine (popularly known as tranq), two dangerous adulterants that are exacerbating the already critical and growing opioid epidemic.

For example, the U.S. Drug Enforcement Administration (DEA) recently reported that it had found the deadly combination of fentanyl and xylazine in nearly a quarter of drugs sampled from 48 out of 50 states. According to the Centers for Disease Control and Prevention (CDC), between 2018 and 2021, deaths involving xylazine increased by 1,238%, leading the White House Office of National Drug Control Policy to designate fentanyl combined with xylazine as an emerging threat to the U.S.

Safety Strips Fentanyl Test Strip (FTS) ISO 13485 validated product, is an easy-to-use lateral flow immunoassay designed to swiftly detect potent synthetic opioids, including 3-Methyl Fentanyl, Acetyl Fentanyl, Butyryl Fentanyl, Carfentanil, Fentanyl, Furanyl Fentanyl, Ocfentanil, Remifentanil, Sufentanil, Valeryl Fentanyl, and p-Fluoro Fentanyl.

Recognizing that 75% (Drug Facilitated Sexual Assault) of all acquaintance rapes involve alcohol and/or drugs, and that drugs used in combination with alcohol can result in a loss of consciousness and the ability to consent, the company is committed to protecting individuals from drug-induced date rape by testing for substances such as GHB, Ketamine, and Rohypnol. The Safety Strips Xylazine Test Strip (XTS) can detect the presence of xylazine in various drugs, including cocaine, methamphetamine, and heroin, across different forms such as pills, powder, and injectables.

To use the test, a small sample of the substance is mixed with water. The test strip is then dipped into the liquid for 15 seconds. After waiting approximately five minutes, the results can be read, offering a quick way to identify the presence of these dangerous adulterants. One line indicates fentanyl is present in the sample; two lines indicate a negative result. Test strips are the easiest, fastest, and most accurate way to detect ultra-low nanogram trace amounts of fentanyl or xylazine in powders, pills or injectables and can help prevent accidental overdoses.

About Safety Strips, Inc.

Safety Strips is your trusted partner in ensuring drug safety. We are dedicated to combating the growing opioid crisis by providing a reliable solution for detecting fentanyl in your supply. Our test strips are meticulously designed to detect a wide range of potent synthetic opioids, including 3-Methyl Fentanyl, Acetyl Fentanyl, Butyryl Fentanyl, Carfentanil, Fentanyl, Furanyl Fentanyl, Ocfentanil, Remifentanil, Sufentanil, Valeryl Fentanyl, and p-Fluoro Fentanyl. We understand the urgency of this issue and are proud to offer ISO 13485 certified test strips that are highly accurate.

For additional information, please visit: https://www.safetystrips.com/

About Greenlane Holdings, Inc.

Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate as a powerful family of brands, third-party brand accelerator, and an omnichannel distribution platform.

We proudly offer our own diverse brand portfolio and our exclusively licensed Marley Natural and K.Haring branded products. We also offer a carefully curated set of third-party products through our direct sales channels and our proprietary, owned and operated e-commerce platforms which include Vapor.com, PuffItUp.com, HigherStandards.com, Wholesale.Greenlane.com and MarleyNaturalShop.com.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Greenlane and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Greenlane has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in Greenlane's Annual Report on Form 10-K filed for the year ended December 31, 2023 and the Company's other filings with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.

Investor Contact:

IR@greenlane.com

or

TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

SOURCE: Greenlane Holdings, Inc.

View the original press release on accesswire.com

FAQ

What is the purpose of Greenlane's new distribution agreement with Safety Strips, Inc.?

Greenlane (GNLN) has entered a non-binding agreement to become the exclusive U.S. distributor of Safety Strips' fentanyl, xylazine, and drink spike detection test strips, aiming to provide affordable and accurate testing capabilities to address the ongoing opioid crisis.

How do Safety Strips' test products work?

Safety Strips' test products are easy-to-use lateral flow immunoassays. Users mix a small sample of the substance with water, dip the test strip in for 15 seconds, and read the results after about 5 minutes. One line indicates the presence of fentanyl, while two lines show a negative result.

What substances can Safety Strips' test products detect?

Safety Strips' products can detect various synthetic opioids, including fentanyl and its analogs, xylazine (tranq), and substances commonly used in drug-facilitated sexual assaults such as GHB, Ketamine, and Rohypnol.

How does this agreement align with Greenlane's (GNLN) business strategy?

This agreement allows Greenlane to expand its product portfolio with an innovative offering that complements its existing line. The company plans to leverage its distribution, operations, marketing, and sales teams to support and grow the Safety Strips brand in the U.S. market.