Greenlane Announces Strategic Packaging Partnership with Marijuana Packaging

Rhea-AI Summary

Greenlane Holdings (NASDAQ:GNLN) announced a strategic partnership with A&A Global Imports, doing business as MarijuanaPackaging.com (MJ Pack). This collaboration aims to enhance packaging solutions for both Greenlane and MJ Pack customers while providing Greenlane with working capital to invest in its higher-margin consumer products. The partnership is expected to yield over $3 million in annual cost savings through warehouse consolidation. Greenlane's CEO, Craig Snyder, expressed excitement over the partnership's potential benefits for customer continuity and product offerings. MJ Pack's CEO, David Aryan, highlighted the strong relationship with Greenlane, emphasizing their commitment to quality service. This partnership positions MJ Pack favorably in the cannabis packaging market.

Positive

• Strategic partnership with MJ Pack enhances packaging solutions.
• Expected cost savings of over $3 million annually.
• Partnership provides working capital to invest in higher-margin products.

Negative

• None.

BOCA RATON, FL / ACCESSWIRE / April 6, 2023 / 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 a strategic partnership with A&A Global Imports d/b/a MarijuanaPackaging.com ("MJ Pack"), a leading provider of packaging solutions to the cannabis industry.

Consistent with the partnership, MJ Pack will become Greenlane's strategic partner to continue providing and enhancing packaging solutions for Greenlane and MJ Pack customers. The partnership will also provide working capital to Greenlane and allow the Company to continue investing in its growing higher-margin consumer products business. This partnership allows Greenlane to complete a key warehouse consolidation and continue cost-saving initiatives estimated to be over $3M annually.

"We are excited about the partnership with MJ Pack, one of the strongest and longest-standing industry packaging providers," said Craig Snyder, CEO of Greenlane. "Most importantly, this partnership will create a smooth and seamless transition for our customers, where they can continue to purchase the high quality and proprietary packaging solutions that they have been accustomed to doing through Greenlane. Secondly, this partnership will bring in capital to Greenlane, allowing us to continue investing in our growing higher-margin consumer products business."

David Aryan, CEO of MJ Pack, said, "We have enjoyed a friendly, yet competitive, relationship with the folks at Greenlane for over a decade. We are honored to become their partner on the packaging business moving forward. We look forward to providing our exceptional service to Greenlane customers in the coming months and years as they transition to purchasing goods from MJ Pack, and we are thrilled that continuity and consistency will remain for these customers as they can purchase the existing Greenlane portfolio of products on an ongoing basis. The added customer base and scale will further MJ Pack's leading position as the cannabis industry's provider of choice for rigid packaging, accessories, and other hard goods."

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 operatesVapor.comandVapoShop.com, two industry-leading, direct-to-consumer e-commerce platforms in North America and Europe respectively.

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

About A&A Global Imports d/b/a MarijuanaPackaging.com

As a division of A&A Global Imports, MarijuanaPackaging.com ("MJ Pack") is a leading provider of cannabis packaging solutions. With an array of products and services designed to fulfill the distinct demands of the cannabis industry, MJ Pack is committed to delivering quality, innovation, and exceptional customer service.

For additional information, please visit: https://www.marijuanapackaging.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 expected benefits from the strategic partnership with MJ Pack, including expected cost-savings and warehouse consolidation; statements regarding the impact of the strategic partnership on the Company's existing customers; the ongoing implementation of initiatives intended to increase sales and the efficiency and scalability of the Company's business; 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, 2022 and the Company's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. 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

ir@greenlane.com

Media Contact

Chris LoBianco - Vice President of Sales - MJ Pack
Email: Chris.LoBianco@marijuanapackaging.com

David Aryan - Chief Executive Officer - A&A Global Imports
Email: David@aaglobalimports.com

SOURCE: Greenlane Holdings, Inc.

View source version on accesswire.com:
https://www.accesswire.com/748052/Greenlane-Announces-Strategic-Packaging-Partnership-with-Marijuana-Packaging

FAQ

What recent partnership did Greenlane Holdings announce?

Greenlane announced a strategic partnership with A&A Global Imports, known as MarijuanaPackaging.com, to enhance packaging solutions.

How much in annual savings is Greenlane expected to achieve from its partnership with MJ Pack?

Greenlane is expected to achieve over $3 million in annual cost savings from the partnership.

What is the stock symbol for Greenlane Holdings?

The stock symbol for Greenlane Holdings is GNLN.

What are the expected benefits of the Greenlane and MJ Pack partnership?

The partnership is expected to enhance packaging solutions, provide working capital, and generate significant cost savings.