Greenlane Signs New U.S. Distribution Agreement with Veriteque USA, Manufacturer of the SwabTek(TM) and Verifique(TM) Brand of Field Test Kits

Rhea-AI Summary

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.

Positive

• New distribution agreement expands product portfolio into safety and testing market
• Partnership with established manufacturer supplying major retailers and institutions
• Access to high-volume institutional markets including education and law enforcement

Negative

• None.

Insights

Market Research Analyst

This distribution agreement with Veriteque USA represents a strategic expansion into the safety and testing market, but its immediate financial impact appears While Veriteque has established relationships with major retailers like Walgreens and Rite Aid and supplies to thousands of schools and law enforcement agencies, the agreement lacks specific financial terms or revenue projections.

The partnership aligns with Greenlane's diversification strategy beyond cannabis accessories into broader safety and wellness products. Veriteque's manufacturing capacity of hundreds of thousands of tests daily suggests significant potential volume, but without clear pricing or margin details, the revenue impact remains uncertain. The institutional focus of this distribution agreement could provide stable, recurring revenue streams, though likely not material enough to significantly impact Greenlane's financial position in the short term.

• Institutional brand, SwabTek™, marketed to high-volume users for the detection of narcotics, explosives, gunshots and to Homeland Security and Customs and Border Protection for instant detection of terror threats and drugs at border checkpoints

• Consumer brand, Verifique™, marketed for detection of cannabis, fentanyl and other narcotics

• Simple, safe, and accurate chemistry field tests target global large-scale consumer, education, public health and corporate markets

• Addition of SwabTek tests to Greenlane's portfolio allows it to offer a more comprehensive array of testing technologies

BOCA RATON, FL / ACCESSWIRE / November 19, 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 a multi-year distribution agreement with Veriteque USA, Inc., ("Veriteque") a manufacturer of the patented SwabTek™ and Verifique™ brand of single-use, dry reagent presumptive field tests for detection of narcotics, explosives, gunshot residue and other harmful substances. Under the agreement, Greenlane will distribute Veriteque's comprehensive portfolio of field test kits in the U.S. with a focus on institutional retail, education, law enforcement and corporate accounts. Veriteque's manufacturing facility, located in San Diego, CA, is capable of producing hundreds of thousands of printed tests daily and currently supplies well known retailers nationwide including Walgreens and Rite Aid, thousands of U.S. schools, more than 100 airports in the EU and hundreds of global law enforcement agencies.

SwabTek™and Verifique™ Field Test Kits

"Our new distribution relationship with Veriteque underscores our commitment to enabling our customers to make their communities safer by providing innovative solutions that help advance the detection of harmful or dangerous substances. SwabTek and Verifiquetests provide timely quantitative insights so school administrators, law enforcement professionals and parents can take appropriate action," said Barbara Sher, Chief Executive Officer for Greenlane. "We are very excited to add Veriteque's innovative and efficient solutions that synergize seamlessly with our growing portfolio of drug, safety and wellness products."

Bobby Betros, Chief Executive Officer of Veriteque USA, commented, "We are very excited to have Greenlane on board as a distributor of both the SwabTek and Verifique products. Greenlane shares our commitment to community safety and wellness, and will help get our products into the hands of those who need them to help mitigate the negative impacts of drug use in their communities."

Veriteque's SwabTek™ and Verifique™Test Kits

• Safe to use dry paper and swab format

• Simple and intuitive single step test with instant results

• Moistened swab collects samples off any surface

• Paper-based tests with limited environmental impact

About Veriteque

Veriteque is a US-based manufacturer that produces the world's only dry reagent detection tests for narcotics and explosives. Veriteque serves law enforcement, education, and private security professionals around the world through their institutionally focused brand, SwabTek (www.swabtek.com). Veriteque also equips private and home users with narcotics detection technology through the company's consumer focused brand, Verifique (www.verifique.net), whose test kits are available in pharmacies nationwide.

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 new distribution agreement between Greenlane (GNLN) and Veriteque USA?

Greenlane (GNLN) signed a multi-year distribution agreement to distribute Veriteque's SwabTek™ and Verifique™ field test kits for detecting narcotics, explosives, and other substances in the U.S., focusing on institutional retail, education, law enforcement, and corporate accounts.

What products will Greenlane (GNLN) distribute under the Veriteque agreement?

Greenlane will distribute SwabTek™ and Verifique™ brand single-use, dry reagent presumptive field test kits that detect narcotics, explosives, gunshot residue, and other harmful substances.

Which major retailers currently carry Veriteque's test kits that Greenlane (GNLN) will distribute?

Veriteque's test kits are currently supplied to major retailers including Walgreens and Rite Aid, as well as thousands of U.S. schools, over 100 EU airports, and hundreds of global law enforcement agencies.