Greenlane to Present at National Investment Bankers Association (NIBA) Conference in Florida on September 5, 2024

Rhea-AI Summary

Greenlane Holdings (NASDAQ:GNLN) announced its participation in the National Investment Bankers Association's (NIBA) 150th Investment Conference on September 4-5, 2024 in Ft. Lauderdale, Florida. CEO Barbara Sher will present and conduct one-on-one meetings with NIBA members, representing over 8,800 registered representatives with an estimated $100 billion assets under management.

Sher highlighted Greenlane's recent progress, including a 59.8% decrease in general and administrative expenses for Q2 2024 compared to Q2 2023, and a reduction in net loss from $9 million to $632 thousand. The company aims to control costs, drive efficiencies, and prioritize profitable revenue growth. Recent initiatives include a public offering to strengthen the balance sheet and becoming the exclusive U.S. distributor for Safety Strips, Inc.'s fentanyl, xylazine, and drink spike detection test strips.

• Company to Share New Vision for Growth

• Update on steps to realign and simplify its business structure, bring a stronger focus to serving customers, enable a more competitive cost model, and better position the company for future growth and improved profitability

BOCA RATON, FL / ACCESSWIRE / August 27, 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 its Chief Executive Officer, Barbara Sher, will participate in the National Investment Banking Association's (NIBA) 150th Investment Conference on September 4-5, 2024 in Ft. Lauderdale, Florida. Management will present and conduct one-on-one meetings with NIBA members, including over 250 investment bankers, boutique corporate finance professionals, specialized investment brokerages, private equity groups, venture capital groups, hedge-fund managers, and institutional investors. The member firms of NIBA represent over 8,800 registered representatives with an estimated $100 billion assets under management.

"Today Greenlane is leaner and more focused, allowing our teams to innovate faster and deliver on our promise to better align our expense base with our current revenue trends," said Barbara Sher, Chief Executive Officer for Greenlane. "The actions taken in the first half of 2024 and going forward are designed to make us a more efficient, uncomplicated, and quicker-moving company. As part of this strategy, we recently reported that our general and administrative expenses decreased by approximately 59.8%, for the three months ended June 30, 2024, compared to the same period in 2023 while our net loss was approximately $632 thousand compared to $9 million for those same periods."

Sher added, "We will remain vigilant on controlling costs and driving efficiencies while prioritizing profitable revenue growth. After the close of the second quarter, we strengthened our balance sheet through the previously announced public offering, which is expected to provide us with additional financial flexibility to drive revenue and earnings growth. Our recent announcement to be the exclusive distributor in the U.S, of Safety Strips, Inc.'s fentanyl, xylazine and drink spike detection test strips is a great example of the types of new partnerships we are entering into to restore growth in our top line. Our goals are to focus on the most attractive long-term opportunities; while ensuring we have the operating model and capabilities needed to consistently deliver profitable growth. I am looking forward to sharing with shareholders and interested investors at the upcoming NIBA conference our plans to refocus Greenlane and build shareholder value."

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

When and where will Greenlane present at the NIBA conference?

Greenlane will present at the National Investment Bankers Association (NIBA) Conference on September 4-5, 2024 in Ft. Lauderdale, Florida.

What financial improvements did Greenlane (GNLN) report for Q2 2024?

Greenlane reported a 59.8% decrease in general and administrative expenses for Q2 2024 compared to Q2 2023, and reduced its net loss from $9 million to $632 thousand for the same period.

What new partnership did Greenlane (GNLN) announce recently?

Greenlane announced becoming the exclusive U.S. distributor for Safety Strips, Inc.'s fentanyl, xylazine, and drink spike detection test strips.

How does Greenlane (GNLN) plan to improve its financial position?

Greenlane plans to control costs, drive efficiencies, prioritize profitable revenue growth, and has strengthened its balance sheet through a recent public offering to provide additional financial flexibility.