Greenlane Holdings, Inc. - GNLN STOCK NEWS

Greenlane Holdings reported strong Q2 2021 financial results, with a total revenue of $34.7 million, a 7.1% increase from Q2 2020. Core revenue increased 14.9% to $34.5 million, driven by a 62.5% surge in Greenlane Brands sales, which now represents 25.9% of total revenue. Gross profit rose to $7.8 million, with a gross margin of 22.4%. However, the company faced a $5.8 million net loss and a significant reduction in cash reserves, now at $11.6 million. Greenlane is shifting focus to higher-margin products and aims to lead the ancillary cannabis market.

Greenlane Holdings (NASDAQ: GNLN) announced a registered direct offering to institutional investors, selling 10,126,583 shares at $3.16 each, along with warrants for 6,075,950 additional shares. The offering, led by A.G.P./Alliance Global Partners, is expected to close on August 11, 2021. The warrants have a $3.55 exercise price, valid for five years. This capital raise is part of an effective shelf registration statement with the SEC, aimed at enhancing the company’s growth and operational capabilities.

Greenlane Holdings (GNLN) announced preliminary Q2 2021 results, projecting net sales of approximately $34.5 million and a gross margin between 21% to 22%. The company has a cash balance of about $11.5 million. Due to supply chain uncertainties and ongoing Covid-19 impacts, Greenlane is suspending its pro forma outlook for the year. The merger with KushCo Holdings is expected to close in Q3 2021, pending necessary approvals. A conference call to discuss the Q2 results is scheduled for August 17, 2021.

Greenlane Holdings (NASDAQ: GNLN) and KushCo Holdings (OTCQX: KSHB) have initiated proxy solicitations for their proposed merger, which aims to create a leading ancillary cannabis company. Shareholders are set to vote on August 26, 2021, for approval. The merger has already gained unanimous support from both companies' boards and is expected to close in Q3 2021 if approved. This strategic union will cater to prominent cannabis operators and consumers globally. A dedicated website provides detailed merger information for shareholders.

Greenlane and KushCo have initiated proxy solicitations for their proposed merger, with shareholder meetings set for August 26, 2021. Greenlane's meeting is at 10:00 AM ET, followed by KushCo's virtual meeting at 12:00 PM ET. If approved, this merger will create a major ancillary cannabis company, projected to close in Q3 2021. Both companies' boards have unanimously endorsed the merger, highlighting its potential to serve top multi-state operators and enhance shareholder value. Investors are urged to read the joint proxy statement filed with the SEC.

Greenlane Holdings (NASDAQ:GNLN) and KushCo Holdings (OTCQX:KSHB) announced the expiration of the 30-day waiting period under the HSR Act, a significant milestone towards their proposed merger. The transaction is expected to close in Q3 2021, pending necessary approvals. KushCo's CEO expressed optimism regarding the merger's potential to unlock synergies and capitalize on market opportunities. The companies plan to provide detailed information to stockholders through a joint proxy statement.

Greenlane Holdings reported a strong start to Q1 2021 with total revenue of $34.0 million, a slight increase of 0.4% year-over-year. Core revenue, focusing on non-nicotine sales, grew 11.6% to $32.3 million, now accounting for 94.9% of total sales. The acquisition of Eyce and the merger agreement with KushCo are pivotal, contributing to a record $8.5 million in Greenlane branded sales. However, the company recorded a net loss of $7.7 million and a significant decrease in cash reserves to $12.3 million.

Greenlane Holdings (GNLN) announced its participation in the Canaccord Genuity Virtual Cannabis Conference on May 11, 2021. CEO Aaron LoCascio will present at 2:30 p.m. ET and will engage in small group and one-on-one meetings with investors throughout the day. The event highlights Greenlane's role as a leading seller of premium cannabis accessories and specialty vaporization products, serving over 8,000 retail locations globally. The conference represents an opportunity for investor engagement.

Greenlane Holdings, Inc. (NASDAQ: GNLN) has scheduled a conference call for May 18, 2021, at 8:30 a.m. ET, to discuss its first-quarter financial results ending March 31, 2021. The Company, a leading seller of premium cannabis accessories and vaporization products, will report results prior to the call.

Investors can access the conference via a dial-in number (833) 519-1285 and use conference ID 3068055. Replay options will be available until June 1, 2021. Greenlane serves over 8,000 retail locations globally, showcasing a strong market presence.