Welcome to our dedicated page for Greenlane Holdings news (Ticker: GNLN), a resource for investors and traders seeking the latest updates and insights on Greenlane Holdings stock.
Greenlane Holdings, Inc. (NASDAQ: GNLN) is recognized as a leading distributor of premium brands within the head shop, smoke shop, and dispensary channels. Founded in 2005, Greenlane has established itself as an industry leader by offering innovative products, competitive pricing, and exceptional customer service. The company operates as a global platform, distributing a wide range of smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and end consumers.
Greenlane's product portfolio includes vaporizers, parts, cleaning accessories, grinders, storage containers, pipes, rolling papers, and customized premium packaging. The company markets its products through business-to-business and business-to-consumer channels in the United States, Canada, and Europe, with a majority of its revenue derived from the U.S. market.
Greenlane's proprietary brands include DaVinci Vaporizers, Higher Standards, Groove, and Eyce. The company also holds exclusive licenses for Marley Natural and K.Haring branded products. Notable collaborations include renowned brands such as Storz & Bickel, Pax, VIBES, and CCELL. Greenlane's varied product offerings are available through its e-commerce platforms, including Vapor.com, Vaposhop.com, DaVinciVaporizer.com, PuffItUp.com, EyceMolds.com, HigherStandards.com, and MarleyNaturalShop.com.
Recent milestones include the launch of the DaVinci ARTIQ, a portable vaporizer featuring clean technology and a user-friendly design. Greenlane has also expanded its product line to include disposable nicotine offerings, aligning with consumer demand and market trends. Financially, the company has shown a commitment to growth and profitability through strategic product launches and operational efficiencies.
In August 2023, Greenlane achieved significant progress by repaying its outstanding asset-based loan, thereby fulfilling its financial commitments and acquiring additional cash for future endeavors. The company's recent financial results highlight a continuous effort to improve margins, reduce costs, and achieve profitability by Q4 2023.
For more information about Greenlane Holdings, Inc., please visit their investor relations website at https://investor.gnln.com.
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.
Greenlane Holdings (GNLN) reported a 17.4% decline in total revenue for 2022, totaling $137.1 million, down from $166.1 million in 2021. The Consumer Goods segment saw a significant drop of 56.3% to $48.1 million, attributed to strategic realignment towards higher-margin products. In contrast, the Industrial Goods segment increased by 59.0% to $88.9 million, largely due to the KushCo merger. The company aims for positive adjusted EBITDA by Q4 2023, having reduced SG&A expenses by 11.8%. Preliminary Q1 2023 revenue is projected between $23.0-$24.0 million, indicating growth of 5-10% over Q4 2022.
Greenlane Holdings (NASDAQ:GNLN) will host a conference call on April 3, 2023, at 4:30 p.m. Eastern Time, to discuss its fourth-quarter financial and operational results for 2022. The call includes a Q&A session and will be available via webcast with a slide deck on the company's investor relations website. Interested parties can join by dialing (888) 506-0062 (toll-free) or (973) 528-0011 (international). Replay will be available until April 13, 2023, using the passcode 47911. Greenlane, a leader in cannabis accessories and packaging, serves thousands of retail locations globally.
Greenlane Holdings (NASDAQ:GNLN) has announced a significant financial improvement by reducing its loan facility by over 40%, from $15 million to approximately $8.5 million. This reduction is coupled with more than $4.8 million received from the sale of its Employee Retention Credit. The company emphasizes its focus on a transition to a consumer business model, aiming for profitability through higher-margin owned brands. CEO Craig Snyder stated that this move is crucial for reducing debt and funding innovative products. Greenlane, a leading global seller of cannabis accessories, continues to expand its brand portfolio and direct-to-consumer platforms.
Greenlane Holdings, Inc. (NASDAQ:GNLN) announced its strategic focus on product innovation, brand expansion, and partnerships to drive growth. In 2023, Greenlane will introduce 23 new proprietary products from its house brands, including Eyce and DaVinci. The recently launched Groove brand features 12 products aimed at affordability and functionality, with the CARA concentrate pen gaining popularity. Greenlane's strategic partnerships across Latin America and Canada enhance its market reach. CEO Craig Snyder expressed optimism for the company's trajectory, emphasizing commitment to innovation and scalable brand development.
Greenlane Holdings (NASDAQ:GNLN) has entered a distribution agreement with Zhar Capital to market and sell its portfolio of Greenlane Brands in Mexico. This partnership aims to leverage Zhar Capital's expertise in Mexican business practices to efficiently expand into a growing consumer market. Craig Snyder, CEO of Greenlane, expressed excitement about the collaboration which promises to enhance brand visibility and product availability in Mexico. This agreement marks a significant step for Greenlane as it continues to penetrate international markets, including emerging ones.
Greenlane Holdings (NASDAQ:GNLN) announced major changes to its Board of Directors, effective January 6, 2023, as part of its business transformation plan. Nick Kovacevich, Adam Schoenfeld, and Richard Taney will step down, while incoming CEO Craig Snyder will join the board. The restructuring aims to create a leaner company focused on higher margins and improve efficiency by reducing board size to five members. This decision reflects Greenlane's commitment to adaptability and cost reduction in 2023, enhancing its competitive edge in the premium cannabis accessory market.
Greenlane Holdings (NASDAQ:GNLN) has appointed Lana Reeve as the new Chief Financial and Legal Officer. With over 25 years of experience, Reeve previously held senior roles at companies like Authentys and RealPage. She aims to enhance the company's financial and legal strategies. Greenlane has also granted Reeve 50,000 restricted stock awards as an inducement for her employment. This leadership change is part of Greenlane's strategy to transform into a leaner, profitable consumer business.
Greenlane Holdings (NASDAQ:GNLN) has formed a strategic partnership with Wild Green Canada to enhance B2B processes and expand its product access in Canada. This collaboration aims to tap into Wild Green Canada's extensive experience in the tobacco industry to increase visibility and distribution of Greenlane's premium cannabis accessories. Greenlane is focused on growth and profitability, and this partnership is expected to bring their offerings to more retail locations across Canada, thereby positioning the company for greater market penetration.
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