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) has launched an enhanced wholesale shopping experience on its new website, wholesale.greenlane.com. This platform provides 24/7 access to thousands of products across Greenlane's own and third-party brands. The initiative is part of Greenlane's growth strategy aimed at boosting sales and profitability while improving efficiency. Customers can now enjoy a streamlined user experience, including features for order management and real-time shipping rates. President Craig Snyder emphasizes this as a commitment to customer service.
Greenlane Holdings (NASDAQ:GNLN) announced on August 30, 2022, that it has regained compliance with Nasdaq's minimum bid price requirement. The company received notice from Nasdaq confirming that its Class A common stock maintained a closing bid price above $1.00 for 11 consecutive trading days as of August 24, 2022. Previously, Greenlane had been notified of non-compliance on February 25, 2022, but has successfully rectified this issue, allowing its stock to remain listed on the Nasdaq Global Market.
Greenlane Holdings (GNLN) announced its financial results for Q2 2022, showing a 15% increase in revenue to $39.9M, with a total of $86.5 million for the first half, a 25.8% growth year-over-year. The net loss narrowed to $2.27 per share from $3.23 in Q2 2021. The company plans to sell its packaging division, reallocating resources to its consumer brands strategy. Additionally, new leadership appointments aim to streamline operations, alongside a secured $15 million credit facility and ongoing cost-cutting measures.
Greenlane Holdings (NASDAQ:GNLN) announced the closure of a $15 million asset-based loan to enhance its working capital and support strategic initiatives. The loan, set for a term of three years, aims to aid Greenlane in reducing costs and accelerating profitability without diluting shareholder equity. CEO Nick Kovacevich highlighted the company's progress towards its strategic shift and its unique position within the cannabis ecosystem. Greenlane serves over 8,000 retail locations, showcasing a strong brand portfolio in the cannabis accessory market.
Greenlane Holdings (Nasdaq:GNLN) announced a one-for-20 reverse stock split to take effect on August 9, 2022. This move aims to comply with Nasdaq's minimum bid price requirements, reducing the number of Class A shares from approximately 137.5 million to about 6.9 million and Class B shares from 5.2 million to 260,000. The stock will begin trading post-split on August 10, 2022, under the existing symbol GNLN. The split will not change any shareholder's percentage interest, though fractional shares will be paid in cash.
Greenlane Holdings has sold its stake in VIBES Holdings LLC for $5.3 million in cash, marking a strategic move to enhance profitability. The sale values VIBES at an enterprise value of approximately 1x its trailing 12-month revenue, indicating that Greenlane's public market valuation may be undervalued. Greenlane retains distribution rights for VIBES products and will continue as a strategic partner. CEO Nick Kovacevich expressed optimism about the valuation disparity and aims to improve the company's balance sheet through this transaction.
Greenlane Holdings (NASDAQ:GNLN) announced a registered direct offering to sell 21,600,000 shares of common stock and warrants at $0.25 per share, aiming to raise approximately $5.4 million.
The warrants are valid for five and a half years and become exercisable six months post-issuance. The offering is scheduled to close around June 29, 2022, pending customary conditions. Proceeds will be used for general corporate purposes.
Greenlane Holdings (NASDAQ:GNLN) has commenced shipping regulated vaporizer products to wholesale clients utilizing a business exemption to the PAC Act granted by the USPS. This exemption allows for reduced shipping costs and improved fulfillment times, enhancing customer experience. CEO Nick Kovacevich highlights the strategic advantage this brings, enabling Greenlane to accelerate growth in the vaporizer market and offer logistics capabilities to other businesses affected by the PAC Act. The company aims to strengthen its compliance and safety leadership in the cannabis accessories sector.
Greenlane Holdings (NASDAQ:GNLN) announces its strategy to generate over $30 million in non-dilutive liquidity. Key components include securing an asset-based loan, selling its headquarters in Boca Raton, and disposing of non-core inventory. The company is negotiating a loan expected to yield more than $10 million in liquidity and is actively marketing its headquarters, with hopes of generating an additional $10 million. The sale of excess and obsolete inventory aims to contribute another $10 million. These efforts are seen as crucial in a challenging market environment.
Greenlane Holdings (NASDAQ:GNLN) reported a 37% revenue increase to $46.5 million in Q1 2022, driven largely by the KushCo merger. However, excluding KushCo's impact, revenue dropped 47%. The company aims for positive adjusted EBITDA by Q3 2022, aided by a reduction in force expected to save $8 million annually. Greenlane Brand sales fell 34% due to ERP system issues, impacting order fulfillment. Total cash stands at $5.9 million, with working capital decreasing to $41.7 million compared to the end of 2021.
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