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 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.
Greenlane Holdings (NASDAQ:GNLN) has partnered with Universal Distribution LATAM to distribute its Greenlane Brands in Latin America, specifically in Chile, Uruguay, and Argentina. The agreement grants exclusive and non-exclusive rights for promotion and sales, targeting sales of at least $1.5 million in the first year, $1.9 million in the second year, and $2.4 million in the third year. This asset-light strategy allows Greenlane to expand without heavy capital investment, leveraging local expertise.
Greenlane Holdings (NASDAQ: GNLN) announces a conference call on May 17, 2022, at 8:30 a.m. Eastern Time to discuss its financial and operational results for Q1 2022, which ended on March 31, 2022. The call will include a live presentation accessible via their Financial Results page. Interested parties can join by phone or online. A replay will be available until May 31, 2022. Greenlane is a leading global seller of cannabis accessories and products, serving over 8,500 retail locations.
Greenlane Holdings (Nasdaq: GNLN) will participate in the Benzinga Cannabis Capital Conference on April 20-21, 2022, at the Fontainebleau Miami Beach hotel. CEO Nick Kovacevich is scheduled to speak on April 21st at 3:20 PM ET and will hold one-on-one meetings with investors throughout the event. This conference, featuring over 1,000 leaders from the cannabis sector, offers exclusive networking and investment opportunities. The event will include a newly added expo floor and enhanced features for attendees. Register for the event through provided links.
Greenlane Holdings reported a 54% revenue increase to $56 million in Q4 2021 and a 20.1% rise to $166.1 million for the full year. The company implemented a strategic plan aiming for positive adjusted EBITDA by Q3 2022, focusing on reducing costs by nearly 40% and generating $30 million in liquidity. The net loss for Q4 2021 was $11.15 million. Notably, sales of Greenlane Brands grew 52.3% in 2021, although the consumer goods segment experienced a 23.9% decline in Q4 due to reduced lower-margin sales. The company remains optimistic about future growth despite industry challenges.
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