Greenlane Holdings Stock Price, News & Analysis

Greenlane Holdings, trading under GNLN, reported a 31% decline in Q3 2022 revenue, totaling $28.7 million compared to $41.3 million in Q3 2021. The company experienced a significant net loss of $79.2 million, primarily due to a $66.8 million goodwill impairment. Despite a 5% increase in revenue to $115.1 million for the nine-month period, adjusted EBITDA losses widened to $11.2 million in Q3 2022. New strategic initiatives include management changes, cost-cutting measures, and a shift to a consumer brands model, aiming for improved efficiency and profitability.

Greenlane Holdings (NASDAQ:GNLN) will host a conference call on November 15, 2022, at 4:30 PM ET to discuss its Q3 2022 financial results ended September 30, 2022. The call will include a webcast with slides, accessible via the Financial Results page on their investor relations website. Interested parties can join by dialing (888) 506-0062 or (973) 528-0011 for international calls. A replay will be available until November 29, 2022.

Greenlane Holdings (NASDAQ:GNLN) has successfully completed its public offering of 8,333,335 units at a price of $0.90 per unit, raising approximately $7.5 million in gross proceeds. Each unit consists of one share of Class A common stock and two common warrants with an exercise price of $0.90 each. The funds will support general corporate purposes, including debt servicing, working capital, and product development. A.G.P./Alliance Global Partners served as the sole placement agent. The offering details are available in the effective registration statement filed with the SEC.

Greenlane Holdings (NASDAQ:GNLN) announced a strategic partnership with Leaf Trade to enhance its B2B visibility in the cannabis sector. This agreement will allow Greenlane products to be featured on Leaf Trade's platform, improving order fulfillment and payment processes in regulated markets. The collaboration aims to provide Greenlane with essential tools and technology, thereby increasing its competitive edge and market presence. The product lineup includes brands like Higher Standards and Marley Natural, expanding the reach of Greenlane's premium cannabis products.

Greenlane Holdings (NASDAQ:GNLN) announced a public offering of 8,333,335 units priced at $0.90 per unit, aiming to generate approximately $7.5 million in gross proceeds. Each unit consists of one share of Class A common stock and two common warrants, exercisable at the same price. The offering's net proceeds will be allocated to general corporate purposes, including servicing debt, working capital, product development, and capital expenditures. The closing is anticipated around November 1, 2022.

Greenlane Holdings (NASDAQ:GNLN) has announced a three-year distribution agreement with GreenDirect, LLC to distribute its proprietary Greenlane Brands in Puerto Rico. This exclusive arrangement empowers GreenDirect to market and sell Greenlane's products to retailers for resale. The partnership allows Greenlane to enter the growing Puerto Rican market without establishing its own operations. Craig Snyder, Greenlane's President, emphasized that this strategy will help scale their brands in the region.

Greenlane Holdings (NASDAQ:GNLN) has launched Groove, a new brand offering affordable and high-quality cannabis accessories. This strategic addition aims to fill marketplace gaps and drive growth and profitability. Groove's product line includes a variety of everyday cannabis items such as glass and silicone pipes, dab pens, and vaporizer batteries, all developed by industry experts. The launch aligns with Greenlane's goal to become a leading brand family in the ancillary cannabis industry. More details about Groove can be found at www.smokegroove.com.

Greenlane Holdings (NASDAQ:GNLN) has announced a strategic distribution partnership with AUXO, a vaporization brand from SMOORE. This collaboration will enhance Greenlane's product offerings, focusing on innovative vaporizers like Cenote, Calent, and Cira, backed by CCELL's patented technology. The partnership aims to deliver high-margin sales and expand market reach, leveraging unique features such as smartphone app compatibility. Greenlane continues to solidify its position as a leading global platform for premium cannabis accessories.

Greenlane Holdings (NASDAQ:GNLN) announced a significant management change, with Craig Snyder becoming CEO on January 1, 2023. He will succeed Nick Kovacevich, who transitions to Chief Corporate Development while remaining on the board. This move aims to facilitate Greenlane's transition to a consumer brands company within the cannabis industry. The company is also exploring changes to its board, seeking candidates with relevant skills in CPG and technology to support its growth strategy. The management change is seen as pivotal in navigating current market conditions.