Greenlane Holdings Stock Price, News & Analysis

Greenlane Holdings (NASDAQ:GNLN) has announced the launch of The Cali by VIBES, a new pre-roll designed to enhance the smoking experience. This innovative product features a cylindrical design for optimal airflow and is available in three sizes: One, Two, and Three Gram. Developed through extensive research, it represents a significant shift from traditional cone pre-rolls. The Cali will be available nationwide, complementing VIBES’ growing reputation and sales, which have surged over 100% consecutively each quarter since its inception.

Greenlane Holdings (NASDAQ:GNLN) has announced the acquisition of DaVinci, a leading manufacturer of premium portable vaporizers. This acquisition aims to enhance Greenlane's owned brands portfolio and intellectual property pipeline. DaVinci is notable for its innovative products, including the award-winning IQ vaporizer. The deal is expected to close in Q4 2021 and will likely be immediately accretive to Greenlane’s revenue and earnings. The company emphasizes its commitment to delivering high-quality cannabis consumption experiences.

Greenlane Holdings (NASDAQ:GNLN) and Jupiter Research are supporting Smoore Technology in a complaint to the U.S. International Trade Commission against IP infringements of CCELL branded vape products. The complaint aims to block imports of infringing products, safeguarding the brand’s reputation and consumer safety. Both companies are authorized distributors of CCELL products, which are manufactured in GMP and ISO-certified facilities. This action addresses the rising issue of knock-offs in the vape market, ensuring high-quality standards are upheld.

Greenlane Holdings (NASDAQ:GNLN) has appointed Donald Hunter as the new Chairman of the Board, effective September 30, 2021. Hunter, an independent director, is recognized for his strong governance background and experience in corporate strategy. Former Chairman Aaron LoCascio remains on the board. This change aims to bolster corporate governance and diversity within the board while enhancing shareholder value. Hunter brings over 30 years of public company experience and has served on several audit committees, reinforcing Greenlane's commitment to operational excellence and stakeholder engagement.

Greenlane Holdings (NASDAQ:GNLN) announced participation in several upcoming investor conferences, including the AGP Virtual Fall Cannabis Conference on October 5, 2021, and the NCIA's 3rd Annual CannaVest West on December 16-17, 2021. CEO Nick Kovacevich and CFO Bill Mote aim to engage with investors post-merger with KushCo, sharing updates on integration and financial models. The company serves over 8,000 retail locations globally and focuses on premium cannabis accessories and specialty vaporization products. More information can be found on their website.

Greenlane Holdings (Nasdaq: GNLN) and KushCo Holdings have merged to create a leading company in the cannabis ancillary products sector. Greenlane's shares will continue trading under the ticker GNLN. Each KushCo shareholder receives 0.3016 of a Greenlane share. The newly combined company aims to leverage its strengths to create significant value through synergies, projecting annual cost savings of $15-20 million. The leadership team includes CEO Nick Kovacevich, with plans for robust growth and innovation across the industry.

Greenlane Holdings announced that over 99% of stockholder votes were cast in favor of the proposed merger with KushCo Holdings. The merger, which is an all-stock, tax-free transaction, will result in KushCo becoming a wholly owned subsidiary of Greenlane. Each KushCo shareholder will receive shares of Greenlane Class A common stock based on the final exchange ratio determined at the merger's closing date. Greenlane plans to file a Form 8-K with the SEC to disclose the final voting results.

KushCo Holdings, Inc. (OTCQX:KSHB) announced that over 97% of its stockholders voted in favor of the merger with Greenlane Holdings, Inc. (NASDAQ:GNLN) during a special meeting. This all-stock, tax-free transaction will make KushCo a wholly-owned subsidiary of Greenlane. Co-founder and CEO Nick Kovacevich expressed gratitude for the strong support from shareholders and emphasized the merger's potential to create a leading ancillary company in the cannabis industry. Greenlane's stockholders also approved the merger on the same day.

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.