Greenlane Holdings Stock Price, News & Analysis

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.

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.