Greenlane Holdings SEC Filings

Greenlane Holdings reported a much wider loss for first quarter 2026 as it executed its digital asset treasury strategy centered on BERA tokens. Net revenue was about $0.4 million, down from $1.5 million a year earlier, as legacy wholesale sales declined and staking revenue of roughly $0.4 million from its Digital Asset segment partially offset the drop.

Loss from operations widened to about $5.6 million, while a non-cash $12.9 million decline in the fair value of digital assets pushed net loss attributable to Greenlane to roughly $18.4 million, or $4.49 per Class A share. The company deployed about $10.1 million into BERA and BERA-equivalent assets and held approximately 77.7 million BERA units at quarter-end, with a fair value of around $34.2 million. BERA-per-share rose about 44% to roughly 123 units per Class A share.

Cash and cash equivalents fell to about $13.3 million from $32.5 million at year-end as operating and investing outflows totaled more than $19 million. After the quarter, Greenlane completed a one-for-eight reverse stock split and regained compliance with Nasdaq’s minimum bid price rule, keeping its Class A shares listed on the Nasdaq Capital Market under the symbol GNLN.

Greenlane Holdings, Inc. filed an amended annual report to add governance, compensation, ownership and related‑party disclosures that were not included in the original filing. No financial statements are changed.

The company highlights a strategic shift toward a digital asset treasury strategy alongside its legacy business and has formed a Digital Assets Committee to oversee strategy, risk management, controls and valuation for crypto-related activities. A related-party structure is disclosed: a February 2026 token purchase and lending arrangement with Berachain Operations Corporation, where a potential liquidity provider, BSQD Corp., is wholly owned by Chief Investment Officer Benjamin Isenberg; any trades routed to BSQD are intended to be at arm’s-length market terms.

The filing details a largely independent board, new leadership including CEO Jason Hitchcock and CFO Vanessa Guzmán‑Clark, and 2025 pay for key executives. Former CEO Barbara Sher received total 2025 compensation of $1,764,348, including a $1,000,000 lump‑sum settlement on her resignation. The company also reports 629,832 Class A shares outstanding as of April 17, 2026 and concentrated insider ownership.

Greenlane Holdings, Inc. reports that it has regained compliance with Nasdaq’s minimum bid price requirement under Listing Rule 5550(a)(2). As a result, a delisting hearing previously scheduled for May 5, 2026 has been cancelled and the company’s Class A common stock will continue trading on the Nasdaq Capital Market.

The company also highlights capital structure moves linked to its October 2025 $110 million PIPE financing. Berachain Investment Corporation plans to convert 33,085 of its 1,476,464 pre-funded warrants into Class A common shares, keeping its beneficial ownership at 4.99%. It may later increase this cap to 19.99%, which would represent 157,387 shares based on current outstanding shares.

In addition, members of Greenlane’s board who hold Strategic Advisor Warrants have agreed to extended lock-up terms. Holders of 162,760 of the 658,092 outstanding Strategic Advisor Warrants have committed not to sell or transfer these warrants or the underlying common shares, with restrictions running until April 23, 2027, subject to limited exceptions. Greenlane positions these steps, alongside its Berachain-focused digital asset treasury strategy, as supporting long-term stockholder alignment.

Greenlane Holdings authorized a share repurchase program of up to $2.0 million of its Class A common stock, signaling a capital allocation focus alongside its digital asset strategy. The program has no fixed end date and repurchases may occur through open market or negotiated transactions at the company’s discretion.

Greenlane also highlighted its BERA-focused digital asset treasury. As of April 7, 2026, it held approximately 77.9 million units of BERA, described as about 32% of BERA’s circulating supply, with around 50.0 million units deployed into validator infrastructure on the Berachain network. The company reported prior audited figures as of December 31, 2025 including $32.5 million in cash and cash equivalents, $36.6 million in digital assets at fair value, total liabilities of $7.2 million, and stockholders’ equity of $67.7 million, with no debt.

Greenlane Holdings, Inc. implemented a 1-for-8 reverse stock split of its Class A common stock, effective April 6, 2026. Every eight pre-split shares were combined into one post-split share, with no change to the $0.01 par value.

The move is intended to help the company regain compliance with the Nasdaq Capital Market’s $1.00 minimum bid price requirement. Fractional shares are not issued; instead, stockholders receive cash based on the April 2, 2026 Nasdaq closing price. The reverse split applies uniformly to all holders, also adjusting outstanding warrants, pre-funded warrants, stock options and the share pool under equity incentive plans, while leaving percentage ownership largely unchanged aside from minor rounding effects.

Greenlane Holdings, Inc. reported that Chief Executive Officer Jason Hitchcock received a grant of stock options covering 250,000 shares of Class A common stock. These options have an exercise price equal to the closing price on February 10, 2026 and expire on February 10, 2036.

The grant is a compensation award from the company’s 3,000,000-share ESOP distribution approved by the board on October 14, 2025. The options vest over three years, with one-third vesting on each anniversary of February 10, 2026, contingent on Mr. Hitchcock remaining an employee in good standing.

Greenlane Holdings, Inc. is implementing a 1-for-8 reverse stock split of its common stock, effective at 12:01 a.m. Eastern Time on April 6, 2026. The stock will begin trading on a split-adjusted basis that day under the same symbol, GNLN, with a new CUSIP.

The reverse split will reduce issued and outstanding common shares from approximately 5,039,563 to approximately 629,945, without changing the authorized share count. No fractional shares will be issued; instead, holders will receive cash based on the April 2, 2026 closing price for any fractional interest.

The split will also proportionately adjust the share amounts and exercise or conversion prices of certain outstanding warrants and stock options. Greenlane states that the action is intended to improve the investment perception of its stock, broaden its investor appeal, and help maintain compliance with Nasdaq Listing Rule 5550(a)(2).

Greenlane Holdings reported full-year 2025 results and detailed its pivot to a Berachain-focused digital asset treasury model centered on BERA tokens. Net revenue was $4.4M, down 67% from $13.3M in 2024, reflecting the wind-down of legacy wholesale and distribution operations.

Net loss attributable to Greenlane expanded to $85.6M from $17.6M, driven by a $31.1M loss on the change in fair value of digital assets, $18.6M in non-cash stock-based compensation for strategic advisory warrants, inventory and asset impairments, and restructuring charges. Q4 2025 revenue was $1.4M with a $69.6M net loss.

As of December 31, 2025, Greenlane held 51,659,912 units of BERA with a fair value of $36.6M, $32.5M in cash and cash equivalents (including $22M in stablecoins), and no debt, with stockholders’ equity of $67.7M. Subsequent events include a Nasdaq delisting notice, stockholder approval for a reverse stock split in a 1-for-5 to 1-for-15 range, token purchase and lending agreements tied to BERA, an at-the-market equity program for up to $5.36M of common stock, and the appointment of Jason Hitchcock as Chief Executive Officer.

Greenlane Holdings, Inc. is undergoing a major strategic shift from its legacy vape accessories distribution business to a digital asset treasury strategy centered on BERA, the native token of the Berachain blockchain. In October 2025 the board adopted a BERA-focused treasury policy, formed a Digital Assets Committee, and began allocating a substantial majority of assets into BERA, staking, validator participation and selective DeFi activities, alongside U.S. dollar stablecoins.

The company exited warehouse operations, moved commerce to an asset-light drop-ship model, redeployed capital into digital assets, and completed multiple financings, including a $25.0 million private placement and a $110 million BERA-focused private placement. As of February 27, 2026 it held about 70.4 million BERA tokens and plans to deploy up to 50 million BERA into validator infrastructure. The filing highlights extensive risks tied to BERA’s price volatility, network design, custody, derivatives, and evolving global regulation, plus concentration risk and potential reclassification of BERA as a security or the company as an investment company. Greenlane also discloses a Nasdaq delisting notice, planned reverse stock split approval, an at-the-market equity program, restructuring-driven headcount reduction to eleven employees, and heavy dependence of future results on digital asset market conditions.