Greenlane Holdings Archives - Green Market Report

StaffJanuary 4, 2022
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4min8250

Greenlane Holdings, Inc. (NASDAQ: GNLN) has parted ways with its President Aaron LoCascio and has accepted an $8 million bridge loan from LoCascio to support organic growth initiatives at the company. LoCascio is the company’s co-founder, a board member, and one of its largest shareholders. LoCascio helped found the company in 2007 and was the CEO of Greenlane in 2018 prior to the merger with KushCo. According to the company’s annual report, LoCascio received $380,000 in salary in 2020, plus $342,000 in option awards.

The bridge loan will mature on June 30, 2022, and bears interest at 15% per year. Greenlane said it is in the process of procuring and evaluating proposals for a long-term asset-based loan (ABL) to support its long-term financing needs in a non-dilutive manner. The company said it expects to arrive at a decision sometime in Q1 2022.

“It’s been a wonderful 16 years starting, pioneering, and scaling Greenlane into the preeminent ancillary cannabis leader it is today,” said Mr. LoCascio. “Since the closing of the merger, I remain Greenlane’s biggest fan and have become more excited than ever at the potential for the company to reach new heights that it possibly could not have achieved on its own. We have unprecedented scale, a leading portfolio of proprietary brands, significant potential revenue and cost savings synergies, and a talented and driven team that all make for a promising future for the Company. It is with great enthusiasm that I now support the Company in a ‘behind-the-scenes’ role-as its lender and one of its largest shareholders-while continuing to work with the rest of the Board to help management execute its profitable growth strategy and drive higher returns for shareholders.”

In addition, Greenlane reported that co-founder Adam Schoenfeld will transition from his current Chief Strategy Officer role to Chief Marketing Officer, eliminating the former position, effective December 31, 2021. The company believes that this appointment better streamlines the organization reduces overhead costs, and allows for a more focused marketing direction and department to help propel Greenlane’s proprietary brands under the leadership and expertise of Mr. Schoenfeld.

Kovacevich continued: “In just four months following the close of the merger, we have made tremendous strides in our integration and cost saving initiatives, streamlining the organization and reducing our cost structure through headcount reductions as well as vendor and infrastructure consolidations. We’re pleased to have already achieved $8 million in cost saving synergies, which gives us confidence to hit our previously announced guidance of $15 million to $20 million of cost saving synergies, while making meaningful inroads in our cross-selling strategies to propel our Greenlane Brands to new heights in 2022 and 2023. We believe all of these initiatives set us up to achieve adjusted EBITDA profitability in the fourth quarter of 2022, giving us a strong and profitable position to scale from in 2023.”


StaffOctober 19, 2021
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3min23951

Greenlane Holdings, Inc., (Nasdaq: GNLN) is buying vape companyDaVinci for an undisclosed amount. The deal is expected to close in the fourth quarter of 2021.

“DaVinci leads the way in innovative portable vaporizers and we are thrilled to bring them into our owned brand portfolio,” said Nick Kovacevich, CEO of Greenlane. “This acquisition perfectly illustrates our mission of elevating all elements of the consumption experience, and we look forward to building on our recent success of acquiring strategic and accretive brands. As we continue to execute on our robust pipeline of acquisition targets, we aim to ensure our customers have a best-in-class product selection, while driving profitability and shareholder value by increasing our higher-margin owned brand offerings. The team at DaVinci shares our commitment to providing curated, convenient experiences to consumers, and we look forward to welcoming them to Greenlane and to working together to bring more innovative products to our customers.”

DaVinci is an industry leading brand differentiated through its groundbreaking Clean First™ innovation, which employs medical grade materials and total quality manufacturing processes to ensure the cleanest technology goes into the development of its products. DaVinci’s product line has grown significantly since the launch of its award-winning IQ vaporizer in 2016 to include new innovative models such as the MIQRO, the world’s smallest premium loose-leaf vaporizer, IQ2, the world’s first on-device dosage control, and the IQC, equipped with a patented ShareSafe™ mouthpiece created from an FDA-approved antimicrobial polymer.

 

“At DaVinci we have been committed to approaching product development with vision and imagination, and we are thrilled to join Greenlane as strong partners in innovation. We are excited to join a team that shares our drive to harness new and changing technologies to engineer consumer experiences that align with the evolving needs of a dynamic, growing cannabis industry,” said Cortney Smith, Founder and CEO of DaVinci.

DaVinci is an industry-leading brand differentiated through its groundbreaking Clean First innovation, which employs medical-grade materials and total quality manufacturing processes to ensure the cleanest technology goes into the development of its products. DaVinci’s offerings include many award-winning vaporizers.


AxisWireMay 2, 2019
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9min18710

TORONTO- May 2, 2019 /AxisWire/ SLANG Worldwide Inc. (CNSX: SLNG), (Frankfurt: 84S), (“SLANG” or the “Company”), a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 11 US states, is pleased to announce the establishment of its new wellness-focused business division, SLANG Health and Wellness. The new business unit will develop and market a portfolio of plant-based cannabidiol (“CBD”) products that will be distributed in partnership with Greenlane Holdings, Inc. (NASDAQ: GNLN) (“Greenlane”) through their extensive distribution network.

“Consumers are increasingly interested in natural plant-based wellness products, and we’ve only scratched the surface of the opportunity within cannabinoid-supported wellness,” said SLANG CEO Peter Miller. “Health and Wellness represents a new market segment for SLANG and is a natural extension for our portfolio of top selling products across the US and internationally. We expect early sales to be supported by the brand awareness and customer loyalty that we’ve developed within our existing portfolio over many years of innovation and consumer focus.”

SLANG Health and Wellness products will target a rapidly expanding and promising consumer market that is expected to grow from US$591 million in 2018 to US$22 billion by 2022, according to The Brightfield Group. The Company will initially focus on extending SLANG’s existing industry leading portfolio of THC-dominant products into the CBD space and will immediately launch sales of the Company’s best-selling O.penVAPE Reserve brand, to be sold as a half gram hemp-based CBD cartridge.

Reserve CBD products will be distributed in partnership with Greenlane, a leading global distributor of ancillary and hardware products to smoke shops and dispensary channels. Greenlane currently delivers products into over 9,600 brick and mortar retail locations around the world and has a significant e-commerce presence. Greenlane already distributes SLANG’s Firefly vaporizer line and the O.penVAPE battery, and the addition of SLANG’s new CBD products marks the expansion of the two companies’ strategic partnership.

SLANG plans to release additional products and brands throughout 2019 under the SLANG Health and Wellness banner. The Company may also evaluate selective acquisition opportunities to accelerate its growth in the health and wellness space.

About SLANG Worldwide Inc.

SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 11 US states. The Company is focused on developing and marketing branded cannabis products to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the Frankfurt Stock Exchange under the trading symbol 84S. For more information, please visit www.slangww.com.

About Greenlane Holdings, Inc.
Greenlane is a leading distributor of premium vaporization products and consumption accessories in the United Statesand has a growing presence in Canada. Greenlane’s customers include over 6,600 independent smoke shops and regional retail chain stores, which collectively operate approximately 9,700 retail locations, and hundreds of licensed cannabis cultivators, processors and dispensaries. Greenlane also owns and operates two of the most visited North American direct-to-consumer e-commerce websites in the vaporization products and consumption accessories industry, VaporNation.com and VapeWorld.com, which offer convenient, flexible shopping solutions directly to consumers. Greenlane is developing a unique e-commerce platform, Vapor.com, into which its existing e-commerce websites will be consolidated. Through Greenlane’s expansive North American distribution network and e-commerce presence, Greenlane offers a comprehensive selection of premium vaporizers and parts, cleaning products, grinders and storage containers, pipes, rolling papers and customized lines of premium specialty packaging. Following the passage of The Agriculture Improvement Act of 2018 in February 2019, Greenlane commenced distribution of premium products containing hemp-derived cannabidiol in those states in which the distribution and sale of such products are authorized by, and can be effected in compliance with, applicable state laws and regulations.

Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Forward-looking statement in this news release include, but are not limited to, statements regarding the establishment of SLANG Health and Wellness, the development and distribution of CBD products, the growth of the CBD consumer market, the release of additional products and the evaluation of selective acquisition opportunities.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings “Risk Factors” in SLANG’s final long form prospectus dated January 17, 2019 and “Risks and Uncertainties” in the management discussion and analysis for the year ended December 31, 2018, each as filed on SEDAR at www.sedar.com. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

For further information: Media inquiries: Media@SLANGworldwide.co; Investor inquiries: Kelly Ehler, Chief Financial Officer, Investors@SLANGworldwide.co / 833.752.6499


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