William SumnerMarch 21, 2018
Greenlane, a distributor and online retailer of vaporizer products that was formerly known as VapeWorld, announced today that it has acquired its competitor, VaporNation. Servicing approximately 9,000 independent retailers, Greenlane is now one of the world’s largest vaporizer distributors.
“We have a shared philosophy of putting clients first and offering superior customer service. VaporNation’s strong brand relationships combined with Greenlane’s make for incredible category coverage,” said Jeff Sherman, CEO of VaporNation, in a statement. “VaporNation’s performance in direct-to-consumer sales, coupled with Greenlane’s dominance in wholesale, make this transaction a natural fit. It is really gratifying to see VaporNation become a part of Greenlane.”
Over the last decade, the vaporizer industry has evolved from a small cottage industry into a billion-dollar business, thanks in part to the recent proliferation of legal cannabis across the United States. In 2017, electronic cigarette sales were estimated to have reached $10 billion, compared to $20 million in 2008.
According to a report by Research and Markets, sales of vaporizers are expected to exceed $43 billion by 2023.
With this recent acquisition, the company will expand its footprint to include eight US Cites, six automated distribution centers, and approximately 200 hundred employees.
“We’ve been hard at work and steadily growing for over 13 years now; in the past couple of years we have really pulled ahead of our competition and with this acquisition, we have sprinted ahead even further. We couldn’t be more excited to bring VaporNation into the Greenlane family,” commented Greenlane CEO and founder, Aaron LoCascio.
Under the agreement, VaporNation’s retail site, VaporNation.com, will continue under the management of Greenlane. VaporNation’s wholesale enterprises will be absorbed into Greenlane’s operations. The previous owners of VaporNation will continue on with Greenlane in an advisory capacity for an undisclosed amount of time. Because both companies are privately held, further details of the acquisition have not been made public.
