Greenlane to Receive More Than $4.8M in Employee Retention Credit And Jointly Reduces More Than $6.4M of Existing Debt
BOCA RATON, FL / ACCESSWIRE / February 21, 2023 / Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, reduces its current loan facility by over 40% from $15M to approximately $8.5M, while also receiving more than $4.8M from the sale of its Employee Retention Credit.
Greenlane is pleased to announce the influx of non-dilutive capital, as well as the corresponding voluntary paydown of its existing debt. Greenlane continues to focus on its transition to a consumer business model with an emphasis on higher margin owned brands.
Today’s announcement allows us to reduce our debt and provide capital for the innovative products that will continue to come from Greenlane throughout the year. It is also a key step forward in structuring the business on its path to profitability
Craig Snyder, CEO of Greenlane
About Greenlane Holdings, Inc.
Greenlane is the premier global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products. We operate as a powerful family of brands, third-party brand accelerator, and omni-channel distribution platform, providing unparalleled product quality, customer service, compliance knowledge, and operations and logistics to accelerate our customers’ growth.
As a pioneer in the cannabis space, Greenlane has an incredible acumen for detecting opportunities in the marketplace. We proudly own and operate a diverse brand portfolio including DaVinci Vaporizers, Pollen Gear™,Higher Standards,Groove, and Eyce. Additionally, Greenlane strategically partners with leading multi-state operators, licensed producers, and brands, such as Storz & Bickel (Canopy-owned), Grenco Science, VIBES, and CCELL, to develop and distribute innovative and high-quality products.
Founded in 2005, Greenlane serves an expansive customer base comprised of thousands of retail locations, including licensed cannabis dispensaries, smoke shops, and specialty retailers. Greenlane also owns and operates Vapor.com and VapoShop.com, two industry-leading, direct-to-consumer e-commerce platforms in North America and Europe respectively.
For additional information, please visit: https://gnln.com/.