Business
Greenlane Announces Closing of European Acquisition of Conscious Wholesale
BOCA RATON, Fla.--(BUSINESS WIRE)-- Greenlane Holdings, Inc. (Nasdaq: GNLN) (“Greenlane”), one of the largest global sellers of premium cannabis accessories,
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nGreenlane Holdings, Inc. (Nasdaq: GNLN) (“Greenlane”), one of the largest global sellers of premium cannabis accessories, announced today the closing of its acquisition of Conscious Wholesale, a leading European wholesaler and retailer of consumption accessories, vaporizers, and other high-quality products. The acquisition includes Conscious Wholesale’s complimentary product portfolio, comprised of premium brands such as Firefly, Davinci, PAX and Storz & Bickel, as well as its existing distribution channels throughout Europe, retail shop in the Netherlands and e-commerce websites, including Vaposhop.com. The acquisition closed on September 30, 2019 and is expected to be immediately accretive to Greenlane’s annualized net earnings.\n\n\n“We are pleased to announce the completion of our acquisition of Conscious Wholesale and welcome their talented team and iconic brands to Greenlane,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “The addition of the Conscious Wholesale platform provides Greenlane with a strong and established foothold in Europe and allows us to expand our global distribution, retail and e-commerce capabilities. We are delighted that Conscious Wholesale is now part of the Greenlane family and look forward to working together to deliver value for our customers, partners and shareholders.”\n\n\nForward Looking Statements\n\n\nCertain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. Risks and uncertainties include, among others: the expected timing of the completion of the acquisition; the number of shares of the Company’s common stock to be issued as partial consideration in the acquisition; the potential payment of additional consideration upon the achievement of sales growth and gross margin targets; the Company’s ability to achieve the expected benefits of the acquisition of Conscious Wholesale and the agreement with Access Fulfilment, including expected accretion to annualized net earnings; the Company’s growth prospects in Europe and other international mark...