Business
Greenlane Announces Dismissal of Class Action Suit with Prejudice
Judge Deems Claims Against Greenlane “Meritless” and Dismissed the Case with Prejudice BOCA RATON, Fla., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Greenlane Holdings,
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Judge Deems Claims Against Greenlane “Meritless” and Dismissed the Case with Prejudice\nBOCA RATON, Fla., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or \"the Company”) (Nasdaq: GNLN), a global house of brands and one of the largest sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that a complaint filed on March 6, 2020, with the United States District Court, Southern District of Florida (“the Court”), Case No. 9:19-cv-81259-RKA, has been dismissed in its entirety with prejudice and the case closed. The plaintiffs in this action had alleged that the Company’s registration statement related for its initial public offering contained material omissions and false or misleading statements. The Court’s opinion held that Greenlane had “candidly” outlined in clear terms the relevant risks and that the registration statement did not contain false or misleading statements or material omissions. In doing so, the Court deemed the Plaintiffs claims “meritless.” Greenlane is a defendant in a related case in Florida state court and has moved to dismiss that litigation on the same grounds. About Greenlane Holdings, Inc. Greenlane (NASDAQ: GNLN) is the leading global platform for the development and distribution of premium cannabis accessories and lifestyle products. The company operates as a powerful house of brands, third-party brand accelerator, and omni-channel distribution platform. Greenlane serves the global markets with an expansive customer base of more than 7,000 retail locations, including licensed cannabis businesses, smoke shops, and specialty retailers. As a pioneer in the cannabis space, Greenlane is the partner of choice for many of the industry’s leading brands, including PAX Labs, Storz & Bickel (Canopy-owned), Cookies, Grenco Science, and DaVinci. Greenlane also proudly owns and operates a diverse brand portfolio including packaging innovator Pollen Gear™, the K.Haring Glass Collection by Higher Standards, Marley Natural™, and VIBES™ rolling papers. Higher Standards, Greenlane’s flagship brand, offers both a high-end product line and immersive retail experience with groundbreaking stores in both New York City’s Chelsea Market and Malibu, California. Greenlane also owns and operates both Vapor.com and VapoShop.com, two industry-l...