Business
Greenlane Announces Financial Results for the Third Quarter of 2019
BOCA RATON, Fla., Nov. 08, 2019 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (Nasdaq: GNLN) (“Greenlane” or “the Company”), one of the largest global sellers
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Nov. 08, 2019 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (Nasdaq: GNLN) (“Greenlane” or “the Company”), one of the largest global sellers of premium cannabis accessories, CBD and liquid nicotine products, today reported financial results for its third quarter ended September 30, 2019.\n Third Quarter 2019 and Other Recent Financial and Operating Highlights: Net sales increased 3.0% to $44.9 million;Expanded European footprint with acquisition of Conscious Wholesale, a leading European wholesaler and retailer, and partnership with NOUS to bring Higher Standards branded and curated shops-in-shops to Paris, France; pro forma1 net sales including Conscious Wholesale would have been $47.3 million;Continued to grow and diversify portfolio of owned brands and direct-to-consumer retail operations, including new Higher Standards partnerships and strong VIBES sales, which have surpassed half a million dollars since its launch in Q2;Entered into a lease agreement for Higher Standards’ third retail location in Malibu, CA;Signed exclusive U.S. and Canadian distribution partnership with Omura for new heat-not-burn technology;Signed a number of high-profile distribution agreements and partnerships to expand hemp-derived CBD offerings, including Green Lotus, Bouquet, Cookies, Sherbinskis and Shaboink;Entered into exclusive agreements to distribute Santa Cruz Shredders’ iconic, state-of-the-art grinders and PHILTER’s groundbreaking filtration technology, known as the POCKET and PHLIP brands;Net loss was $9.0 million compared to $0.1 million in the prior year period, impacted by higher cost of sales, investments in people and equipment, and higher depreciation and amortization expense; pro forma1 net loss including Conscious Wholesale would have been $8.4 million;Adjusted net loss was $7.5 million compared to adjusted net income of $0.02 million in the prior year period;Adjusted EBITDA was a loss of $3.4 million compared to a gain of $0.9 million in the prior year period;Well-funded to execute upon pipeline of growth initiatives, with $52.5 million in cash compared to $7.3 million as of December 31, 2018. All growth rates reflect year-over-year growth comparing the third quarter of 2019 to the third quarter of 2018. “In the third quarter, we continued to focus on our three strategic pillars of growing our supply and packaging ...