Business
Greenlane Announces First Quarter 2020 Financial Results
BOCA RATON, Fla., June 04, 2020 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or "the Company”) (Nasdaq: GNLN), one of the largest global sellers
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, Fla., June 04, 2020 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or \"the Company”) (Nasdaq: GNLN), one of the largest global sellers of premium cannabis accessories and specialty vaporization products, today reported financial results for the first quarter ended March 31, 2020.\n First Quarter 2020 Highlights(Unless otherwise stated, comparisons are made between Q1 2020 and Q4 2019 results) Revenue for the first quarter of 2020 was approximately $33.9 million;Sales of Greenlane Brands grew to $6.3 million dollars, representing 18.5% of total revenue; Gross profit was $7.3 million, or 22% of net sales, an increase of $0.8 million, representing an improvement in gross margin of 414 basis points;Entered into a new lease agreement for a new retail store located in Barcelona, Spain, which opened to the public on May 26, 2020;Vapor.com, one of the Company’s e-commerce platforms, daily store transactions increased 50.4%;VIBES branded products now present at over 2,000 Greenlane customer retail locations;Demonstrated commitment to business transformation plan through the targeted reduction of approximately 50 employees which is expected to positively impact the Company's results in future quarters;In response to the impact of COVID-19 and changing consumer demand, Greenlane has shifted resourcing towards more in-demand revenue channels, adding sales resources to Channel and Dropship and operational resources to B2C. Management Commentary \"We have made significant strides in the execution of our business transformation plan and are focused on pursuing higher margin revenue opportunities while strategically right sizing our operations to the current environment,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “We’re beginning to see the positive impact of the investment we made to develop and launch our Greenlane Brands, which accounted for a record 18.5% of net sales and drove the sequential improvement in our gross margin. I’m extremely proud of the collective efforts that our team has put into the success we have achieved to date and I look forward to continuing to update you as we leverage our scale to drive sustained, long-term growth and profitability.” Q1 2020 Financial Summary Net sales were $33.9 million in the first quarter of 2020 (\"Q1 2020\"), as compared to $49.9 million for...