Business
Greenlane Announces Second Quarter 2020 Financial Results
BOCA RATON, Fla., Aug. 07, 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., Aug. 07, 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 second quarter ended June 30, 2020.\n Second Quarter 2020 Highlights(Unless otherwise stated, comparisons are made between Q2 2020 and Q1 2020 results) Revenue for the second quarter of 2020 was approximately $32.4 million;Vapor.com, Greenlane's flagship direct to consumer e-commerce platform, has seen a 74% increase in orders, jumping to approximately 16,000 orders in the second quarter of 2020;Gross profit was approximately $6.7 million, representing 21% of net sales;In June 2020, Greenlane launched its VIBES branded products into Canada and Europe, expanding product availability to over 2,000 Greenlane customer retail locations worldwide;Introduced Greenlane's consumer-facing product verification program, G-Verify, powered by Lucid Green's Lucid ID platform, which provides reliable product, safety, and educational information directly to consumers and retailers;Opened a new retail store in partnership with Cookies, located in Barcelona, Spain in May 2020;Sales of Greenlane Brands were approximately $4.9 million, representing 15.0% of total revenue; Management Commentary “Despite the challenging economic conditions presented by the COVID-19 pandemic, we delivered solid Q2 top line revenue of $32.4 million and have continued to make progress towards improving our gross margin profile,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “We continue to strategically allocate resources towards higher margin revenue opportunities, including accelerating the development of our portfolio of Greenlane branded products.\" LoCascio continued, \"As we look ahead to the second half of 2020, I am confident that we are well positioned, both operationally and financially, to continue to execute our transformation plans and fuel our growth. I'd like to thank the Greenlane team for their ongoing commitment to driving our success.\" Q2 2020 Financial Summary Net sales were $32.4 million in the second quarter of 2020 (\"Q2 2020\"), compared to $53.0 million for the second quarter of 2019 (\"Q2 2019\"), a decrease of $20.6 million or 38.9%. The change in revenue...