Business
Greenlane Expands Global Footprint with European Acquisition
Synergistic Acquisition Expands Global Distribution, Retail and E-Commerce Capabilities Broadens Geographic Footprint with 700 Points of Distribution and
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Synergistic Acquisition Expands Global Distribution, Retail and E-Commerce Capabilities\n Broadens Geographic Footprint with 700 Points of Distribution and Sales Across Over 20 European Markets Company Also Announces New European Logistics Partnership BOCA RATON, Fla., Sept. 24, 2019 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (Nasdaq: GNLN) (“Greenlane”), one of the largest global sellers of premium cannabis accessories, today announced it has entered into a definitive agreement to acquire Conscious Wholesale (“Conscious”), a leading European wholesaler and retailer of consumption accessories, vaporizers, and other high-quality products. The acquisition will immediately expand Greenlane’s global footprint through its complementary product portfolio, comprised of premium brands such as Firefly, Davinci, PAX and Storz & Bickel, and existing distribution channels throughout Europe. In addition, Conscious Wholesale operates a retail shop in the Netherlands as well as e-commerce websites, including Vaposhop.com. Conscious operates a leading wholesale, e-commerce and retail platform across Europe. Conscious distributes a broad selection of products to approximately 700 points of distribution across more than 20 European markets. The expanded geographic presence and distribution footprint is expected to provide product and sales synergies with Greenlane’s expansive portfolio of house brands and third-party products. Conscious employs over 30 employees, is led by an established management team that will remain with the business, and boasts a culture founded in quality and compliance that is consistent with the Greenlane standard. In addition to its acquisition of Conscious, Greenlane has also entered into an agreement with UK-based Access Fulfillment for logistics services, further enhancing Greenlane’s ability to deliver products to customers throughout Europe. “The addition of the Conscious Wholesale platform, Dutch retail shop Azarius, and e-commerce site Vaposhop.com immediately provides us with a strong and established foothold in Europe and creates opportunities to expand the distribution of both our third-party suppliers and house brands,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “These businesses are highly synergistic with our existing distribution, retail and e-commerce capabilities, and are led...