Business
Greenlane Receives Approval from U.S. Postal Service to Ship B2B Electronic Nicotine Delivery Systems (ENDS) Products
Company's Strong Compliance Infrastructure and Technical Know-How Enable Successful Navigation of the PACT ACTOver 97% of Company's Shipments Are Now Eligible
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Company's Strong Compliance Infrastructure and Technical Know-How Enable Successful Navigation of the PACT ACTOver 97% of Company's Shipments Are Now Eligible for Shipment Using Major Carriers or FreightBOCA RATON, FL / ACCESSWIRE / January 11, 2022 / 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 it has received approval from the United States Postal Service (the \"USPS\") for a business and regulatory exception to the Prevent All Cigarette Trafficking Act (\"PACT Act\"), allowing Greenlane to ship vaporizers and accessories classified as electronic nicotine delivery systems (\"ENDS\") products to other compliant businesses. With this new approval, over 97% of total annual sales will be eligible for shipment by freight, USPS, or major carriers, and the PACT Act's impact will be reduced to less than 3% of annual sales.The recently amended PACT Act, among other provisions, bans the mailing of ENDS products via the USPS, and has led to other shipping restrictions by private carriers. Although this law was intended to impact nicotine vaporization devices, it also swept in other devices used for vaporization of liquids and oils, impacting the hemp and cannabis industries. With the USPS's approval, however, the Company can now bring shipments containing such products back to the USPS, reducing costs and improving the customer experience. The approval also enables the Company to offer its logistics capabilities to distribute other businesses' ENDS products.\"We are thrilled to secure this approval from USPS to ship ENDS products business to business,\" said Nick Kovacevich, CEO of Greenlane. \"We continue to believe that in a highly regulated industry-which is only going to be subject to stricter regulation over time-that companies with significant size, scale, resources, and robust compliance programs will be able to successfully comply with regulatory requirements. As evidenced by the approval, Greenlane is well-positioned as a Nasdaq-listed market leader with a demonstrated history of compliance to navigate this ever-changing regulatory landscape and continue accelerating our business.\"Kovacevich continued: \"Although we will contin...