Business
Greenlane Reports Preliminary Fourth Quarter and Full Year 2021 Financial Results and Announces Near-Term Investor Conference Participation
Q4 2021 Preliminary Revenue of Between $55.5 Million and $56.5 Million Up 54% Year-over-Year, Driven by an Increase in Sales of Greenlane Brands and the
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Q4 2021 Preliminary Revenue of Between $55.5 Million and $56.5 Million Up 54% Year-over-Year, Driven by an Increase in Sales of Greenlane Brands and the KushCo MergerBOCA RATON, FL / ACCESSWIRE / January 31, 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 preliminary financial results for its fourth quarter and full year ended December 31, 2021, which reflects the first full quarter of combined operations following the successful merger of Greenlane and KushCo Holdings, Inc. (\"KushCo\"), which was completed on August 31, 2021. The Company also announced a preliminary investor conference schedule for the next couple of months.Preliminary Estimated and Unaudited Fourth Quarter and Full Year 2021 Financial Data:On a preliminary (unaudited) basis, the Company anticipates net sales of between approximately $55.5 million and $56.5 million for the fourth quarter and between approximately $165.5 million and $166.5 million for the full year ended December 31, 2021.The 54% year-over-year increase in net sales was primarily driven by an increase in sales of Greenlane Brands, as well as the KushCo merger.In addition, the Company anticipates gross margins of between 18% and 20% for the fourth quarter and between approximately 15% and 16% for the full year ended December 31, 2021.The Company expects to host a conference call on or before March 30, 2022, to discuss the results of its fourth quarter and full year ended December 31, 2021.Greenlane's estimated and unaudited consolidated financial data presented above are preliminary and were prepared by management in good faith based upon internal reporting for the three months and full year ended December 31, 2021. Although Greenlane has not identified any unusual or unique events or trends that occurred during the period which might materially affect these estimates, actual results may still be outside of the ranges provided. Greenlane's independent registered public accounting firm, Marcum LLP, has not audited, reviewed, compiled or performed any procedures on this preliminary financial data. You should not place undue reliance on this preliminary and estimated financial information and should...