Business
Greenlane Reports Q2 2021 Revenue of $34.7 million and Record Core Revenue of $34.5 Million
BOCA RATON, Fla., Aug. 17, 2021 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or "the Company”) (Nasdaq: GNLN), a global house of brands and one
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Aug. 17, 2021 (GLOBE NEWSWIRE) -- 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 reported financial results for the second quarter ended June 30, 2021 (\"Q2 2021\"). Q2 2021 Highlights Total revenue increased 7.1% to $34.7 million for Q2 2021, compared to $32.4 million for Q2 2020; Q2 2021 core revenue (defined as non-nicotine revenue) grew 14.9% to $34.5 million, compared to $30.0 million in Q2 2020; Achieved third consecutive quarterly sales record for Greenlane Brands, which grew to $9.0 million in Q2 2021, up 62.5% compared to $5.5 million in sales for Q2 2020; Greenlane Brands accounted for 25.9% of Q2 2021 total revenue compared with 17.1% of total revenue for Q2 2020; Successfully transitioned to core business lines. Core revenue accounted for 99.3% of total revenue for Q2 2021;Gross profit and gross margin grew by $1.0 million and 1.3%, respectively, to $7.8 million and 22.4%, compared to $6.8 million and 21.0% in Q2 2020;Subsequent to quarter end, the Company completed a $32.0 million registered direct offering priced at-the-market. Management Commentary “Our second quarter 2021 results reflect the success of our efforts to drive growth in our core business lines and higher margin Greenlane brands,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “I am proud of our accomplishments and want to thank our entire team for their ongoing dedication as we execute on the opportunity ahead. During the quarter, we drove solid Greenlane Brands revenue growth, up 62% year over year and representing 26% of our total Q2 revenue, supported by strong organic growth.\" Mr. LoCascio added, \"Our focus on growing our portfolio of owned brands and driving strong performance from our existing brand portfolio, combined with our pending merger with KushCo, has positioned our business to be the leader in the ancillary cannabis space and to build strong, long-term value for both our customers, partners, employees, and shareholders.\" Financial Summary Three Months Ended June 30,% 2021 2020 Change Net Sales $34,715 $32,400 7.1 % Core (non-nicotine) Sales $34,463 $29,984 14.9 % % of Net Sales 99.3 % 92.5 % Greenlane Branded ...