Business
Greenlane Reports Record Core Business Revenue of $125.2 Million in 2020
Greenlane Brands Revenue Grew 46.3% year-over-year BOCA RATON, Fla., March 31, 2021 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or "the
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Greenlane Brands Revenue Grew 46.3% year-over-year\nBOCA RATON, Fla., March 31, 2021 (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 fourth quarter and year ended December 31, 2020. Note, for the highlights below, core revenue is defined as all non-nicotine revenue and Greenlane Brand revenue is inclusive of Eyce figures. Full Year 2020 (“FY 2020”) Highlights Total revenue for FY 2020 was $138.3 million compared to $185.0 million for FY 2019;Full year 2020 Core revenue (defined as non-nicotine revenue) grew 12.7% to $125.2 million, compared to $111.1 million in FY 2019;Merchandise Gross Margin (defined as sale price less the cost of merchandise) increased to 28.2% compared for FY 2020 compared to 15.7% for FY 2019;Gross profit was $22.8 million and gross profit margin was 16.5% for FY 2020. Excluding the impact of certain inventory adjustments which were incurred in the year, gross profit would have been $27.6 million or 20.0% of net sales, a 320 basis point year-over-year improvement in gross profit percentage compared to FY 2019's gross profit margin of 16.8%;Net sales of Greenlane Brands increased to approximately 19.7% of total net sales for FY 2020 from 10.1% for FY 2019;Diversified and expanded Greenlane’s senior leadership team to support the Company’s business transformation plan as well as sales and marketing initiatives in North America and Europe;Restructured our sales team by adding field sales personnel in both the United States and Canada, which will enable us to build stronger customer relationships; additionally, we transitioned to a more streamlined and centralized model with fewer, but larger, more automated distribution facilities, increasing our reach to customers around the United States to ensure that they have the necessary inventory, increasing efficiencies both internally and externally while decreasing costs;Cash was $30.4 million as of December 31, 2020, compared to $47.8 million as of December 31, 2019. Fourth Quarter 2020 (“Q4 2020”) Highlights Net sales of Greenlane Brands grew approximately 50.5% to $7.8 million, or 21.4% of total net sales in Q4 2020 compared to $5.2, or 13.8% of net sales in the fourth quarter ...