Business
Greenlane Reports Record Q3 2021 Revenue of $41.3 Million
Company Closes Transformational Merger with KushCo, Creating the Industry's Leading Ancillary Cannabis Company and House of BrandsRevenue up 16%
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Company Closes Transformational Merger with KushCo, Creating the Industry's Leading Ancillary Cannabis Company and House of BrandsRevenue up 16% Year-over-Year; Greenlane Brands Revenue up 26% Year-over-YearCompany Targets $70 Million and $100 Million of Greenlane Brands Revenue for 2022 and 2023, Respectively, with Gross Margins of 45%+BOCA RATON, FL / ACCESSWIRE / November 15, 2021 / Greenlane Holdings, Inc. (\"Greenlane\" or \"the Company\") (Nasdaq:GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported financial results for the third quarter ended September 30, 2021 (\"Q3 2021\").Recent HighlightsTotal revenue increased 16% to $41.3 million for Q3 2021, compared to $35.8 million for Q3 2020Achieved second-highest sales level in Company history for Greenlane Brands, which grew to $8.4 million in Q3 2021, up 26% compared to $6.7 million in sales for Q3 2020;Greenlane Brands accounted for 20.4% of Q3 2021 total revenue compared with 18.7% of total revenue for Q3 2020Completed transformative merger with KushCo Holdings Inc. (\"KushCo\"), creating an undisputed leader in the ancillary cannabis industryEntered into agreement to acquire industry leading vaporizer brand DaVinci, expanding Greenlane Brands portfolio and intellectual property pipelineManagement CommentaryNick Kovacevich, CEO of Greenlane Holdings, said: \"Q3 was a transformational quarter for Greenlane, with the completion of our merger with KushCo creating the industry's leading ancillary cannabis company and house of brands. Our first few months as a combined company have been off to a strong start, as demonstrated through several realized revenue and cost saving synergies, including the consolidation of certain vendors and infrastructure and the development of go-to-market cross-selling strategies across each of our respective platforms. We are extremely pleased with the progress we have made on our integration efforts to date, while simultaneously driving meaningful progression in the business. We also generated another strong quarter of sales for our Greenlane Brands, which, despite the normal and expected challenges of closing a merger, still represented the second highest quarterly revenue contribution in Company history.\"Kovacevich continued, \"Looking ahead, we ...