Greenlane renews distribution deal with PAX vaporizers

BOCA RATON, FL - Greenlane Holdings, Inc. (NASDAQ:GNLN), a leading distributor of premium cannabis accessories with current revenue of $9.82 million and a strong liquidity position maintaining more cash than debt, announced today the renewal of its agreement with PAX Labs, a company renowned for its dry herb cannabis vaporizers. The partnership ensures Greenlane will continue to distribute PAX products, including the PAX MINI and PAX PLUS, across the United States.

The renewed agreement comes as the cannabis vaporizer market experiences growth, with PAX’s products receiving consistent recognition for their design and performance. While Greenlane’s revenue declined 78.8% in the last twelve months, analysts project 15% growth for the coming year, according to InvestingPro data. The PAX MINI and PAX PLUS have been selected as the Best Portable Vaporizer by the New York Times Wirecutter for three consecutive years.

Barbara Sher, CEO of Greenlane, expressed enthusiasm for the ongoing collaboration with PAX, emphasizing the addition of PAX’s product line to Greenlane’s portfolio of brands. She highlighted the mutual commitment to quality and responsible growth within the cannabis industry.

Francois Nadon, Head of Global Wholesale at PAX, also commented on the renewal, stating that Greenlane’s extensive retail network and operational scale are invaluable as PAX gears up to introduce new innovations to the market.

Greenlane, founded in 2005, has established itself as a premier platform for the development and distribution of various smoking and vaporization accessories, serving a wide range of customers. PAX has maintained its position as a leading global cannabis brand for over a decade, focusing on innovation, quality, and design to enhance user experience.

The partnership aims to leverage Greenlane’s distribution capabilities to ensure broader access to PAX’s products, which are trusted by millions for their precision and consistency. InvestingPro analysis reveals the company maintains a healthy current ratio of 2.25, indicating strong short-term financial stability. Subscribers can access 14 additional ProTips and comprehensive financial metrics to better understand Greenlane’s market position and potential.

The information in this article is based on a press release statement from Greenlane Holdings, Inc.

In other recent news, Greenlane Holdings, Inc. announced a strategic distribution agreement with Greentank Technologies to bring its vaporization devices to the U.S. market. This partnership aims to enhance Greenlane’s product offerings with Greentank’s award-winning vaporization technology. Additionally, Greenlane Holdings issued new shares following the exercise of pre-funded and Series B warrants from a private placement completed earlier this year, increasing the total number of shares outstanding. This development is part of the company’s broader financial strategy and could impact its market capitalization and shareholder value.

Furthermore, Greenlane shareholders approved several key proposals, including a reverse stock split and an increase in authorized Class A common stock from 600 million to 1.8 billion shares. The reverse stock split, which ranges from one-for-three to one-for-twenty-two, grants the board of directors discretionary authority to implement it within a year. The authorization to increase shares was formalized through a Certificate of Amendment filed in Delaware. These moves reflect Greenlane’s potential for growth and the need for additional capital, as outlined in the company’s recent SEC filings.

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