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 announced a series of strategic additions to its
management team to guide the Company through its next phase of
growth. The Company also announced preliminary revenue results for
its second quarter ending June 30, 2020.
William Mote has been appointed to the role of
Chief Financial Officer (“CFO”) and William Bine has been appointed
to the role of Chief Operating Officer (“COO”). In addition,
Greenlane has further expanded its leadership team through the
addition of Richard Finlow as Managing Director Europe, Kathy
Ziegler as General Manager Supply and Packaging, Regina Speciale as
Vice President Sales, and Samuel Morales as Vice President
Strategic Growth. Jay Scheiner, formerly COO, has retired from
Greenlane and Ethan Rudin, formerly CFO, has resigned from his role
at Greenlane.
“This expansion of talent enhances the depth of
our leadership team and positions Greenlane to execute on our
strategic priorities which are focused on pursuing high-margin
revenue opportunities while scaling our operations and global
footprint,” said Aaron LoCascio, Founder and Chief Executive
Officer of Greenlane. “I’m thrilled to have attracted such a
talented group of individuals and I am looking forward to working
together as we continue to implement our growth initiatives.”
Mr. LoCascio added, “On behalf of the whole
team, I want to extend my heartfelt appreciation to both Jay and
Ethan for their contributions and tireless efforts during their
tenure with the Company.”
Preliminary Q2 2020 Revenue
Information
Greenlane is providing a preview into the
Company’s expectations for its second quarter of 2020 (“Q2 2020”)
revenue. Full results will be published on August 7, 2020. Based on
a preliminary (unaudited) review, the Company anticipates Q2 2020
revenue of approximately $32.4 million.
The preliminary estimated Q2 2020 revenue set
forth above is based on information currently available to
management and is subject to the completion of the Company's
financial closing procedures. Deloitte & Touche LLP,
Greenlane’s independent registered public accounting firm, has not
audited, reviewed or performed any procedures on the estimate set
forth above, and accordingly does not express any assurance with
respect to this preliminary estimate. Actual results may differ
from the estimate set forth above and those differences may be
material. Please refer to the section regarding forward-looking
information which forms an integral part of this release.
Greenlane will host a scheduled conference call
to discuss the results for its second quarter ended June 30, 2020
on Friday, August 7th, 2020 at 8:30 a.m. Eastern Time. The Company
will report its financial results for the second quarter in advance
of the call.
Conference Call Details
DATE: |
Friday, August
7th, 2020 |
TIME: |
8:30 a.m. Eastern Time |
DIAL-IN NUMBER: |
(833) 519-1285 |
CONFERENCE ID: |
1982004 |
WEBCAST: |
Click Here |
REPLAY: |
(855) 859-2056 or (404) 537-3406 |
|
Available until 11:30 p.m. Eastern Time Thursday, August 21st,
2020 |
Management Biographies
William Mote - Chief Financial
OfficerWilliam (Bill) Mote joins Greenlane Holdings as
Chief Financial Officer responsible for overseeing the accounting,
business support, financial planning and analysis, treasury, and
tax functions. Bill has over 25 years of experience building and
leading finance teams in global corporations with significant
operating scale and complexity. Prior to joining Greenlane, Bill
was CFO at Basic Fun and previously at Summer Infant (NASDAQ:SUMR)
and the Poarch Band of Creek Indians. Earlier in his career Bill
held senior level finance roles at Jakks Pacific, Easton Bell
Sports and Hewlett-Packard. Bill graduated from Louisiana State
University in Baton Rouge with a bachelor’s degree in Accounting
and a master’s degree in Business Administration.
William Bine - Chief Operating
OfficerWilliam (Bill) Bine joins Greenlane as Chief
Operating Officer. Bill is an accomplished executive with more than
25 years of experience leading supply chain and operations growth
and transformation in the consumer products and manufacturing
industries. He has built his career in diverse global business
environments and delivered accretive results in domestic and
international business growth, M&A, and business
transformation. Prior to joining Greenlane, Bill was SVP, Global
Supply Chain and Operations at Crocs, Inc. and was responsible for
the global supply chain transformation and restructuring strategy
as part of the broader brand turnaround. Under his leadership, the
supply chain transformation repositioned the company for growth by
consolidating operations and facilities, diversifying the sourcing
base for supply chain resiliency, right-sizing organizational
structures and modernizing distribution facilities. Prior to Crocs,
Bill held multiple leadership positions across several brands
including: Interim Chief Sourcing Officer and VP, Global Sourcing
Operations at Ascena Retail Group, VP International Operations and
Supply Chain Strategy at Chico’s FAS, Inc. and multiple senior
positions at L Brands, Inc. Bill is a US Navy veteran and earned a
Bachelor of Science degree in Electrical Engineering from the
University of Notre Dame and a Masters of Business Administration
in Finance and Operations from Duke University.
Richard Finlow - Managing Director
EuropeRichard Finlow joins Greenlane Holdings as Managing
Director Europe responsible for spearheading Greenlane’s company
growth in key European markets. He joins Greenlane after leading
global business development at ST Dupont as Group Commercial
Director focused on Europe and North American markets as well as
new product development. In addition, Richard spent over 8 years in
a variety of leadership roles at Zippo, where he expanded
international presence, channel diversification and introduced new
product lines. As senior vice president of global sales and
marketing, he drove the company’s growth with particular focus on
North America, Europe and China. He was also Managing Director
Europe and Sales & Marketing Director EMEA. Richard previously
worked for Gillette and Suntory in global sales and marketing
positions. He holds a degree in business, a postgraduate degree in
marketing, and an MBA from the University of Wolverhampton in the
UK. Richard is a member of the British Institute of Directors
(IOD).
Kathy Ziegler - General Manager Supply
and Packaging Kathy Ziegler joins Greenlane as
General Manager Supply and Packaging, having extensive experience
in the packaging component industry and is uniquely qualified to
lead and grow Greenlane’s S&P division. Kathy has 30 years’
experience in various sales and management roles in the rigid
packaging industry. Throughout her career, she has demonstrated
skills in business development, strategic planning, negotiation,
organizational design, people leadership, communication, brand
management and profit/loss responsibility. In 2008 she founded All
American Containers of Southern California and served as its
President for 10 years, having sole P&L responsibility for the
$25 Million branch. Kathy holds an Associate of Arts degree in
Business Administration from The University of La Verne.
Regina Speciale - Vice President
SalesRegina Speciale joins Greenlane as Vice President
Sales bringing more than 20 years of sales and leadership
experience in the CPG space. Prior to joining Greenlane, Regina
spent a majority of her career growing and leading world-class
sales and sales operations organizations in North America and
globally at Staples, Inc. and ABB Optical Group. Throughout her
career, Regina has established a reputation as a transformational
leader who is driven by challenge, undeterred by obstacles, and
committed to furthering standards of excellence. As a Lean Six
Sigma Green Belt, her expertise lies in creating high-performing,
cross-functional teams while building internal bench strength
through training, mentoring, and coaching opportunities. Regina
attended Michigan State University, where she majored in Education
and minored in English and History.
Samuel Morales - Vice President
Strategic GrowthSamuel Morales joins Greenlane as the VP
of Strategic Growth. Sam will join the Greenlane strategy team
focused on identifying brand, consumer and customer activities that
accelerate Greenlane’s growth strategy. Sam brings a wealth of
specialty tobacco and cannabis experience to his role at Greenlane.
Prior to joining the Greenlane team, Sam held senior marketing
positions at Drew Estates, Swisher International and more. Most
recently, he was a partner and CMO at Cannadips, one of the first
cannabis dips on the market. Sam graduated from Florida
International University with a Bachelor of Arts in
Communication.
About Greenlane Holdings,
Inc.Greenlane (NASDAQ: GNLN) is the leading global
platform for the development and distribution of premium cannabis
accessories and lifestyle products. The company operates as a
powerful house of brands, third-party brand accelerator, and
omni-channel distribution platform. Greenlane serves the global
markets with an expansive customer base of more than 11,000 retail
locations, including licensed cannabis businesses, smoke shops, and
specialty retailers. Greenlane’s world-class team provides services
including product development, go-to-market strategy, sales and
marketing support, customer service, direct-to-consumer
fulfillment, supply chain management, and distribution. As a
pioneer in the cannabis space, Greenlane is the partner of choice
for many of the industry’s leading brands, including PAX Labs,
Storz & Bickel (Canopy-owned), Cookies, Grenco Science, and
DaVinci. Greenlane also proudly owns and operates a diverse brand
portfolio including packaging innovator Pollen Gear™, the K.Haring
Glass Collection by Higher Standards, Marley Natural™, and VIBES™
rolling papers. Higher Standards, Greenlane’s flagship brand,
offers both a high-end product line and immersive retail experience
with groundbreaking stores in both New York City’s Chelsea Market
and Malibu, California. Greenlane also owns and operates both
Vapor.com and VapoShop.com, two industry-leading,
direct-to-consumer e-commerce platforms in North America and Europe
respectively. For additional information, please visit:
https://gnln.com/.
Forward Looking
StatementsCertain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those projected in the forward-looking statements. These
forward-looking statements include, among others: comments relating
to the current and future performance of the Company’s business;
the Company’s preliminary Q2 2020 revenue estimate; and the
Company’s financial outlook and expectations. For a description of
factors that may cause the Company’s actual results or performance
to differ from its forward-looking statements, please review the
information under the heading “Risk Factors” included in the
Company's most recent Annual Report on Form 10-K for the year ended
December 31, 2019, , the Company’s Quarterly Report on Form 10-Q
for the quarter ended March 31, 2020, and the Company's other
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. Additional information will also be set forth in
Greenlane's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2020. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to Greenlane on the date hereof. Greenlane
undertakes no duty to update this information unless required by
law.
For more information about Greenlane:
Media ContactMATTIO
CommunicationsGreenlane@mattio.com
Investor ContactRob
KellyInvestor Relations, MATTIO
CommunicationsGreenlane@mattio.com1-416-992-4539
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