Greenlane Announces Dismissal of Class Action Suit with Prejudice
January 11 2021 - 7:00AM
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 announced that a complaint
filed on March 6, 2020, with the United States District Court,
Southern District of Florida (“the Court”), Case No.
9:19-cv-81259-RKA, has been dismissed in its entirety with
prejudice and the case closed.
The plaintiffs in this action had alleged that
the Company’s registration statement related for its initial public
offering contained material omissions and false or misleading
statements. The Court’s opinion held that Greenlane had “candidly”
outlined in clear terms the relevant risks and that the
registration statement did not contain false or misleading
statements or material omissions. In doing so, the Court deemed the
Plaintiffs claims “meritless.”
Greenlane is a defendant in a related case in
Florida state court and has moved to dismiss that litigation on the
same grounds.
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 7,000 retail
locations, including licensed cannabis businesses, smoke shops, and
specialty retailers. 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 Statements
Certain 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 impact of the ongoing COVID-19 pandemic on the Company's
business; growth in demand for the Company’s products; growth in
the market for cannabis and nicotine; the Company’s marketing and
commercialization efforts; 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 and the
Company's other filings with the SEC, which are accessible on the
SEC’s website at www.sec.gov. Additional information is also set
forth in Greenlane's Quarterly Report on Form 10-Q for the quarter
ended September 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.
Media ContactMATTIO
CommunicationsGreenlane@mattio.com
Investor Contact:Rob
KellyInvestor Relations, MATTIO
CommunicationsGreenlane@mattio.com1-416-992-4539
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