Greenlane Reports Preliminary Second Quarter 2021 Financial Results
July 30 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 preliminary
financial results for its second quarter ended June 30, 2021.
Preliminary Estimated and Unaudited Q2
2021 Financial and Other Data:
On a preliminary (unaudited) basis, the Company
anticipates:
- Net sales of approximately $34.5
million
- Gross margin of 21% to 22%
- Total cash balance of approximately
$11.5 million
Primarily due to headwinds created by
uncertainty in our supply chain and lingering impacts of Covid-19,
the Company is suspending the illustrative pro forma outlook
provided on March 31, 2021, for the calendar year ending December
31, 2021, and expects to reestablish a pro forma outlook at a later
date. Greenlane continues to expect the proposed merger with KushCo
Holdings to close in the third quarter of 2021, subject to the
satisfaction or waiver of all remaining conditions in the
agreement, including the receipt of all necessary approvals.
Q2 2021 Conference Call
Details:
Greenlane will host a scheduled conference call
to discuss the results for its second quarter ended June 30, 2021,
on Tuesday, August 17th at 8:30 a.m. Eastern Time. The Company will
report its financial results for the second quarter in advance of
the call.
DATE: |
Tuesday, August 17th, 2021 |
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TIME: |
8:30 a.m. Eastern Time |
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WEBCAST: |
Click to access |
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DIAL-IN NUMBER: |
(833) 519-1285 |
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CONFERENCE ID: |
2317189 |
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REPLAY: |
(855) 859-2056 or (404) 537-3406Available until 11:30 PM Eastern
Time on August 31st 2021 |
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Greenlane’s estimated and unaudited consolidated
financial data presented above are preliminary and were prepared by
management in good faith based upon internal reporting for the
three months ended June 30, 2021. Although Greenlane has not
identified any unusual or unique events or trends that occurred
during the period which might materially affect these estimates,
actual results may still be outside of the ranges provided below.
Greenlane’s independent registered public accounting firm, Deloitte
& Touche LLP, has not audited, reviewed, compiled or performed
any procedures on this preliminary financial data. You should not
place undue reliance on this preliminary and estimated financial
information and should view this information in the context of
Greenlane’s Q2 2021 results when such results are disclosed in
Greenlane’s Quarter Report on Form 10-Q for the three months ended
June 30, 2021.
About Greenlane Holdings,
Inc.
Greenlane Holdings, Inc. (NASDAQ: GNLN) is a
global house of brands and one of the largest sellers of premium
cannabis accessories, child-resistant packaging, and specialty
vaporization products to smoke shops, dispensaries, and specialty
retail stores, as well as direct to consumer through its online
e-commerce platform, vapor.com. Founded in 2005, Greenlane serves
more than 8,000 retail locations and has over 250 employees with
operations in United States, Canada, and Europe. With a strong
global footprint, Greenlane has been the partner of choice for many
of the industry’s leading brands, who chose to leverage its strong
distribution platform, unparalleled customer service, and highly
efficient operations and logistics to accelerate their growth.
Greenlane’s curated portfolio of owned brands includes EYCE,
packaging innovator Pollen Gear™, VIBES™ rolling papers, Marley
Natural™ Accessories; K.Haring Glass Collection, Aerospaced
grinders, and Higher Standards which offers both an upscale product
line as well as an innovative retail experiences with flagship
stores located in Chelsea Market, New York and Malibu,
California.
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 pending merger with KushCo; the impacts of acquisitions and
other similar transactions; 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, 2020, the
Company’s Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2021 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 quarterly period ended March 31, 2021.
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 Contact:MATTIO
CommunicationsGreenlane@mattio.com
Investor Contact:Rob
KellyInvestor Relations, MATTIO
CommunicationsGreenlane@mattio.com1-416-992-4539
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