Greenlane Holdings, Inc. (“Greenlane”) (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 its stockholders have approved the
proposed merger (the “Transaction”) with KushCo Holdings, Inc.
(“KushCo”) (OTCQX: KSHB), a premier provider of ancillary products
and services to the legal cannabis and CBD industries.
Over 99% of the votes cast on the merger
proposal were voted in favor of the Transaction. Furthermore, each
other proposal submitted to stockholders at Greenlane’s annual
meeting of stockholders was approved by the requisite vote. The
Company expects to file with the Securities and Exchange Commission
a Form 8-K disclosing the final voting results.
Pursuant to the terms of the merger agreement,
KushCo will become a wholly owned subsidiary of Greenlane in an
all-stock, tax-free business combination. Under the terms of the
merger agreement, KushCo’s stockholders will receive shares of
Greenlane Class A common stock based on the final exchange ratio to
be determined as of the closing date in accordance with the terms
of the merger agreement.
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 platforms, Vapor.com, Higherstandards.com,
Aerospaced.com, Harringglass.com, Eycemolds.com, Canada.Vapor.com,
Azarius.net, Vaposhop.com, and recently-acquired Puffitup.com.
Founded in 2005, Greenlane serves more than 7,000 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.
For additional information, please visit: www.gnln.com.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains forward-looking
statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. These forward-
looking statements are based on current expectations, estimates and
projections about the industry and markets in which Greenlane and
KushCo operate and beliefs of, and assumptions made by, Greenlane
management and KushCo management and involve uncertainties that
could significantly affect the financial results of Greenlane,
KushCo or the combined company following the proposed transaction
between Greenlane and KushCo (the “Combined Company”). Words such
as “expects,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” variations of such words and similar
expressions are intended to identify such forward-looking
statements, which generally are not historical in nature. Such
forward-looking statements include, but are not limited to,
statements about the anticipated benefits of the business
combination transaction involving Greenlane and KushCo, including
future financial and operating results, and the Combined Company’s
plans, objectives, expectations and intentions. All statements that
address operating performance, events or developments that
Greenlane and KushCo expect or anticipate will occur in the future
are forward-looking statements. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although Greenlane and
KushCo believe the expectations reflected in any forward-looking
statements are based on reasonable assumptions, Greenlane and
KushCo can give no assurance that their expectations will be
attained and therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. Some of the factors that may affect
outcomes and results include, but are not limited to: risks
associated with the companies’ ability to consummate the proposed
transaction, including the risk that one of the necessary proposals
is not approved by the required vote, the timing and closing of the
proposed transaction and unexpected costs or unexpected liabilities
that may arise from the proposed transaction, whether or not
consummated; risks related to disruption of management’s attention
from the ongoing business operations due to the proposed
transaction; the effect of the announcement of the proposed
transaction on Greenlane’s or KushCo’s business relationships with,
third-party suppliers and service suppliers and businesses
generally; each of Greenlane’s and KushCo’s success, or the success
of the Combined Company, in implementing its business strategy and
its ability to identify, underwrite, finance, consummate and
integrate acquisitions or investments; changes in national,
regional and local economic climates; public health crises,
including the COVID-19 pandemic; changes in financial markets and
interest rates, or to the business or financial condition of
Greenlane, KushCo or the Combined Company or their respective
businesses; the nature and extent of future competition; each of
Greenlane’s and KushCo’s ability, or the ability of the Combined
Company, to pay down, refinance, restructure and/or extend its
indebtedness as it becomes due; availability to Greenlane, KushCo
and the Combined Company of financing and capital; the impact of
any financial, accounting, legal or regulatory issues or
litigation, including any legal proceedings, regulatory matters or
enforcement matters that have been or in the future may be
instituted against Greenlane, KushCo or others relating to the
merger agreement, that may affect Greenlane, KushCo or the Combined
Company; risks associated with acquisitions, including the
integration of Greenlane’s and KushCo’s businesses; and those
additional risk factors of Greenlane, KushCo and the Combined
Company discussed in the Form S-4. Should one or more of the risks
or uncertainties described above or in the Form S-4, or should
underlying assumptions prove incorrect, actual results and plans
could differ materially from those expressed in any forward-looking
statements. You are cautioned not to place undue reliance on these
statements, which speak only as of the date of this communication.
All forward-looking statements, express or implied, included in
this communication are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Greenlane, KushCo or persons acting
on their behalf may issue. Neither Greenlane nor KushCo undertakes
any duty to update any forward-looking statements appearing in this
communication.
Greenlane Investor Contact:Rob
KellyInvestor Relations, MATTIO
Communications1-416-992-4539Greenlane@mattio.com
Greenlane Media Contact: MATTIO
CommunicationsGreenlane@mattio.com
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