Greenlane Enters into Agreement to Distribute Greenlane Brands in Puerto Rico
BOCA RATON, FL / ACCESSWIRE / October 25, 2022 / 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, announced today that it has entered into a three-year distribution agreement with GreenDirect, LLC to distribute its proprietary portfolio of owned brands (the "Greenlane Brands") in Puerto Rico.
Under the terms of the agreement, Greenlane has granted GreenDirect: (a) the exclusive right to promote, market, distribute, and sell the Greenlane Brands to retailers for resale in Puerto Rico for an initial term of three years; (b) as part of the agreement, GreenDirect also has been granted the non-exclusive right to sell certain partner brand products.
"With this partnership we are excited to expand into the ever-growing Puerto Rico market," said Craig Snyder, President of Greenlane. "As a premium accessory and specialty vaporization focused company, we are able to efficiently and widely offer our products to emerging markets globally. Our partnership with GreenDirect, who knows the ins and outs of the local market, enables us to provide our products without the necessity of building our own operations in this market. This partnership represents Greenlane's strategy to scale our brands in this region now and into the future."
"As full-fledged advocates, our passion for this industry drives us," said Genaro Ramos, COO of GreenDirect. "At GreenDirect we're extremely proud to partner with Greenlane to work towards leaving a positive and broader footprint in the Puerto Rico market."
About Greenlane Holdings, Inc.
Greenlane is the premier global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products. We operate as a powerful family of brands, third-party brand accelerator, and omni-channel distribution platform, providing unparalleled product quality, customer service, compliance knowledge, and operations and logistics to accelerate our customers' growth.
As a pioneer in the cannabis space, Greenlane has an incredible acumen for detecting opportunities in the marketplace. We proudly own and operate a diverse brand portfolio including DaVinci Vaporizers, Pollen Gear™,Higher Standards, Groove, and Eyce. Additionally, Greenlane strategically partners with leading multi-state operators, licensed producers, and brands, such as Storz & Bickel (Canopy-owned), Grenco Science, VIBES, and CCELL, to develop and distribute innovative and high-quality products.
Founded in 2005, Greenlane serves an expansive customer base comprised of thousands of retail locations, including licensed cannabis dispensaries, smoke shops, and specialty retailers. Greenlane also owns and operates 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, statements relating to: the current and future performance of the Company's business, including expected benefits from the distribution agreement with GreenDirect; the Company's business in emerging markets globally and expectations regarding the development of the Puerto Rican market; the ongoing implementation of initiatives intended to increase sales and the efficiency and scalability of the Company's business; 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, 2021, the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, and the Company's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. 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.
Darsh Dahya, CAO
SOURCE: Greenlane Holdings, Inc.
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Released October 25, 2022