NOTE 5. LEASES

Greenlane as a Lessee

As of March 31, 2024, we had facilities financed under operating leases consisting of warehouses and offices with lease term expirations between 2023 and 2027. Lease terms are generally three to seven years for warehouses and office space. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides details of our future minimum lease payments under operating lease liabilities recorded in our condensed consolidated balance sheet as of March 31, 2024. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

 SCHEDULE OF LESSEE OPERATING LEASE LIABILITY MATURITY

Rent expense under operating leases was approximately $0.3 million and $0.8 million for the three months ended March 31, 2024 and 2023, respectively.

The following expenses related to our operating leases were included in “general and administrative” expenses within our condensed consolidated statements of operations and comprehensive loss:

SCHEDULE OF LEASE COST

The table below presents lease-related terms and discount rates as of March 31, 2024: