Greenlane Holdings, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN

The Company’s United States and foreign operations components of income (loss) from continuing operations before income taxes are as follows:

(in thousands)	2025			2024
	For the year ended December 31,
(in thousands)	2025			2024
United States	$	(85,191	)	$	(15,563	)
Foreign	$	(382	)	$	(2,094	)
Total	$	(85,573	)	$	(17,657	)

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)

The income tax (benefit) expense for the years ended December 31, 2025 and 2024 consisted of the following:


	For the year ended December 31, 2025												For the year ended December 31, 2024
(in thousands)	Federal			Foreign			State			Total			Federal			Foreign			State			Total
Current tax (benefit) expense
Current year	$	—		$	—		$	7		$	7		$	—		$	—		$	—		$	—
Total current year		—			—			7			7			—			—			—			—
Deferred tax (benefit) expense
Current year		(7,992	)		80			12			(7,914	)		(3,325	)		(277	)		(998	)		(4,600	)
Change in valuation allowance		7,992			(80	)		(5	)		7,907			3,325			277			998			4,600
Total deferred tax (benefit) expense		—			—			7			7			—			—			—			—
Income tax (benefit) expense	$	—		$	—		$	7		$	7		$	—		$	—		$	—		$	—

SCHEDULE OF RECONCILIATION OF THE PROVISION FOR INCOME TAXES

	Year Ended December 31,
	2025
U.S. Federal statutory income tax rate	$	(16,491	)	21.00	%
State and local income taxes, net of federal income tax effect		5		(0.01	)%
Canada
Other		326		0.42	%
Netherlands
Other		(246	)	0.31	%
Changes in valuation allowances		7,907		(10.07	)%
Deferred only adjustments
Net operating loss		8,246		10.50	%
Other adjustments		259		0.33	%
Effective income tax rate	$	7		0.01	%

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

A reconciliation of the income tax (benefit) expense computed at the U.S. federal statutory income tax rate to the income tax expense recognized is as follows:

(in thousands)	2025			2024
	For the year ended December 31,
(in thousands)	2025			2024
Expected federal income tax (benefit) expense at statutory rate	$	(16,941	)	$	(3,331	)
State tax expense, net of federal benefit		—			(840	)
Net operating loss		8,246			—
Change in valuation allowance		7,907			4,171
Other, net		781			—
Income tax (benefit) expense	$	7		$	—

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of deferred tax assets and liabilities were as follows:

(in thousands)	2025			2024
	As of December 31,
(in thousands)	2025			2024
Deferred tax assets:
Goodwill and other intangible assets	$	33,538		$	35,225
Fixed assets		226			394
Inventory		3,410			2,364
Allowance for doubtful accounts		335			688
Operating lease liability		93			265
Equity-based compensation		4,287			2,598
Business interest carryforward		8,871			8,710
Net operating loss carryforwards		74,974			74,609
Unrealized gain/loss		8,866			—
Other		221			130
Total deferred tax assets		134,821			124,983
Valuation allowance		(134,028	)		(124,709	)
Net deferred tax assets		793			(274	)
Deferred tax liability:
Right of use assets		(21	)		(274	)
Section 481 (a) adjustment		(772	)		—
Total deferred tax liabilities		(793	)		(274	)
Net deferred tax assets and liabilities	$	—		$	—