Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.2
Leases
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases LEASES
Greenlane as a Lessee
As of June 30, 2023, we had facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2023 and 2027. Lease terms are generally three to seven years for warehouses, office space and
retail store locations. 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 finance and operating lease liabilities recorded in our condensed consolidated balance sheet as of June 30, 2023. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Operating Leases
Remainder of 2023 $ 637 
2024 914 
2025 942 
2026 81 
2027 and thereafter
Total minimum lease payments 2,574 
Less: imputed interest 96 
Present value of minimum lease payments 2,478 
Less: current portion 1,005 
Long-term portion $ 1,473 
Rent expense under operating leases was approximately $0.6 million and $1.2 million for three and six months ended June 30, 2023, respectively, and approximately $0.7 million and $1.4 million for the three and six months ended June 30, 2022, 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:
For the six months ended
June 30,
(in thousands) 2023 2022
Operating lease cost
$ 1,041  $ 1,406 
Variable lease cost
143  47 
Total lease cost $ 1,184  $ 1,453 
The table below presents lease-related terms and discount rates as of June 30, 2023:
Operating Leases
Weighted average remaining lease terms 2.4 years
Weighted average discount rate 2.3  %
Greenlane as a Lessor
The following table represents the maturity analysis of undiscounted cash flows related to lease payments, which we expect to receive from our existing operating lease agreements related to our sublease in California:
Rental Income (in thousands)
Remainder of 2023 $ 96,000 
2024 and thereafter — 
Total $ 96,000