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Vape Distributor Greenlane Holdings Files S-1 Form, Plans NASDAQ IPO

March 21, 2019 1:47 pm
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U.S. investors might soon be able to invest in a new cannabis company.

Greenlane Holdings filed the initial S-1 Form with the U.S. Securities and Exchange Commission to have its stock listed in the United States.

What Happened

Florida-based Greenlane Holdings, a distributor of premium vaporization products and consumption accessories, said it applied to list its class A common stock on the NASDAQ Global Market under the ticker symbol "GNLN." The company plans to rasie up to $92 million.

The bookrunners for the offering are Cowen and Canaccord Genuity. Greenlane has yet to determine the number of shares and the price range for its offering and will make the prospectus available through Canaccord and Cowen.

The Cannabis Capital Conference returns to Toronto April 17-18!

Why It's Important

Due to the illegality of cannabis on a federal level in the U.S., there are few companies that list their stock on major U.S. exchanges such as NYSE or NASDAQ. Most companies listed there are either Canadian cannabis producers like Canopy Growth Corp (NYSE:CGC) and Aurora Cannabis Inc. (NYSE:ACB), or providers of ancillary or other services or pharmaceutical companies that are not touching the plant, such as GW Pharmaceuticals plc ADR (NASDAQ:GWPH) and Innovative Industrial Properties Inc (NYSE:IIPR).

Greenlane Holdings falls into the latter category, as it provides vaporizer pens, accessories, batteries and maintenance products to dispensaries, as well as smoke shops and head shops. The company operates in eight cities across the U.S.

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