Greenlane Posts 30.6% Sales Increase In Q2
Greenlane Holdings, Inc. (NASDAQ:GNLN) saw its net sales rise 30.6% in the second quarter of 2019, with sales totaling $53 million, the cannabis company said in its second-quarter report Monday.
In the second quarter of 2018, Greenlane reported net sales of $40.6 million.
Gross profits for the company during the most recent quarter were $9.2 million, totaling 17.3% of Greenlane's revenue. The same period in 2018 saw the company earn $8.4 million in revenue.
The company’s quarter was marked by scores of partnership activity, including distribution partnerships with Bloom Farms, Cookies, Slang Worldwide Inc (OTC:SLGWF) and Pax Era.
Greenlane also partnered with Canopy Growth Corp (NYSE:CGC) in an exclusive U.S. distribution partnership for Storz & Bickel vaporizers.
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Aaron LoCascio, Greenlane's chairman and CEO, commented in a press release on the company's year-over-year growth and Juul's 70% growth over the prior year.
"We see considerable opportunities for future growth across the cannabis accessories, CBD and liquid nicotine markets and continue to invest in the people and infrastructure to support long-term growth of each of these categories to drive shareholder value."
- $3.2 million net loss, affected by $1.7 million in equity-based payments, and $300,000 in costs attributed to the transition to a public company;
- Greelane entered into additional distribution partnerships with Hanu Labs and AVD, adding closed system vaporization products to its portfolio.
- Ended the quarter on June 30, 2019 with $69.3 million of cash versus $7.3 million on Dec. 31, 2018.
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