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Greenlane Expands In Europe With Conscious Wholesale Acquisition

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Greenlane Expands In Europe With Conscious Wholesale Acquisition

Greenlane Holdings, Inc (NASDAQ: GNLN) said Tuesday afternoon it has signed an agreement to acquire Conscious Wholesale, a European wholesaler and retailer of vaporizers and consumption accessories.

The new acquisition will broaden the company’s global footprint for its product portfolio, which includes brands such as Firefly, PAX, Storz & Bickel and Davinci, Greenlane said. 

Conscious Wholesale runs a retail shop in the Netherlands and e-commerce websites such as Vaposhop.com, while also distributing a wide variety of products to more than 20 European markets.

Greenlane said it has also signed an agreement with the U.K.'s Access Fulfillment for logistics services, in order to boost its product delivery across Europe.

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 “The addition of the Conscious Wholesale platform, Dutch retail shop Azarius and e-commerce site Vaposhop.com immediately provides us with a strong and established foothold in Europe and creates opportunities to expand the distribution of both our third-party suppliers and house brands,” Aaron LoCascio, Greenlane’s chairman and CEO, said in a statement.

“These businesses are highly synergistic with our existing distribution, retail and e-commerce capabilities, and are led by a talented team with a strong culture that is an excellent fit with Greenlane. We look forward to driving growth, further broadening our geographic presence and delivering value for our shareholders.”

The transaction is up to 7.5 million euros ($8.2 million), out of which 4.5 million euros is to be paid upfront in the form of 3 million euros cash and 1.5 million euros in stock, according to Greenlane. 

Greenlane shares were trading 2.24% higher at $3.88 at the time of publication Wednesday. 

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Photo courtesy of PAX. 

Posted-In: Access Fulfillment Conscious WholesaleCannabis M&A News Eurozone Markets Best of Benzinga

 

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