Another Strong Quarter For Greenlane Leads To Back-To-Back Quarterly Sales Records

Greenlane Holdings, Inc. GNLN reported its first-quarter 2021 earnings today, highlighted by back-to-back quarterly sales records and 9.4% growth from the fourth quarter of 2020.

The company saw revenue rise from the previous year, with first-quarter sales reaching $8.5 million compared to $7.2 million during the same period last year.

VIBES, the company's premium rolling paper line, performed strongly during the quarter, totaling $2.7 million in sales. The figure is a sales record for the brand and notes a 72.8% increase compared to Q1 2020.

Overall, the company's non-nicotine revenue increased 11.6% to $32.3 million.

"Our first quarter 2021 results demonstrate our continued forward momentum on the heels of a successful 2020," said Greenlane chairman and CEO Aaron LoCascio.

LoCascio highlighted significant moments for the company this quarter, including the acquisition of silicon smoking product brand Eyce. The company is also awaiting the completion of a merger with KushCo Holdings, Inc. KSHB that was announced during the past quarter.

With the M&A activity and a strong quarter, LoCascio said the moves "strongly position us as the leader in the cannabis ancillary space as we drive further revenue growth and profitability improvements in 2021."