Greenlane Holdings, Inc. GNLN has closed on a $15 million asset-based loan. The loan is for a term of three years and will support Greenlane’s strategic initiatives and working capital needs.
“We are continuing to make solid progress on our previously announced strategic plan to reduce our cost structure, accelerate our path to profitability, and increase liquidity on a non-dilutive basis,” stated Nick Kovacevich, CEO of Greenlane. “We are excited to secure this accreditive credit facility at a pivotal time for Greenlane and our industry. We continue to make great progress on our strategic shift to a consumer house-of-brands business while remaining uniquely positioned as a key supplier to many facets of the burgeoning cannabis ecosystem.”
About Greenlane Holdings
Greenlane is a global platform for the development and distribution of cannabis accessories, packaging, vape solutions, and lifestyle products. The company operates as a house of brands, third-party brand accelerator, and omni-channel distribution platform, providing product quality, customer service, compliance knowledge, and operations and logistics to accelerate its customers' growth. The company owns and operates a diverse brand portfolio including DaVinci vaporizers, Pollen Gear, the K.Haring Glass Collection by Higher Standards and Marley Natural.
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