Cannabis company Greenlane Holdings, Inc. GNLN has entered into a three-year distribution agreement with GreenDirect, LLC to distribute its proprietary portfolio of owned brands in Puerto Rico.
Under the terms of the agreement, Greenlane has granted GreenDirect: (a) the exclusive right to promote, market, distribute, and sell the Greenlane Brands to retailers for resale in Puerto Rico for an initial term of three years; (b) as part of the agreement, GreenDirect also has been granted the non-exclusive right to sell certain partner brand products.
"With this partnership we are excited to expand into the ever-growing Puerto Rico market," said Craig Snyder, president of Greenlane. "As a premium accessory and specialty vaporization focused company, we are able to efficiently and widely offer our products to emerging markets globally. Our partnership with GreenDirect, who knows the ins and outs of the local market, enables us to provide our products without the necessity of building our own operations in this market. This partnership represents Greenlane's strategy to scale our brands in this region now and into the future."
Genaro Ramos, COO of GreenDirect, commented, "As full-fledged advocates, our passion for this industry drives us," said "At GreenDirect we're extremely proud to partner with Greenlane to work towards leaving a positive and broader footprint in the Puerto Rico market."
Greenlane shares were trading 1.22% higher at $1.66 per share at the time of publication Tuesday morning.
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