GNLN

Total Operating Expenses Reduced Approximately 37% Sequentially in the Second Quarter 2026 from the First Quarter 2026, Reflecting Continued Cost Alignment BERA Holdings of Approximately 81.3 Million Units at Quarter-End; BERA-per-Share Increased Approximately 37% from Year-End, While the Fair Value of BERA Holdings Declined During the Quarter BOCA RATON, Fla., Aug. 14, 2026 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (Nasdaq: GNLN), a publicly traded company with a digital asset treasury strategy focused on the acquisition, management, and strategic deployment of BERA, the native token of the Berachain blockchain network, today reported its financial results for the second quarter ended June 30, 2026 (“second quarter 2026”). Digital Asset Treasury Strategy In October 2025, the Company adopted a digital asset treasury strategy (the “BERA Strategy”) focused on the acquisition, management, and strategic deployment of BERA, the native token of the Berachain blockchain network, following the closing of a $110.7 million private placement transaction (the “October 2025 private placement”). The Company’s treasury policy is overseen by the Board’s Digital Asset Committee, and capital deployment under the BERA Strategy is governed by a disciplined approach aimed at increasing long-term BERA-per-share. Additional information regarding the BERA Strategy and its component activities is set forth in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”). During the second quarter 2026, Greenlane deployed approximately $1.2 million into BERA and BERA-equivalent digital assets and approximately $4.1 million into stablecoin-related protocol instruments. As of June 30, 2026, the Company held approximately 81.3 million units of BERA (inclusive of BERA-equivalent tokens) at a cost basis of approximately $70.2 million and a fair value of approximately $16.4 million, compared to approximately 77.7 million units of BERA at March 31, 2026 and approximately 51.7 million units of BERA at December 31, 2025. BERA-per-share was approximately 117 units of BERA per Class A share at June 30, 2026, compared to approximately 86 units of BERA per Class A share at December 31, 2025, an increase of approximately 37%1. BERA-per-share reflects the number of BERA and BERA-equivalent units held per outstanding share of Class A common stock and is not a measure of financial performance or of the fair value of the Company’s holdings. BERA-per-share does not reflect changes in the market price of BERA, and the fair value of the Company’s BERA holdings declined during the second quarter 2026, as reflected in the accompanying financial statements. The Company also recognized approximately $0.3 million of staking and yield revenue, consisting of staking revenue from participation in Berachain’s Proof of Liquidity (“PoL”) consensus mechanism and yield earned on the Company’s stablecoin-related protocol instruments, during the quarter. During the second quarter 2026, the Company continued to execute token purchase and lending arrangements with Berachain Operations Corporation to facilitate BERA acquisition activity. As of June 30, 2026, the maximum amount available under the lending arrangement was $5.0 million. Additional information regarding these arrangements is included in the Company’s Quarterly Report on Form 10-Q. Management Commentary “In the second quarter of 2026, we reduced total operating expenses by approximately 37% sequentially from the first quarter 2026 as we continued to align our cost base with the scale of our business. At the same time, we advanced our BERA Strategy, growing our holdings to approximately 81.3 million units of BERA at quarter-end and increasing BERA-per-share by approximately 37% from year-end, even as the fair value of our BERA holdings declined during the quarter, reflecting lower BERA market prices. We remain focused on the disciplined execution of our BERA Strategy, prudent management of our liquidity, and continued cost discipline.” Jason Hitchcock, Chief Executive Officer Second Quarter 2026 Financial Highlights Total operating expenses declined approximately 37% sequentially to $3.6 million in the second quarter 2026, from $5.8 million in the first quarter 2026, reflecting continued alignment of the Company’s operations with the scale of its business. The sequential reduction was driven primarily by an approximately $0.7 million (approximately 49%) decline in salaries, benefits and payroll taxes, reflecting reduced legacy headcount. On a year-over-year basis, total operating expenses increased from approximately $3.3 million in the second quarter 2025, primarily reflecting costs associated with the Company’s newly established Digital Asset Segment, which did not exist in the prior-year period. Net revenue for the second quarter 2026 was approximately $0.1 million, compared to approximately $0.8 million in the second quarter 2025, and consisted entirely of legacy wholesale and distribution sales. In addition, the Company recognized approximately $0.3 million of staking and yield revenue from the Digital Asset Segment, which is presented separately below gross profit (loss) in the condensed consolidated statements of operations. The year-over-year decrease in net revenue was primarily attributable to the transition of the legacy business to a lower-scale, asset-light operating model, including lower sales volume and the exit of leased facilities. Loss from operations was $(3.3) million, compared to $(3.3) million in the second quarter 2025, but narrowed from $(5.6) million in the first quarter 2026 as the Company continued to reduce its operating cost base. General and administrative expenses for the quarter also reflected costs associated with the newly established Digital Asset Segment. The Company also recognized a non-cash change in fair value of digital assets of $(19.1) million and an impairment of investments of $(1.8) million during the second quarter 2026, primarily driven by market fluctuations in the price of BERA and a reduction in the carrying value of a legacy equity investment. Net loss attributable to Greenlane Holdings, Inc. was $(24.8) million, compared to $(3.2) million in the prior year period. For the six months ended June 30, 2026, net revenue was approximately $0.1 million, compared to approximately $2.3 million in the prior year period, and the Company recognized approximately $0.7 million of staking and yield revenue from its Digital Asset Segment. Loss from operations was $(8.9) million, compared to $(6.7) million in the prior year period, reflecting costs associated with the newly established Digital Asset Segment and elevated legal, professional and advisory costs, partially offset by lower legacy operating costs. The Company also recognized a non-cash change in fair value of digital assets of $(32.0) million and an impairment of investments of $(1.8) million for the six-month period, primarily driven by market fluctuations in the price of BERA and a reduction in the carrying value of a legacy equity investment. Net loss attributable to Greenlane Holdings, Inc. was $(43.2) million, compared to $(7.1) million in the prior year period. The Company’s selected unaudited condensed consolidated financial statements are included as exhibits to this press release and should be read together with the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026. Subsequent Events Subsequent to June 30, 2026, the Company had the following developments: Nasdaq Market Value of Listed Securities Requirement On July 22, 2026, the staff of the SEC, acting pursuant to delegated authority, approved an amendment to the Nasdaq listing standards that would establish a minimum market value of listed securities requirement of $5.0 million for continued listing on the Nasdaq Capital Market. Petitions seeking Commission review of the approval order were subsequently filed, and on July 29, 2026, the approval order was stayed pending review by the Commission. As a result, the ultimate effectiveness and timing of the amended rule remain subject to Commission review. Absent the stay, the Company’s current market value of listed securities would be below the $5.0 million threshold under the amended rule. The amended rule, as approved, does not provide a compliance or cure period. As of the date of this press release, the Company has not received a deficiency notice or Staff Delisting Determination from the Nasdaq staff. The Company is monitoring its market value of listed securities, the status of the Commission’s review, and communications from the Nasdaq staff, and is evaluating alternatives to increase its market value of listed securities. Additional information is included in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026. About Greenlane Holdings, Inc. Greenlane Holdings, Inc. (Nasdaq: GNLN) is a publicly traded digital asset treasury company and, it believes, the only Nasdaq-listed company purpose-built to accumulate BERA and actively participate in Berachain’s Proof-of-Liquidity infrastructure. Greenlane provides exposure to Berachain through a standard, regulated brokerage account, with no cryptocurrency wallet, exchange account, or custody infrastructure required. For more information, visit www.gnln.com. About Berachain Berachain is a decentralized, open-source, EVM-compatible layer-1 blockchain engineered for high throughput, low latency, and full compatibility with Ethereum tooling, smart contracts, and infrastructure. Berachain utilizes a novel Proof of Liquidity consensus mechanism that integrates network security with active liquidity provisioning. For more information, visit berachain.com. Contacts Investor Relations: [email protected] Forward-Looking Statements This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are statements other than historical facts and include, without limitation, statements regarding progress and achievement of the Company’s goals regarding BERA acquisition, staking, and validator participation; the development of the Berachain network ecosystem including business adoption of the network; the long-term value of BERA; the Company’s ability to increase long-term BERA-per-share; continued growth and advancement of the Company’s BERA Strategy and the applicable benefits to the Company; the Company’s ability to streamline and reduce operating costs, including with respect to its legacy lifestyle accessories business; the Company’s ability to remain in compliance with Nasdaq’s listing requirements, including any amended minimum market value of listed securities requirement; and other projections or statements of plans and objectives. These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; changes in the regulatory landscape applicable to digital assets, including BERA; the market performance of BERA; and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2026, the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Cautionary Note Regarding Digital Assets BERA is a digital asset that is not legal tender, is not backed by any government or central bank, and may be subject to extreme price volatility, regulatory uncertainty and technological risk. Investments in and exposures to digital assets such as BERA are highly speculative and may result in the loss of all or a substantial portion of the invested capital. Statements about the Berachain protocol, its consensus model, ecosystem projects, and fundraising are based on publicly available information and/or information provided by third parties. The Company has not independently verified all such information and makes no representation as to its accuracy or completeness. Protocol parameters and incentive mechanisms may change over time through governance or other processes. The Company’s activities involving BERA and other digital assets may not be suitable for all investors and are subject to the risks described in the “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2026, the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. EXHIBIT 1 * After giving effect to the Reverse Stock Splits. EXHIBIT 2 * After giving effect to the Reverse Stock Splits. EXHIBIT 3 Source: Greenlane Holdings, Inc. 1BERA-per-share is calculated by dividing the Company’s total holdings of BERA and BERA-equivalent units as of the applicable date by the number of shares of Class A common stock issued and outstanding as of such date. BERA-per-share does not give effect to shares of Class A common stock issuable upon the exercise of outstanding pre-funded warrants or other convertible securities.

BOCA RATON, FLORIDA / ACCESS Newswire / December 15, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), a Berachain-focused digital asset treasury company and global seller of premium cannabis accessories, is pleased to announce the voting results from its Annual Meeting of Stockholders (the "Meeting") convened on December 1, 2025 and adjourned to, and reconvened on, December 9, 2025. Each of the directors listed as a nominee in the Proxy Statement, including new Chairman of the Board, Bruce Linton, was elected at the Meeting to serve as a director of the Company until the Company's next annual stockholders meeting or until his or her successor is duly elected or appointed. The detailed results of the vote for the election of directors held at the Meeting are set out below: Greenlane's stockholders also approved the re-appointment of PKF O'Connor Davies, LLP as the Company's auditors and independent registered public accounting firm for the fiscal year ending December 31, 2025, and authorized the Company's board of directors (the "Board") or any responsible committee thereof to fix their remuneration. In addition, Greenlane's stockholders approved all of the other proposals described in the Company's proxy statement, including (i) an amendment to the Company's 2019 Equity Incentive Plan to increase the number of shares of common stock authorized for issuance thereunder to 3,000,000, (ii) the Financing Proposal to issue shares of common stock and pre-funded warrants in connection with the Company's recent financing, and (iii) the Advisory Compensation Proposal relating to the issuance of pre-funded warrants to certain advisors and the shares of common stock issuable upon exercise of those warrants. For complete results on all matters voted on at the Meeting, please consult the Company's Form 8-K which has been filed on EDGAR at www.sec.gov/edgar. About Greenlane Greenlane is an ecosystem participant focused on supporting the development and operation of blockchain-based infrastructure, including assets and applications built on Berachain. The company engages in network staking, liquidity provisioning, and strategic initiatives intended to contribute to the long-term sustainability of decentralized protocols within its portfolio. Media Contacts: Greenlane Holdings, Inc. Investor Contact: [email protected] or PCG Advisory Kevin McGrath +1-646-418-7002 SOURCE: Greenlane Holdings, Inc. View the original press release on ACCESS Newswire

BOCA RATON, FLORIDA / ACCESS Newswire / November 14, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), a Berachain-focused digital asset treasury company and global seller of premium cannabis accessories, today reported its financial results for the third quarter and nine months ended September 30, 2025 along with an update on the expansion of the Company's Berachain (BERA) treasury strategy. BERA is the fee token of Berachain, the first Layer 1 blockchain powered by Proof of Liquidity (PoL) to help businesses scale and power on-chain economies. PoL provides BERA with a staking yield derived from the revenues or ownership of companies on the network. In late October 2025, Greenlane executed a strategic shift - adopting a treasury reserve strategy with BERA as the Company's primary asset. Greenlane's goal is to give investors a simplified way to participate in what management believes will be Berachain's transformation of global finance, with institutional-grade discipline, transparency, and full activation of Berachain's yield potential. Greenlane is strategically accumulating BERA and employing active treasury management and staking. The result is yield-generating BERA treasury that aims to compound growth and capture the full upside exposure of BERA. While the Company advances its digital-asset strategy and treasury operations, it will continue to operate its distribution business, enhance operational efficiencies and continue inventory monetization to accelerate the disposition of aged inventory. Key Highlights Since Launch of BERA Treasury Strategy Built world class leadership team: Bruce Linton, previously led Canopy Growth Corporation to a $15B market capitalization and has extensive experience in leading companies across communications and cleantech, joined as Chairman of the Board. Billy Levy, a serial entrepreneur and capital markets executive with a history of building, scaling, and exiting companies across multiple industries, including co-founding Virgin Gaming in collaboration with Sir Richard Branson, appointed as a director. Ben Isenberg, appointed as Chief Investment Officer to manage the BERA treasury strategy. Isenberg also serves as Founder and Principal of BSQD Corp., a market-making and proprietary trading firm specializing in digital assets and cryptocurrencies. In this role, Mr. Isenberg is responsible for the strategic direction and oversight of digital asset trading operations. Prior to this, Isenberg served as a Trader at Tradias GmbH, a BAFIN regulated market maker based in Frankfurt, Germany from 2021- 2024. Before entering the digital asset markets, Isenberg worked in investment banking at M Partners in Toronto, where he covered digital assets, technology and mining from 2019-2021. Formed a Digital Assets Committee in October 2025 comprised of Mr. Levy and Mr. Linton, with Mr. Linton serving as chair. Establishing an experienced team of institutional-grade capital markets and treasury management professionals to operationalize the Company's strategy with support from leading crypto asset managers and custodians. Raised over $110 million in capital and digital assets through an October 23, 2025 private placement offering to drive BERA acquisitions, resulting in approximately $24.3 of net cash proceeds, approximately $19.0 of stablecoin proceeds, and approximately 54.2 million BERA. The Company intends to manage its BERA tokens to generate yields through staking and activities and to enhance long-term value as the adoption of the BERA token increases. Third Quarter 2025 Results Compared to Prior Year Period Total revenue of premium cannabis accessories, vape devices, and lifestyle products was $0.74 million compared to $4.0 million in the prior year period. Total operating expenses were $4.0 million, compared to $3.6 million in the prior year period. Net loss was $8.9 million compared to a net loss of $3.8 million in the prior year period. Management completed a comprehensive review of inventory aging and realizability in connection with the Company's transition under the BERA initiative toward a capital-light, IP-driven operating model. As a result, the Company recorded a $5.0 million non-cash inventory reserve, included in cost of sales, to reflect expected recoveries from legacy product lines. As of September 30, 2025, the Company had cash and cash equivalents of $1.8 million and no borrowings outstanding. Subsequent Events On October 23, 2025, we closed a $110.7 million private placement consisting of cash and crypto-denominated subscriptions, as disclosed in our Form 8-K filed October 20, 2025. The closing delivered approximately $24.3 million of net cash proceeds and approximately $19.0 million of stablecoin proceeds and resulted in holdings of approximately 54.2 million BERA as of October 23, 2025. These proceeds strengthen near-term liquidity as we execute a strategic shift from the legacy business and transition to our digital-asset treasury model. GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts) GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) About Greenlane Holdings, Inc. Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate as a powerful family of brands, third-party brand accelerator, and an omnichannel distribution platform. The Company has entered the cryptocurrency industry and cash management of assets through a digital asset treasury strategy. For more information on Greenlane's treasury strategy and future developments, visit https://investor.gnln.com. Investor Contact: [email protected] or PCG Advisory Kevin McGrath +1-646-418-7002 [email protected] Forward-Looking Statements This press release contains statements that constitute "forward-looking statements" within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical facts and include, without limitation, statements regarding the potential for and amount of additional cash proceeds from warrant exercises, use of proceeds from the announced PIPE, future announcements and priorities, expectations regarding management, market position, business strategies, future financial and operating performance, and other projections or statements of plans and objectives. These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors-many of which are beyond the Company's control-that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company's ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of BERA; and other risks and uncertainties described under "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 21, 2025, its most recent Quarterly Report on Form 10-Q, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. SOURCE: Greenlane Holdings, Inc. View the original press release on ACCESS Newswire

BOCA RATON, FL / ACCESS Newswire / August 14, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported its financial results for the second quarter and six months ended June 30, 2025. Revenue Reporting and Key Organizational Initiatives Beginning with our second quarter 2023 financial report, we implemented a major restructuring of our industrial product lines, transitioning much of this business from gross sales to a commission structure. While this change affects how we report revenue, we believe it enables us to preserve working capital and improve gross margins. During the second quarter, the Company initiated and has since completed a restructuring of its sales organization to better align people and responsibilities with the Company's omnichannel sales strategy, including the addition of new and highly experienced leadership across the board to ensure a return to growth and increased customer success at Greenlane. While necessary, the recent reorganization of the sales team, including new leadership and the recruitment of a stronger sales team, negatively impacted sales and new customer acquisition in the second quarter. The new structure is designed to accelerate sales, improve customer experience, and increase efficiency throughout the sales process. Subsequent to the end of the second quarter, the new sales and marketing infrastructure has delivered new customer growth, reactivation of customer accounts, and the addition of new multi-state operator accounts. Second Quarter 2025 Results Compared to Prior Year Period Total revenue was $0.8 million compared to $2.6 million in the prior year period. Total operating expenses were $3.3 million, a decrease of 27% compared to $4.5 million in the prior year period. Operating loss improved to $3.3 million compared to an operating loss of $3.5 million in the prior year period. Net loss was $3.2 million compared to a net loss of $0.6 million in the prior year period. New Sales and Marketing Team Supported by Leading Cannabis Digital Marketing Agency Enhancing Revenue and Customer Opportunities Cannabis Creative Group (CCG) is leading the Company's new marketing strategy to support future growth for its B2B-focused brands, including Greenlane Wholesale and KushCo. CCG began work in Q2 and has focused on driving campaigns towards new acquisitions and retargeting wholesale customers. An approximately 880% increase in revenue for new customers, month over month June to July; and an approximate 40% increase in revenue for new customers month over month July to August (MTD) 19 accounts reactivated. Added 12 new multi-state operator accounts. "The restructuring of our sales leadership and sales team during the quarter significantly impacted our revenue. While disappointing for the near term, these actions were necessary to restore more sustainable growth over the long term. With new leadership in place, a growing portfolio of products, and a large market opportunity, I have increasing confidence that the Company is positioned to accelerate growth going forward," said Barbara Sher, Chief Executive Officer for Greenlane Sher added, "We made strides with footprint optimization, and we will continue to take costs out of the business and right-size operations, while we enhance our product offering and improve pricing architecture. We are seeing solid early indicators that our new sales leadership is setting the foundation for improved top-line performance, and we are thrilled to have added several new products in both the cannabis and wellness categories to drive new and existing customer opportunities." Sher concluded, "While we continue to navigate a dynamic market environment, we remain committed to the initiatives implemented in recent quarters that are fueling our transformation and driving our goal to improve profitability. As we focus on improving our business and accounts receivable strategy and efficiency efforts and given our early but encouraging new customer sales activity, we currently anticipate a stronger second half of 2025 for Greenlane." Strategic Growth and Operational Initiatives Entered into a distribution agreement with Greentank Technologies, a leading innovator in the aerosolization technology industry, to distribute Greentank's full assortment of cartridges and vaporizers. Renewed distribution agreement with PAX, a pioneer in the design and development of premium cannabis vaporization technologies and devices. Announced the appointment of Mike Hinson as the Company's Executive Vice President of Sales and upgraded sales and marketing organizations. Appointed exclusive fulfillment platform for Safety Strips direct-to-consumer e-commerce store featuring ToxiShield, Safety Strips trusted brand of harm reduction solutions designed to combat fentanyl overdoses and drink spiking. Successfully renegotiated many vendor and supplier partnership terms and continuing to improve working capital arrangements with vendors and suppliers. Continued progress consolidating and streamlining office, warehouse, and distribution operations footprint. Consolidated digital ecommerce presence to one platform resulting in improved efficiencies and reduced cost. Balance Sheet As of June 30, 2025, the Company had cash and cash equivalents of approximately $5.7 million. GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts) GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) About Greenlane Holdings, Inc. Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate as a powerful family of brands, third-party brand accelerator, and an omnichannel distribution platform. We proudly offer our own diverse brand portfolio and our exclusively licensed Marley Natural and K.Haring branded products. We also offer a carefully curated set of third-party products through our direct sales channels and our proprietary, owned and operated e-commerce platforms which include Vapor.com, , PuffItUp.com, HigherStandards.com, Wholesale.Greenlane.com and MarleyNaturalShop.com. For additional information, please visit: https://investor.gnln.com. For additional information, please visit: https://gnln.com/. Investor Contact: [email protected] or PCG Advisory Kevin McGrath +1-646-418-7002 [email protected] Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Greenlane and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Greenlane has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in Greenlane's Annual Report on Form 10-K filed for the year ended December 31, 2024 and the Company's other filings with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC. SOURCE: Greenlane Holdings, Inc. View the original press release on ACCESS Newswire

BOCA RATON, FL / ACCESS Newswire / March 21, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported its financial results for the fourth quarter and twelve months ended December 31, 2024, and the filing of an annual report on Form 10-K, including the audited consolidated financial statements for the fiscal year ended December 31, 2024, and the unqualified report thereon of the Company's independent registered public accounting firm. A Note on Our Revenue Reporting Beginning with our second quarter 2023 earnings release, we implemented a major restructuring of our industrial product lines, transitioning much of this business from gross sales to a commission structure. While this change affects how we report revenue, we believe it enables us to preserve working capital and improve gross margins. Full Year 2024 Financial Highlights $13.3 million vs $65.4 million for full year 2023; Y-o-Y decrease in net sales was due to a major restructuring in April of 2023, involving our packaging and industrial vaping product lines transitioning much of this business from a gross sale to a commission structure to preserve working capital. $13.3 million vs $65.4 million for full year 2023; Y-o-Y decrease in net sales was due to a major restructuring in April of 2023, involving our packaging and industrial vaping product lines transitioning much of this business from a gross sale to a commission structure to preserve working capital. Gross margin of 47.3% compared to gross margin of 27.3% for the same period in 2023. Gross margin of 47.3% compared to gross margin of 27.3% for the same period in 2023. $10.1 million, or 57.7% decrease in salaries and benefits vs full year 2023. $10.1 million, or 57.7% decrease in salaries and benefits vs full year 2023. $14.4 million, or 59.9% decrease in G&A vs full year 2023. $14.4 million, or 59.9% decrease in G&A vs full year 2023. Operating loss improved by $14.3 million to $11.7 compared to an operating loss of approximately $26.1 million in the prior year period. Operating loss improved by $14.3 million to $11.7 compared to an operating loss of approximately $26.1 million in the prior year period. Fourth Quarter 2024 Operational Highlights Signed exclusive multi-year distribution agreement with Safety Strips Tech Corp to distribute fentanyl, xylazine and drink spike detection test strips in the U.S. Signed exclusive multi-year distribution agreement with Safety Strips Tech Corp to distribute fentanyl, xylazine and drink spike detection test strips in the U.S. Signed multi-year distribution agreement with Veriteque USA, Inc., a manufacturer of the patented SwabTek™ and Verifique™ brand of single-use, dry reagent presumptive field tests for detection of narcotics, explosives, gunshot residue and other harmful substances. Signed multi-year distribution agreement with Veriteque USA, Inc., a manufacturer of the patented SwabTek™ and Verifique™ brand of single-use, dry reagent presumptive field tests for detection of narcotics, explosives, gunshot residue and other harmful substances. Entered into exclusive multi-year global distributor agreement with CURB Lifestyle, Inc., manufacturer of a patented, non-heating, inhalation device capable of safely delivering a wide range of formulations, including nicotine, cannabinoids, and other wellness compounds. Entered into exclusive multi-year global distributor agreement with CURB Lifestyle, Inc., manufacturer of a patented, non-heating, inhalation device capable of safely delivering a wide range of formulations, including nicotine, cannabinoids, and other wellness compounds. Appointed Rob Shields,a trusted global sales and marketing leader with over 30 years of experience in growing purpose-driven consumer and business technology brands, to the new role of Greenlane's Chief Growth Officer. Appointed Rob Shields,a trusted global sales and marketing leader with over 30 years of experience in growing purpose-driven consumer and business technology brands, to the new role of Greenlane's Chief Growth Officer. Streamlined our third-party product portfolio. Streamlined our third-party product portfolio. Upgraded our sales and marketing organizations. Upgraded our sales and marketing organizations. Post Fourth Quarter 2024 Operational Highlights Announced the closing of a private placement of approximately $25.0 million of shares of Common Stock and investor warrants at a price of $1.19 per Common Unit. Aggregate gross proceeds to the Company were approximately $25.0 million. Announced the closing of a private placement of approximately $25.0 million of shares of Common Stock and investor warrants at a price of $1.19 per Common Unit. Aggregate gross proceeds to the Company were approximately $25.0 million. Following recent balance sheet actions, the Company has no material debt obligations. The debt payments were funded from cash on hand and will reduce interest expense by approximately $4.5 million annually. Following recent balance sheet actions, the Company has no material debt obligations. The debt payments were funded from cash on hand and will reduce interest expense by approximately $4.5 million annually. Entered into a new exclusive U.S. distribution agreement with Green Gruff USA Inc. ("Green Gruff"). Green Gruff offers a comprehensive line of veterinarian approved organic cannabidiol-infused supplements and treats manufactured in the U.S. to support a dog's overall health and vitality. Entered into a new exclusive U.S. distribution agreement with Green Gruff USA Inc. ("Green Gruff"). Green Gruff offers a comprehensive line of veterinarian approved organic cannabidiol-infused supplements and treats manufactured in the U.S. to support a dog's overall health and vitality. Announced the selection of Cannabis Creative Group, a division of CHAMP Digital, an award-winning digital marketing agency specializing in Cannabis and CBD, as its new digital marketing agency. Announced the selection of Cannabis Creative Group, a division of CHAMP Digital, an award-winning digital marketing agency specializing in Cannabis and CBD, as its new digital marketing agency. Management Commentary "We are proud of our team's efforts and operational focus in delivering another period of improving financial results to close out the year," said Barbara Sher, Chief Executive Officer for Greenlane. " We believe that our financial performance directly reflects our ability to manage costs in line with revenue performance. Our operational discipline and commitment to drive toward profitability have been key in navigating the unique challenges our industry faces, and we are now well-positioned to invest in our people and technology. As we build for the future, we will continue to focus on the value of our marketplace and enhance the Greenlane experience for both consumers and clients as we adapt in this evolving industry." She added, "Our 2024 results demonstrate a challenging but transformative year as we worked our turnaround plan and reset almost all aspects of our business. We are starting 2025 with a new base focused on growth across all our revenue lines. Over the past two quarters, my primary objective has been to amplify our strengths, address key challenges, and stabilize the business. Having successfully achieved much of this, we are now forging ahead with our initiatives centered on driving organic growth, optimizing margins and cash flow, and reducing debt. With a strong cash position, we remain focused on initiatives that have the greatest impact on the company. With this sharp focus, I am confident that Greenlane can not only maintain but expand its leadership position." Lana Reeve, Chief Financial Officer of Greenlane, stated, "We have made remarkable progress and delivered dramatic reductions in expenses, cash burn, and debt over the past year. These efforts have significantly enhanced our financial stability and moved us toward our goal of achieving profitability. With no material debt obligations, Greenlane is equipped to capitalize on growth opportunities and enhance shareholder value." Full Year 2024 Financial Overview For the year ended December 31, 2024, total net sales were approximately $13.3 million, compared to approximately $65.4 million for the year ended December 31, 2023, representing a decrease of $52.1million, or 79.7%. The year-over-year decrease in net sales was due to a major restructuring in April of 2023, involving our packaging and industrial vaping product lines, transitioning much of this business from a gross sales to a commission structure to preserve working capital. Revenues decreased in the Consumer Brands Group due, in part, to restructuring efforts and shift in strategy to focus on in-house brands that carry a higher margin profile while rationalizing third-party brand offerings, which generated top line revenue with lower margins. Gross margin increased by 20.0% to 47.3% for the year ended December 31, 2024, compared to gross margin of 27.3% for the same period in 2023. The increase in gross margins is in part related to transitioning to a commission revenue model for the majority of the vaporizer sales with 100% margin versus gross revenue with lower margins. General and administrative expenses decreased by approximately $14.4 million, or 59.7%, for the year ended December 31, 2024, compared to the same period in 2023. The decrease is related to major restructuring effort by the Company to reduce cost and right-size the business. Operating loss improved by approximately $14.3 million to $11.7 compared to an operating loss of approximately $26.1 million in the prior year period. Net loss was $16.2 million, compared to a net loss of $32.0 million in the prior year period. Balance Sheet As of December 31, 2024, the Company had cash and cash equivalents of approximately $0.9 million. Subsequent to the close of the fourth quarter, the Company announced the closing of its private placement of approximately $25.0 million of shares of Common Stock and investor warrants at a price of $1.19 per Common Unit. Aggregate gross proceeds to the Company were approximately $25.0 million. The transaction closed on February 19, 2025. The Company expects to use the net proceeds from the offering, together with its existing cash, for the repayment of existing indebtedness, general corporate purposes and working capital. About Greenlane Holdings, Inc. Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate as a powerful family of brands, third-party brand accelerator, and an omnichannel distribution platform. We proudly offer our own diverse brand portfolio and our exclusively licensed Marley Natural and K.Haring branded products. We also offer a carefully curated set of third-party products through our direct sales channels and our proprietary, owned and operated e-commerce platforms which include Vapor.com , , PuffItUp.com , HigherStandards.com , Wholesale.Greenlane.com and MarleyNaturalShop.com . For additional information, please visit: https://investor.gnln.com . For additional information, please visit: https://gnln.com/ . Investor Contact: [email protected] or TraDigital IR Kevin McGrath +1-646-418-7002 [email protected] Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Greenlane and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Greenlane has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in Greenlane's Annual Report on Form 10-K filed for the year ended December 31, 2023 and the Company's other filings with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-lookingstatements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC. GREENLANE HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value per share amounts) December 31, 2024 December 31, 2023 ASSETS Current assets Cash $ 899 $ 463 Accounts receivable, net of allowance of $2,616 and $2,209 at December 31, 2024 and 2023, respectively 4,262 1,693 Inventories, net 14,215 20,529 Vendor deposits 3,091 3,765 Other current assets (Note 8) 1,305 3,319 Total current assets 23,772 29,769 Property and equipment, net 1,420 2,476 Operating lease right-of-use assets 1,043 1,936 Other assets 2,397 3,912 Total assets $ 28,632 $ 38,093 LIABILITIES Current liabilities Accounts payable $ 9,787 $ 12,103 Accrued expenses and other current liabilities (Note 8) 1,218 3,056 Customer deposits 2,661 2,775 Notes payable 7,958 7,283 Current portion of operating leases 926 866 Current portion of finance leases - 7 Total current liabilities 22,550 26,090 Operating leases, less current portion 83 1,010 Other liabilities - 1 Total long-term liabilities 83 1,011 Total liabilities 22,633 27,101 Commitments and contingencies (Note 7) - - STOCKHOLDERS' EQUITY* Preferred stock, $0.0001 par value, 10,000 shares authorized, none issued and outstanding - - Class A common stock, $0.01 par value per share, 600,000 shares authorized, 2,267 shares issued and outstanding as of December 31, 2024; 600,000 shares authorized, and 339 shares issued and outstanding as of December 31, 2023 * 21 36 Class B common stock, $0.0001 par value per share, 30,000 shares authorized, and 0 shares issued and outstanding as of December 31, 2024; 30,000 shares authorized, and 0 shares issued and outstanding as of December 31, 2023* - - Common stock, value - - Additional paid-in capital* 279,375 268,132 Accumulated deficit (273,513 ) (257,289 ) Accumulated other comprehensive income 265 245 Total stockholders' equity attributable to Greenlane Holdings, Inc. 6,228 11,124 Non-controlling interest (149 ) (132 ) Total stockholders' equity 6,079 10,992 Total liabilities and stockholders' equity $ 28,632 $ 38,093 GREENLANE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) For the year ended December 31, 2024 2023 Net sales $ 13,275 $ 65,373 Cost of sales 6,993 47,547 Gross profit 6,282 17,826 Operating expenses: Salaries, benefits and payroll taxes 7,380 17,454 General and administrative 9,685 24,213 153 - Depreciation and amortization 800 2,243 Total operating expenses 18,017 43,910 Loss from operations (11,735 ) (26,084 ) Other (expense) income, net: Interest expense (4,525 ) (5,450 ) Change in fair value of contingent consideration 1,000 - Loss on extinguishment of debt (876 ) - Other expense, net (8 ) (791 ) Total other expense, net (4,409 ) (6,241 ) Loss before income taxes (16,144 ) (32,325 ) Provision for (benefit from) income taxes - - Net loss (16,144 ) (32,325 ) Less: Net loss attributable to non-controlling interest (17 ) (150 ) Net loss attributable to Greenlane Holdings, Inc. $ (16,161 ) $ (32,175 ) Net loss attributable to Class A common stock per share - basic and diluted (Note 9)* $ (13.32 ) $ (8.16 ) Weighted-average shares of Class A common stock outstanding - basic and diluted (Note 9)* 1,212 3,993 Other comprehensive income (loss): Foreign currency translation adjustments 20 190 Comprehensive loss (16,124 ) (32,135 ) Less: comprehensive loss attributable to non-controlling interest (17 ) (150 ) Comprehensive loss attributable to Greenlane Holdings, Inc. $ (16,107 ) $ (31,985 ) GREENLANE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the year ended December 31, 2024 2023 Cash flows from operating activities: Net loss $ (16,224 ) $ (32,325 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 800 2,242 Equity-based compensation expense 86 284 Change in fair value of contingent consideration (1,000 ) 262 Change in provision for credit losses 245 188 (Gain) loss on disposal of fixed assets 215 118 Loss on extinguishment of debt 876 Unrealized loss on equity investments - 629 Amortization of deferred financing costs and debt discount 3,511 2,820 Changes in operating assets and liabilities, net of the effects of acquisitions: (Increase) decrease in accounts receivable (2,814 ) 4,586 Decrease in inventories 6,315 20,113 Decrease in vendor deposits 674 2,531 Decrease in other assets 3,533 7,769 Decrease in accounts payable (2,319 ) (2,770 ) Decrease in accrued expenses and other liabilities (841 ) (7,032 ) Decrease in customer deposits (114 ) (1,208 ) Net cash used in operating activities (6,750 ) (1,793 ) Cash flows from investing activities: Purchase of property and equipment, net (244 ) (1,007 ) Proceeds from sale of equity investments - 1,037 Net cash (used in) provided by investing activities (244 ) 30 Cash flows from financing activities: Proceeds from issuance of Class A common stock, net of issuance costs 5,640 3,852 Proceeds from exercise of stock options and warrants, net of costs 1,827 - Repayment of Asset-Based Loan - (15,000 ) Proceeds from Secured Bridge Loan, net of costs - 2,090 Debt issuance costs - (751 ) Repayment of loan against future accounts receivable (939 ) (1,721 ) Proceeds from future receivables financing 225 3,894 Payments on Eyce and DaVinci promissory notes - (2,133 ) Repayments of notes payable (2,275 ) - Proceeds from notes payable 2,950 - Purchase consideration paid for Eyce and DaVinci acquisition - (350 ) Other (1 ) (21 ) Net cash (used in) provided by financing activities 7,427 (10,140 ) Effects of exchange rate changes on cash 3 190 Net decrease in cash and cash equivalents 436 (11,713 ) Cash and cash equivalents, as of beginning of the year 463 12,176 Cash and cash equivalents, as of end of year $ 899 $ 463 SOURCE: Greenlane Holdings, Inc. 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