Greenlane Launches Initial Public Offering
BOCA RATON, Fla.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Cannabis?src=hash” target=”_blank”gt;#Cannabislt;/agt;–Greenlane Holdings, Inc. (“Greenlane”), a leading distributor of premium
vaporization products and consumption accessories, announced today that
it has commenced an initial public offering of 5,333,333 shares of its
Class A common stock, of which Greenlane will be offering 4,666,666
shares and the selling stockholders will be offering 666,667 shares. In
addition, the selling stockholders will also grant the underwriters a
30-day option to purchase up to an additional 800,000 shares. The price
range for the initial public offering is currently estimated to be
between $14.00 and $16.00 per share. Greenlane has applied to list its
Class A common stock on the Nasdaq Global Market under the ticker symbol
“GNLN.”
Cowen and Canaccord Genuity are acting as joint-lead bookrunners for the
proposed offering. Ladenburg Thalmann & Co. Inc., Roth Capital Partners
and Northland Capital Markets will act as co-managers for the proposed
offering.
The proposed offering will be made only by means of a prospectus. When
available, copies of the prospectus related to this proposed offering
may be obtained from:
Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long
Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, or by
email to PostSaleManualRequests@broadridge.com.Canaccord Genuity LLC, Attention: Syndicate Department, 99 High
Street, 12th Floor, Boston, MA 02110, or by telephone at (617)
371-3900, or by email at prospectus@canaccordgenuity.com.
A registration statement on Form S-1 relating to these securities has
been filed with the Securities and Exchange Commission and is not yet
effective. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Greenlane Holdings, Inc.
Greenlane is a leading distributor of premium vaporization products and
consumption accessories in the United States and has a growing presence
in Canada. Greenlane’s customers include over 6,600 independent smoke
shops and regional retail chain stores, which collectively operate
approximately 9,700 retail locations, and hundreds of licensed cannabis
cultivators, processors and dispensaries. Greenlane also owns and
operates two of the most visited North American direct-to-consumer
e-commerce websites in the vaporization products and consumption
accessories industry, VaporNation.com and VapeWorld.com,
which offer convenient, flexible shopping solutions directly to
consumers. Greenlane is developing a unique e-commerce platform, Vapor.com,
into which its existing e-commerce websites will be consolidated.
Through Greenlane’s expansive North American distribution network and
e-commerce presence, Greenlane offers a comprehensive selection of
premium vaporizers and parts, cleaning products, grinders and storage
containers, pipes, rolling papers and customized lines of premium
specialty packaging. Following the passage of The Agriculture
Improvement Act of 2018 in February 2019, Greenlane commenced
distribution of premium products containing hemp-derived cannabidiol.
Contacts
Media:
Cory Ziskind
ICR
646-277-1232
greenlane@icrinc.com
Investors:
Scott
Van Winkle
ICR
617-956-6736
scott.vanwinkle@icrinc.com
