In the premarket trading session, at last check, Greenlane Holdings Inc. (GNLN) stock had surged by 5.42% to $3.89. GNLN stock closed the previous session at $3.69. The stock volume traded 0.44 million shares. In the past year, up-to-date GNLN stock surged by 41.38% however in the past week shares shed -5.14%. In the past three and six months, the stock has shed -42.88% and added 32.73% respectively. Greenlane is currently valued at $60.00 million and has 13.11 million outstanding shares.
What you need to know about Greenlane Holdings Inc.
Greenlane Holdings, Inc. is a pharmaceutical retail company that specifically focuses on the distribution of consumption accessories and vaporization products. The company’s clientele includes wholesale and retail customers and has its operations based in the United States and Canada. The company was made in 2005 and is based in Boca Raton, Florida.
The company’s product offering includes vaporizers, accessories for vaporizers which include cleaning products, grinders, and storage containers. GNLN stock also sells pipes, rolling papers, and customized lines of specialty packaging.
It also operates e-commerce Websites, such as VaporNation.com and VapeWorld.com.
Greenlane’s financial and operational performance
GNLN stock’s first-quarter 2021 results demonstrate the continued forward momentum on the heels of a successful 2020. This quarter saw significant progress on the execution of one of the company’s key growth strategies, with the acquisition of Eyce, further adding to the portfolio of premium owned brands, and the announcement of the impending transformative merger with KushCo.
On 18th May, the company released the financial result of its Q1 2021. During the quarter the company has provided solid results for its strategy to focus on a growing portfolio of owned brands and is transitioning away from lower-margin revenue categories. GreenLane can execute a strong revenue growth and a stronger position in the cannabis ancillary market through its carried and improved balance sheet momentum and a robust pipeline of potential growth and acquisition including the KushCo merger. GNLN stock can definitely be in the radar of shareholders in investors for the next three quarters of 2021 due to its strong growth potential.
GNLN stock’s first-quarter 2021 outcomes show the continued momentum closely following an effective 2020 financial performance. This quarter saw a huge improvement in the execution of one of the organization’s key development systems, with the procurement of Eyce, further adding to the arrangement of premium possessed brands and the declaration of the pending merger with KushCo.
During the quarter the organization has provided solid results for its strategy to focus on a growing portfolio of owned brands and is transitioning away from the lower-margin revenue category, with the company’s Greenlane Brands representing a fourth of the income in the primary quarter of 2021.
Financial updates of the first quarter 2021
Greenlane Brands enlisted consecutive record quarterly sales records, from Q4 2020 now to a record of $8.5 million for Q1 2021 growing 9.4%. VIBES performed exceptionally well during the quarter and achieved a quarterly sales revenue record of $2.7 million, a 72.8%, increase for Q1 2021 compared to Q1 2020; Greenlane Brands reported a representation of 25.1% of total revenue compared with 21.3% in the prior year same period.
The non-nicotine revenue or otherwise known as core revenue grew 11.6% to $32.3 million, from $28.9 million in the prior year same period. For first-quarter 2021, the total revenue of GNLN stock grew to $34.0 million from $33.9 million, a 0.4% increment from the prior year same period. Greenlane’s gross margin for Q1 2021 was 21.5% GNLN stock also acquired Eyce, the world’s driving brand of silicone smoking products. Furthermore, the company announced a definitive merger arrangement among Greenlane and KushCo Holdings, Inc. (“KushCo”) which will set up the main auxiliary cannabis organization and place of brands.