Greenlane Holdings, Inc. (NASDAQ:GNLN) has entered into a definitive agreement with a single institutional investor, for the purchase and sale of 21.6 million shares of its common stock and warrants to purchase 21.6 million shares of common stock at a purchase price per share of $0.25 in a registered direct offering.
The warrants to be issued will have five and one-half year term, will become exercisable six months following the date of issuance and will have an exercise price of $0.25 per share.
The closing of the offering is expected to occur on or about June 29, 2022, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $5.4 million. The company intends to use the net proceeds from the offering for general corporate purposes.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
About Greenlane Holdings, Inc.
Greenlane is the premier global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products.
Founded in 2005, Greenlane serves a diverse and expansive customer base with more than 8,500 retail locations, including licensed cannabis dispensaries, smoke shops, and specialty retailers. As a pioneer in the cannabis space, Greenlane is the partner of choice for many of the industry's leading multi-state operators, licensed producers, and brands, including PAX Labs, Storz & Bickel (NASDAQ:CGC), Cookies, Grenco Science, and CCELL.
The company owns and operates a diverse brand portfolio including EYCE silicone pipes, DaVinci vaporizers, Pollen Gear, the K.Haring Glass Collection by Higher Standards, Marley Natural, and VIBES rolling papers.
Photo by Mackenzie Marco on Unsplash
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