Greenlane launches its product on the Nasdaq

[ad_1]
<div _ngcontent-c14 = "" innerhtml = "

The cannabis industry has taken another important step as a Florida-based company Greenlane Holdings, Inc. today launched its initial public offering on the Nasdaq Stock Exchange. The leading distributor of high-end ancillary products for major stores, smoking rooms and dispensaries in North America, Greenlane's stock price jumped shortly after the opening bell, reaching nearly 70% of more than its original price of $ 17.

This is a remarkable moment in the growing legal marijuana industry, which is still nascent, as society touches many aspects of the cannabis economy but does not sell marijuana. From child-proof packaging to carrying cases, including spray products – to name just a few of their many categories – Greenlane is a ubiquitous supplier of equipment in the world. space. Their tendrils reach so far that they even have the exclusive distribution rights of the Keith Haring accessory collection.

As Americans grapple with the growing difficulties of legalizing cannabis across the country and how to regulate its use safely, one thing is certain: the majority of buyers want this plant to be legally available. To date, 33 states have legalized cannabis in one form or another – 10 of these US states allow the sale of recreational cannabis by adults. And since the signing of the Farm Bill of 2018 last year, hemp is also legal nationwide. This federal approval paved the way for the sale of popular CBD products, ranging from nutraceuticals and lotions to pet products and sleeping pills containing cannabis.

This results in dozens of new products on the booming market in order to meet the needs of adult consumers seeking to legally access the substance, some for the first time in their lives.

It also means the expansion of companies seeking to take advantage of the fast-growing market – which now includes not only cannabis producers, processors and sellers, but also the myriad of adjacent businesses that serve the world. sector. Everyone, from CPA to real estate agents to electricians, is now enjoying the popularity of cannabis. And an obvious but sometimes overlooked piece of the marijuana puzzle is mom & amp; owner of the smoke shop pop.

Enter Greenlane.

The first company was created in 2005 when Greenlane co-founder and CEO Aaron LoCascio was 20 years old and the entrepreneur leveraged his credit card to finance the purchase of Volcano vaporizers. The manufacturers of the device, which does not throw weeds but brings it to the state of steam before combustion, were the first to move in the field of vaporization. Their patented product, Volcano, includes a detachable balloon chamber on top, which has proven to be a huge hit for consumers. LoCascio knew that the volcano was going to reach a stratospheric height.

"I saw a small window to sell them online," says LoCascio. "I reached out to Storz & amp; Bickel, who sold the product. They did not propose any credit conditions and said that I had to pay in advance.

He tells how he bought as much as he could with his $ 4,000 credit card limit. And the rest is history. After 14 years of creating a name in the industry, Greenlane now has the largest distribution footprint in North America, with 6,600 customers representing nearly 10,000 outlets.

Greenlane sales nearly doubled in 2018, from $ 88.3 million in 2017 to $ 178.9 million in 2017. The company's largest supplier, Juul Labs. Inc., is the manufacturer of Juul capsules and smoking devices, which account for approximately 37% of Greenlane's business. Recently, under the microscope of the Food and Drug Administration (FDA), Juul was confronted with a crackdown on his product, which, according to the government, would have targeted underage users. Nevertheless, legal sales to adult users who switched from cigarettes to Juul are on the rise.

"Adult users have shown an affinity for switching from combustible cigarettes to products like Juul, and at the end of the day, we are all aligned on sound regulation," said LoCascio. Yahoo finance, adding that he's behind the regulations that restrict marketing to teens. "This is the type of regulation that we can collectively accept. But in the end, we do not want to see products that help adults switch to these products as a spray. "

Although the jury has not yet determined whether vaporized nicotine is less harmful than cigarettes, the number of people who convert to vaping reflects the continued growth of this sector.

Greenlane's initial rise to public markets is probably due to investors' sense that they can safely invest in a viable investment in cannabis in the US without violating federal laws. Because its activities revolve around what is called "non-plant", Greenlane is different from a cannabis company like MedMen, which cultivates and distributes marijuana. Although cannabis is still considered illegal by the US government at the federal level, cannabis products are a free game. The distribution of items such as cannabis cases, mills, pipes, rolling papers, vapes and accessories for vape does not violate any federal law regarding drug paraphernalia. This is probably the reason why Greenlane is currently imposing itself in the traditionally conservative atmosphere of public financial markets in the United States.

Greenlane is also successful because its suppliers find them very useful and, in some cases, absolutely essential in the extremely fragmented distribution market.

Founder and CEO of Banana Bros. Dave Richmond – creator of OTTO precision marijuana crushing device – can testify to it. He said he wanted to do business with Greenlane so that marketing and distribution would be entirely up to someone else – and people he could trust. The inventor said that he far preferred to focus on designing newer and more powerful versions of his product than on product sales.

"I did not want to worry about all that," says Richmond. "I was looking for a distribution partner who knew the landscape and could offer us an A-game. And that's exactly what they did. "

LoCascio indicates that its short-term projects include the development of their mergers and acquisitions, as well as the pursuit of their efforts to attract the highest level of talent. According to LoCascio, Greenlane has already recruited leaders from groups like McKinsey, Starbucks and fashion players, and has teamed them with cannabis experts.

Greenlane's future plans include expansion into Europe and South America, two regions with a receptive cannabis population. "One of the reasons we went public was to accelerate the expansion of our geographic footprint," he says. LoCascio.

">

The cannabis industry has taken another important step since Florida-based Greenlane Holdings, Inc. today launched its initial Nasdaq public offering. The leading distributor of high-end ancillary products for leading boutiques, smoking houses and clinics in North America, Greenlane's share price surged shortly after the opening bell, reaching nearly 70% more than its original price of $ 17.

This is a remarkable moment in the growing legal marijuana industry, which is still nascent, as society touches many aspects of the cannabis economy but does not sell marijuana. From child-proof packaging to carrying cases, including spray products – to name just a few of their many categories – Greenlane is a ubiquitous supplier of equipment in the world. space. Their tendrils reach so far that they even have the exclusive distribution rights of the Keith Haring accessory collection.

As Americans grapple with the growing difficulties of legalizing cannabis across the country and how to regulate its use safely, one thing is certain: the majority of buyers want this plant to be legally available. To date, 33 states have legalized cannabis in one form or another – 10 of these US states allow the sale of recreational cannabis by adults. And since the signing of the Farm Bill of 2018 last year, hemp is also legal nationwide. This federal approval paved the way for the sale of popular CBD products, ranging from nutraceuticals and lotions to pet products and sleeping pills containing cannabis.

This results in dozens of new products on the booming market in order to meet the needs of adult consumers seeking to legally access the substance, some for the first time in their lives.

It also means the expansion of companies seeking to take advantage of the fast-growing market – which now includes not only cannabis producers, processors and sellers, but also the myriad of adjacent businesses that serve the world. sector. Everyone, from CPA to real estate agents to electricians, is now enjoying the popularity of cannabis. And an obvious piece of the marijuana puzzle, but sometimes overlooked, is the owner of the Mom & Pop smoke shop.

Enter Greenlane.

The first company was created in 2005 when Greenlane co-founder and CEO Aaron LoCascio was 20 years old, and the entrepreneur leveraged his credit card to finance the purchase of Volcano vaporizers. The manufacturers of the device, which does not throw weeds but brings it to the state of steam before combustion, were the first to move in the field of vaporization. Their patented product, Volcano, includes a detachable balloon chamber on top, which has proven to be a huge hit for consumers. LoCascio knew that the volcano was going to reach a stratospheric height.

"I saw a small window to sell them online," says LoCascio. "I contacted Storz & Bickel, who was selling the product. They did not propose any credit conditions and said that I had to pay in advance.

He tells how he bought as much as he could with his $ 4,000 credit card limit. And the rest is history. After 14 years of creating a name in the industry, Greenlane now has the largest distribution footprint in North America, with 6,600 customers representing nearly 10,000 outlets.

Greenlane sales nearly doubled in 2018, from $ 88.3 million in 2017 to $ 178.9 million in 2017. The company's largest supplier, Juul Labs. Inc., is the manufacturer of Juul capsules and smoking devices, which account for approximately 37% of Greenlane's business. Recently, under the microscope of the Food and Drug Administration (FDA), Juul was confronted with a crackdown on his product, which, according to the government, would have targeted underage users. Nevertheless, legal sales to adult users who switched from cigarettes to Juul are on the rise.

"Adult users have demonstrated an affinity for switching from combustible cigarettes to products such as Juul, and in the end, we are all aligned on sound regulation," LoCascio told Yahoo Finance, adding that he was late on regulation limiting marketing to teens. . "This is the type of regulation that we can collectively accept. But in the end, we do not want to see products that help adults switch to these products as a spray. "

Although the jury has not yet determined whether vaporized nicotine is less harmful than cigarettes, the number of people who convert to vaping reflects the continued growth of this sector.

Greenlane's initial rise to public markets is probably due to investors' sense that they can safely invest in a viable investment in cannabis in the US without violating federal laws. Because its activities revolve around what is called "non-plant", Greenlane is different from a cannabis company like MedMen, which cultivates and distributes marijuana. Although cannabis is still considered illegal by the US government at the federal level, cannabis products are a free game. The distribution of items such as cannabis cases, mills, pipes, rolling papers, vapes and accessories for vape does not violate any federal law regarding drug paraphernalia. This is probably the reason why Greenlane is currently imposing itself in the traditionally conservative atmosphere of public financial markets in the United States.

Greenlane is also successful because its suppliers find them very useful and, in some cases, absolutely essential in the extremely fragmented distribution market.

The founder and CEO of Banana Bros. Dave Richmond – creator of the OTTO cannabis precision grinding device – can testify to this. He said he wanted to do business with Greenlane so that marketing and distribution would be entirely up to someone else – and people he could trust. The inventor said that he far preferred to focus on designing newer and more powerful versions of his product than on product sales.

"I did not want to worry about all that," says Richmond. "I was looking for a distribution partner who knew the landscape and could offer us an A-game. And that's exactly what they did. "

LoCascio indicates that its short-term projects include the development of their mergers and acquisitions, as well as the pursuit of their efforts to attract the highest level of talent. According to LoCascio, Greenlane has already recruited leaders from groups like McKinsey, Starbucks and fashion players, and has teamed them with cannabis experts.

Greenlane's future plans include expansion into Europe and South America, two regions with a receptive cannabis population. "One of the reasons we went public was to accelerate the expansion of our geographic footprint," he says. LoCascio.