Greenlane’s Third Quarter 2024 Financial Report: A Peek into Our Progress!
Quarterly Financial Highlights
$1.4 million, or 52%, sequential revenue increase vs Q2 2024
Gross margin of 75% driven, in part, by E&O inventory sales
$2.5 million decrease in salaries and benefits vs Q3 2023
$3.7 million decrease in G&A vs Q3 2023
$6.5 million capital raise
Operating Highlights
Executed two strategic distribution agreements to expand platform
Streamlined our third-party product portfolio
Restructured all existing third-party debt facilities
Upgraded our sales and marketing organizations
BOCA RATON, FL / ACCESSWIRE / November 15, 2024 / Greenlane Holdings, Inc.
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 third quarter and nine months ended September 30, 2024.
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.
How will this affect me?
As a shareholder or potential investor in Greenlane, the positive financial report for the third quarter of 2024 indicates growth and progress within the company. This may lead to increased confidence in the company’s performance and potentially result in a rise in stock value.
How will this affect the world?
The successful financial results of Greenlane in the third quarter of 2024 may have a positive impact on the cannabis industry as a whole. As a key player in the global sales of premium cannabis accessories, Greenlane’s growth and profitability could contribute to the overall expansion and legitimization of the industry.
Conclusion
In conclusion, Greenlane’s third quarter 2024 financial report showcases the company’s growth and success in the cannabis accessories market. With increased revenue, decreased expenses, and strategic agreements, Greenlane is positioned for continued progress and success in the industry.
