Greenlane anounces $98mn IPO
Florida-based vaporization product manufacturer Greenlane Holdings, Inc announced this week that it has priced its upsized initial public offering of 6mn shares of Class A stock at US$17 per share. The offering is expected to result in Greenlane achieving a valuation in excess of $98mn.
The shares are expected to begin trading on the Nasdaq Global Market on April 18, 2019 under the ticker symbol “GNLN.”
Founded in 2005, Greenlane is a leading distributor of 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.
According to a MarketWatch report, Greenlane’s IPO will make it the closest thing to a US based cannabis company trading on a major US exchange. Cannabis company Tilray already trades on the Nasdaq but is headquartered in Canada.