Greenlane Holdings Reports Third Quarter 2024 Financial Results

Greenlane Holdings, Inc. announced its third quarter 2024 results, highlighting a $4.0 million revenue, marking a significant decline from $11.8 million in the prior year. Despite this, gross margin saw a remarkable rise to 75%, partly due to E&O inventory sales. Total operating expenses fell by 64%, enhancing the company's financial efficiency. Greenlane reported an operating loss of $538,000, an improvement from a $6.9 million loss in the same period last year, with net loss narrowing to $3.8 million.

Strategic initiatives included new distribution agreements and a revamped sales and marketing team. The company improved its product offerings and restructured its debt to reduce financial burdens. CEO Barbara Sher emphasized ongoing efforts to enhance product strategies and streamline operations. Greenlane raised $6.5 million in capital, aiming for long-term growth and sustainability.