Greenlane Cuts Q3 Net Loss Despite 66% Revenue Drop, Shifts Product Strategy
Greenlane Holdings, Inc. (NASDAQ:GNLN) reported its financial results for the third quarter ended Sept. 30, 2024, disclosing revenue of $4 million compared to $11.8 million in the prior year period.
The Florida-based cannabis company noted that beginning with its second quarter 2023 earnings release, it implemented a major restructuring of its industrial product lines, transitioning much of this business from gross sales to a commission structure. This change affects how Greenlane reports revenue and enables it to preserve working capital and improve gross margins.
“During the third quarter, we continued to make progress on strengthening our product strategy and roadmap, enhancing our sales team structure and compensation arrangement, and further extracting operating efficiencies across the enterprise,” stated CEO Barbara Sher “We continue to see evidence that our efforts to reposition the business over the last six months have been proving successful. As we enter the next phase of our …