Greenlane Q1 Revenue Declines 80% YoY, Regains Compliance With Nasdaq Listing Rules
Greenlane Holdings, Inc. (NASDAQ:GNLN), a producer of cannabis accessories and vaporization products, reported its first-quarter financial results of revenue of $4.9 million, compared to $24 million in the same period last year.
On Monday, the company’s CEO, Barbara Sher, issued a corporate update in a letter to shareholders discussing the current market state, Greenlane’s milestones in the first half of the year, future initiatives, debt updates and more.
“We see an outstanding opportunity to drive long-term profitable growth and during the second quarter we intensified our strategy to drive high efficiency and productivity by significantly reducing SG&A costs,” stated Sher, who became CEO in May 2024. “The ongoing substantial cost reduction progress has been coupled with further simplification and streamlining of the organization. These initiatives have created a new, more focused business approach and simplified organizational structure. Ultimately, we believe this new operating structure will create even …