Greenlane To Raise $6.5M Through Private Investment Deal With Large Institutional Investor
Greenlane Holdings (NASDAQ:GNLN) announced Monday that it has entered into a securities purchase agreement with a large institutional investor for aggregate gross cash proceeds of $6.5 million. Under the agreement, the vendor of cannabis accessories and vaporization products will issue 3.36 million units.
The Florida-based company intends to use the net proceeds from the private placement for working capital and general corporate purposes.
The $6.5 million raise comes on the heels of Greenlane’s plan to distribute Safety Strips, Inc.’s fentanyl, xylazine and drink spike detection test strips across the U.S. The company’s Safety Strips …