Greenlane Holdings IPO: What You Need To Know

A new vice stock hits the market Thursday with the vape distributor Greenlane Holdings.

The IPO

Greenlane Holdings, Inc. will issue more than 5.3 million shares Thursday on the Nasdaq under ticker GNLN, according to the firm’s S-1 filing. Priced between $14 and $16, the offering represents 57 percent of outstanding shares and is expected to bring in about $98.13 million.

Underwriters include Cowen, Canaccord Genuity, Ladenburg Thalmann, Roth Capital Partners and Northland Capital Markets.

The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.

The Company

Founded in 2005, Greenlane globally distributes more than 140 brands of vaporizers and smoking accessories through its e-commerce properties, dispensary service and wholesale service.

It stocks more than 5,000 SKUs, notches 292,000 unique monthly visitors between VaporNation.com and VapeWorld.com, and ships an average 438,000 packages per year. The company operates six distribution centers, from which its sells to about 9,700 retail outlets. Its B2C segment boasts more than 4,900 monthly transactions.

It anticipates near-term market expansion with U.S. cannabis legalization.

The Finances

Greenlane reported 2018 sales of $178.93 million and net loss of $5.89 million. The previous year saw profits of $2.29 million on revenue of $88.26 million.

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