Greenlane Holdings, Inc. GNLN reduces its current loan facility by over 40% from $15 million to approximately $8.5 million, while also receiving more than $4.8 million from the sale of its Employee Retention Credit.
Greenlane announced the influx of non-dilutive capital, as well as the corresponding voluntary paydown of its existing debt. Greenlane continues to focus on its transition to a consumer business model with an emphasis on higher margin owned brands.
"Today's announcement allows us to reduce our debt and provide capital for the innovative products that will continue to come from Greenlane throughout the year," stated Craig Snyder, CEO of Greenlane. "It is also a key step forward in structuring the business on its path to profitability."
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