Greenlane Stock Skyrockets On Plans To Distribute High-Sensitivity Test Strips To Tackle Opiate Crisis

Vendor of cannabis accessories and vaporization products Greenlane Holdings, Inc. GNLN announced plans on Monday to distribute Safety Strips, Inc.’s fentanyl, xylazine and drink spike detection test strips across the U.S.

What Happened

“We are excited and proud to provide Safety Strips affordable and highly accurate tests with trace level fentanyl and xylazine detection capabilities to our customers throughout the U.S.,” said CEO Barbara Sher, on the company's decision to enter into a non-binding letter of intent to be the exclusive distributor of Safety Strips.

“Safety Strips products are an innovative and complementary addition to our extensive product portfolio, and we plan to leverage our strong distribution, operations, marketing and sales teams to support the brand. We look forward to growing the business together,” she added.

Read Also: Biden Administration Calls Fentanyl Laced With Xylazine ‘Emerging Threat,’ What Now?

Why It Matters

The U.S. Drug Enforcement Administration (DEA) recently warned the American public that it had found the deadly combination of fentanyl and xylazine in nearly a quarter of drugs sampled from 48 out of 50 states.

"Xylazine is making the deadliest drug threat our country has ever faced, fentanyl, even deadlier," said Administrator Anne Milgram. "DEA has seized xylazine and fentanyl mixtures in 48 of 50 States. The DEA Laboratory System is reporting that in 2022 approximately 23% of fentanyl powder and 7% of fentanyl pills seized by the DEA contained xylazine."

Robert De Niro's grandson Leandro De Niro Rodriguez, who was also an actor, died at the age of 19  last year. The cause of death was confirmed to be an overdose involving the deadly synthetic opioid – fentanyl.

A 2021 report from the Centers for Disease Control and Prevention (CDC) revealed that nearly 70,000 people in the US died due to a drug overdose involving fentanyl during that year.

Greenlane's Safety Strips Fentanyl Test Strip (FTS) ISO 13485 validated product can detect potent synthetic opioids, including 3-methyl Fentanyl, Acetyl Fentanyl, Butyryl Fentanyl, Carfentanil, Fentanyl, Furanyl Fentanyl, Ocfentanil, Remifentanil, Sufentanil, Valeryl Fentanyl, and p-Fluoro Fentanyl, according to the press release.

Easy To Use

• To use the test, a small sample of the substance is mixed with water.
• The test strip is then dipped into the liquid for 15 seconds.
• After waiting approximately five minutes, the results can be read.
• One line indicates fentanyl is present in the sample; two lines indicate a negative result.

GNLN Price Action

Greenlane's shares traded 244.40% higher at $8.61 per share at the time of writing on Monday morning.

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