Why Shares Of Small-Cap Cannabis Company Greenlane Holdings Are Trading Higher

Shares of small-cap penny stock Greenlane Holdings, Inc. GNLN shares are trading higher after the company announced the sale of its stake in VIBES Holdings LLC for $5.3 million in cash.

Greenlane has retained distribution rights to VIBES products and will remain a partner of the company

Nick Kovacevich, CEO of Greenlane, said "We are pleased to bring in $5.3 million through this sale. We are even more pleased to see one of our brands privately valued at six times more than where our total business is currently being valued in the public markets.”

Greenlane Holdings Inc is a distributor of vaporization products and consumption accessories in the United States.

GNLN Price Action: Greenlane Holdings, Inc. has traded between $3.80 and $0.187 over a 52-week period.

The stock was trading 13.2% higher at $0.22 per share on Wednesday at the time of publication, according to data from Benzinga Pro.