Company Successfully Completes Operational and Technological Improvements and Launches Fulfillment Offering Utilizing Previously Granted PACT Act Exemption for Regulated Vaporizer Products
BOCA RATON, FL / ACCESSWIRE / June 24, 2022 / Greenlane Holdings, Inc. ("Greenlane" or "the Company") (NASDAQ:GNLN), a global house of brands and one of the largest sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that it has begun shipping previously restricted vaporizer products to wholesale clients under a business and regulatory exemption to the Prevent All Cigarette Trafficking Act ("PACT Act") issued by the United States Postal Service (the "USPS").
This restriction previously prevented Greenlane from shipping vaporizers and accessories classified as electronic nicotine delivery systems ("ENDS") via the USPS and other common parcel carriers.
After receiving the regulatory exemption in January 2022, Greenlane has successfully implemented the controls, processes, and systems required to begin utilizing the USPS and offering it to customers at full capacity. The ability to fulfill ENDS products with the USPS will allow the Company to reduce shipping costs, decrease fulfillment times, and enhance the overall customer experience for approved wholesale customers.
"We are excited to, once again, offer a high quality and cost-effective fulfillment solution to our wholesale clients for our entire suite of products," said Nick Kovacevich, CEO of Greenlane. "We continue to focus on strengthening our position as industry leaders in compliance and safety. This major step further differentiates us in the market and demonstrates our Company's strength in adapting to the ever-changing regulatory landscape."
The implementation of this new fulfillment offering through the USPS will also enable Greenlane to partner with businesses that ship regulated ENDS products and need a cost-effective logistics solution.
Kovacevich continued: "We believe this new shipping capability positions us well to accelerate our growth in the vaporizer space, and to take advantage of new revenue opportunities through offering our compliant logistics capabilities to other businesses that have been impacted by the PACT Act."
About Greenlane Holdings, Inc.
Greenlane is the premier global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products. We operate as a powerful house of brands, third-party brand accelerator, and omni-channel distribution platform, providing unparalleled product quality, customer service, compliance knowledge, and operations and logistics to accelerate our customers' growth.
Founded in 2005, Greenlane serves a diverse and expansive customer base with more than 8,000 retail locations, including licensed cannabis dispensaries, smoke shops, and specialty retailers. As a pioneer in the cannabis space, Greenlane is the partner of choice for many of the industry's leading multi-state operators, licensed producers, and brands, including PAX Labs, Storz & Bickel (Canopy-owned), Cookies, Grenco Science, and CCELL.
We proudly own and operate a diverse brand portfolio including DaVinci vaporizers, Pollen Gear™, the K.Haring Glass Collection by Higher Standards, Marley Natural™, and VIBES™ rolling papers. Higher Standards, Greenlane's flagship brand, offers both a high-end product line and immersive retail experience with ground-breaking stores in New York City's Chelsea Market and Malibu, California. Greenlane also owns and operates Vapor.com and VapoShop.com, two industry-leading, direct-to-consumer e-commerce platforms in North America and Europe respectively.
For additional information, please visit: https://gnln.com/.
Forward Looking Statements
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements include, among others, statements relating to: the current and future performance of the Company's business, including the impact of the PACT Act business and regulatory exception granted by the USPS, the implementation of USPS required controls, processes and systems, anticipated improvements in overall customer experience and shipping cost reductions; the Company's regulatory compliance infrastructure and outreach efforts to other businesses impacted by PACT Act compliance; and the Company's financial outlook and expectations. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2021, the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, and the Company's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to Greenlane on the date hereof. Greenlane undertakes no duty to update this information unless required by law.
Najim Mostamand, CFA
Director of Investor Relations
SOURCE: Greenlane Holdings, Inc.
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