Greenlane Holdings Inc (NASDAQ: GNLN) and Kushco Holdings have announced the completion of their merger. The combined company will now operate under the name Greenlane holdings. The merger has brought two leading cannabis ancillary products and service companies together.
Greenlane is one of the largest sellers of premium cannabis accessories, speciality vaporisation products and child-resistant packaging. Kuscho, on the other hand, is the provider of ancillary products and services to the CBD and legal cannabis industry.
More than 99% of the votes cast on the matter were in favour of the merger. Proposals submitted to stakeholders at Greenlane’s annual meeting were also approved.
Kushco shareholders to receive shares from Greenlane
Greenlane shares will continue to trade under the same ticker symbol in the NASDAQ Global market. Each Kushco shareholder will receive 0.3016 of a share from Greenlane for each share held by Kushco on the day of the transaction, August 31. Investors that held Greenlane shares would continue to keep their shares with no adjustment caused by the transaction. Kuscho common shares will stop trading from the day of the transaction.
According to the CEO of Greenlane, Nick Kovacebich, Greenlane is confident in its ability to build the ancillary cannabis company by using the available talent, its size, strategy and scale to take advantage of the opportunities that kay ahead of them. The company’s combined experience of 26 years will place them at the front of the market.
Greenlane hopes the transaction will lead to rapid growth
The merger will strengthen the company’s position as the leading supplier of products and premier consumer brands. It will now offer its consumers an even more diversified and high complementary range of products.
Greenlane expects to generate $15-$20 million of annual run-rate costs within 24 months of the merger. These synergies will be brought about by the economies of scale seen after the transaction, reduced operating expenses and an optimised distribution network.
The company has over 200 intellectual property articles that will drive innovation on a wide range of product categories. This innovation will be supported by their leading design and development team.
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