Greenlane Holdings Inc. (NASDAQ: GNLN) has offered an integration and operational update and announced leadership changes in a bid to streamline and optimize the cost structure of its operations.
Greenlane merged with Kushco Holdings
Greenlane is pleased to report that it has achieved its synergies in the first four months after its August 2021 combination with KushCo Holdings, Inc. (“KushCo”). The company focuses on vendors and infrastructural facilities consolidation, lowering headcount, rationalizing stock and redeploying resources to high-margin products, and establishing go-to-market cross-selling approaches to penetrate KushCo’s client base Greenlane’s owned brands.
The total cost savings synergies realized since the merger’s completion are projected to be around $8 million. In addition, Greenlane reiterates its goal of realizing cost-cutting synergies of $15 million to $20 million within 24 months of completion.
Mr. LoCascio and the Company have reached an amicable agreement for him to stand aside as President on December 31, 2021. Mr. LoCascio, as co-founder, board member, and one of Greenlane’s major shareholders, is committed to the company’s sustained success and has agreed to give an $8 million loan to assist organic growth activities.
LoCascio has been a key advocate for cross-functional synchronization and cooperation within the top management since the transaction closed while contributing his extensive institutional expertise and insight into consumer products.
LoCascio to step aside after 16 years at Greenlane
LoCascio said, “It’s been a wonderful 16 years starting, pioneering, and scaling Greenlane into the preeminent ancillary cannabis leader it is today. I am truly proud to have worked alongside such passionate team members who give it their all to continue raising the bar for our customers, partners, employees and shareholders-each and every day. Since the closing of the merger, I remain Greenlane’s biggest fan and have become more excited than ever at the potential for the Company to reach new heights that it possibly could not have achieved on its own.”
According to the company, co-founder Adam Schoenfeld will transfer from Chief Strategy Officer to Chief Marketing Officer.
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