![]() ![]() The Company will not seek to fill the vacant role of Chief Marketing Officer at this time. Schoenfeld is a co-founder and board member of Greenlane, and has played a pivotal role in helping guide Greenlane as a flourishing private company through its historic initial public offering in 2019, and leading up to its transformational merger with KushCo in August 2021. Schoenfeld to step down as Chief Marketing Officer, effective March 31, 2022. The Company has reached a mutual agreement with Adam Schoenfeld for Mr. Management believes this amount is sufficient to support the growth of the business in a non-dilutive manner by allowing the Company to reinvest capital into its highest margin and highest growth potential product lines, such as its Greenlane Brands. The Company expects this plan to help generate liquidity in excess of $30 million if all measures described above are implemented successfully. ![]() Securing an asset based loan that will support working capital needs The Company expects these initiatives to help it achieve adjusted selling, general & administrative ("Adjusted SG&A") expenses (which excludes depreciation and amortization) of between approximately $14.0 million and $16.0 million on a quarterly basis by Q3 2022, down from approximately $26.6 million in Q3 2021.Īdditional strategic measures that the Company is pursuing or intends to pursue in order to capitalize the business in a non-dilutive manner, include:Ĭonducting a sale leaseback of the Company's headquarter building ĭiscontinuing sales of lower-margin 3rd-party brands and selling existing inventory In conjunction with the reduction in force, the Company is also implementing additional profit enhancing initiatives, such as reducing its facility footprints worldwide and adjusting its go-to-market strategy significantly to reduce its operating costs and enhance liquidity. The reduction in force encompassed a broad spectrum of divisions both domestically and abroad. ("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 leadership changes and plans to capitalize the business and accelerate the Company's path to profitability, as well as provided preliminary financial results for its fourth quarter and full year ended December 31, 2021.Ĭorporate Plans to Reduce Cost Structure and Increase LiquidityĪs part of its ongoing cost-cutting initiatives to accelerate the path to profitability, Greenlane completed a reduction in force, which the Company expects will result in approximately $8.0 million in annualized cash compensation cost savings. Headcount Reductions, Exclusive of Anticipated Pre-Announced Merger Synergies, Expected to Result in Approximately $8 Million in Additional Annual Cost SavingsĬraig Snyder Appointed as New Chief Commercial Officer, Responsible for the Company's Sales and "Go-to-Market" StrategyĬompany Intends to Sell Non-Core Assets, Dispose of Low-Margin Inventory, and Secure Asset-Based Loan to Capitalize the Business and Increase LiquidityīOCA RATON, FL / ACCESSWIRE / Ma/ Greenlane Holdings, Inc.
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