BOCA RATON, FL - Greenlane Holdings, Inc. (NASDAQ:GNLN), a leading distributor of premium cannabis accessories and vaporization products currently valued at $2.09 million in market capitalization, has announced the appointment of Michael C. Howe to its board as an independent director. According to InvestingPro analysis, the company faces significant operational challenges, with a concerning 72% revenue decline over the last twelve months. With the addition of Howe, Greenlane has regained compliance with Nasdaq's independent director and audit committee requirements.
Howe's appointment, effective as of December 31, 2024, brings extensive experience to the Greenlane board, with over 40 years in consumer and healthcare sectors. His resume boasts prominent roles at companies like Procter & Gamble, PepsiCo (NASDAQ:PEP), and CEO positions at Arby's and MinuteClinic, which was acquired by CVS during his tenure.
The new board member's expertise is expected to be a significant asset to Greenlane as it pursues its growth objectives. "Michael will be a tremendous asset to the Board in its oversight of the Company's long-term strategy," said Barbara Sher, CEO of Greenlane. "His exceptional track record in growth-oriented organizations and his strategic insights will be invaluable as we continue to execute on our growth objectives."
Greenlane, founded in 2005, serves a diverse market, including thousands of producers, processors, specialty retailers, and consumers with its family of brands and omnichannel distribution platform. The company also operates several e-commerce sites, offering a range of third-party and proprietary products.
The company's compliance with Nasdaq Listing Rule 5605(c)(2) marks the resolution of previously announced deficiencies. Trading at $1.56 per share and a price-to-book ratio of 0.22, InvestingPro's Fair Value analysis suggests the stock may be undervalued. This update is based on a press release statement and contains forward-looking statements, which involve risks and uncertainties. Greenlane's performance may differ materially from these projections. For more detailed information, refer to the company's SEC filings or access comprehensive financial analysis through InvestingPro, which offers 14 additional investment tips for GNLN.
In other recent news, Greenlane Holdings has been experiencing notable developments. The company has appointed two new board members, Barbara Sher and Michael C. Howe, following its Annual Meeting. Greenlane has also witnessed significant financial shifts, including a 72% decline in revenue over the past year. Despite these challenges, the company has managed to reduce its U.S. vendor accounts payable by nearly $4.4 million and decrease its debt by approximately $617,000.
In a strategic move, Greenlane appointed Rob Shields as Chief Growth Officer, aiming to bolster its market presence and customer relations. The company also switched its independent registered public accounting firm from Marcum LLP to PKF O'Connor Davies. Greenlane further issued a $3.2 million convertible note to Cobra Alternative Strategies and plans to raise $6.5 million by issuing over 2.3 million units, with Aegis Capital Corp. acting as the exclusive placement agent.
In addition to these developments, Greenlane has announced multi-year distribution agreements with Veriteque USA, Inc., Safety Strips Tech Corp., and CURB Lifestyle. These partnerships aim to expand the company's product offerings across various markets. These recent developments reflect Greenlane's ongoing efforts to improve its financial health and expand its market presence.
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