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Here are 1-3 brief analogies for Greenlane (GNLN):

• The Amazon of cannabis accessories and consumption devices.

• The Sysco for cannabis dispensaries and retailers.

• A specialized B2B distributor, similar to Grainger or Staples, but for cannabis consumption products and accessories.

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• Vaporizers: Devices designed for the consumption of cannabis, CBD, and other legal dry herbs or concentrates.
• Smoking Accessories: A diverse range of products including pipes, grinders, rolling papers, and dab rigs for various consumption methods.
• Packaging Solutions: Child-resistant, compliant, and consumer-friendly packaging products specifically for cannabis and CBD brands.
• Storage and Preservation Products: Containers and accessories designed to safely store and maintain the freshness of cannabis and related products.
• Branded Merchandise: Lifestyle goods, apparel, and headwear featuring company-owned or licensed brands within the consumption accessory market.

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Greenlane (symbol: GNLN) primarily sells its products to **other companies** (B2B).

As a leading global distributor of cannabis accessories, CBD products, and vaporization products, Greenlane serves a vast and fragmented network of businesses. It is typical for distributors like Greenlane to have a broad customer base rather than relying on a few major accounts.

According to Greenlane's public filings (e.g., 10-K reports), no single customer accounts for 10% or more of their net sales. This indicates that their revenue is diversified across a large number of customers, and there are no "major customers" in the sense of individually representing a significant portion of their business.

Therefore, while specific named major customer companies cannot be listed, Greenlane's customer base primarily consists of the following types of businesses:

• Cannabis Dispensaries and Retailers: Licensed cannabis dispensaries and other specialized cannabis retailers that sell directly to consumers.
• Smoke Shops and Head Shops: Traditional retail establishments focusing on tobacco accessories, smoking paraphernalia, and increasingly, cannabis-related products.
• E-commerce Retailers: Online stores specializing in vaporizers, CBD products, and other accessories, including both dedicated cannabis/vape shops and broader online marketplaces.

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Barbara Sher Chief Executive Officer

Barbara Sher brings over 20 years of experience in senior executive roles at both large and small, public and private companies. She was appointed CEO in May 2024. Prior to her role as CEO, she served as Greenlane's Senior Vice President of Customer Experience since June 2022. Her previous experience includes serving as Senior Vice President of Retail Sales and Vice President of Business Development at Newfold Digital, Inc., and as Vice President of Business Development at Web.com. She holds an MBA from Seton Hall University and a B.A. in communications from The College of New Jersey.

Vanessa Guzmán-Clark Chief Financial Officer

Vanessa Guzmán-Clark joined Greenlane as Chief Financial Officer with over 20 years of experience leading finance organizations in both public and private companies. She most recently served as CFO of Digital Media Solutions, Inc., a publicly traded business, where she led M&A, debt restructuring, and guided the company through its delisting. She also previously served as Corporate Controller at Digital Media Solutions, Inc. and as Chief Financial Officer at Legacy Education Alliance, Inc. She began her career with PwC and is a CPA under both US GAAP and IFRS.

Aaron LoCascio Co-Founder and Board Member

Aaron LoCascio is a Co-Founder of Greenlane, having established the company in 2005 at the age of 20, initially as an online resale business, and transforming it into a global platform for cannabis accessories. He served as Greenlane's President and CEO from 2005 to 2021 and remains a Board Member. His expertise includes e-commerce, brand development, and market insights, which led Greenlane to acquire and develop a diverse portfolio of brands. LoCascio also co-founded BigRentz in 2012, which was one of the first internet disruptors in the construction equipment rental industry.

Benjamin Isenberg Chief Investment Officer

Benjamin Isenberg serves as Chief Investment Officer at Greenlane. He is also the Founder and Principal of BSQD Corp., a market making and proprietary trading firm specializing in digital assets and cryptocurrencies, a role he has held since 2022. Prior to this, Mr. Isenberg was a Trader at Tradias GmbH in Frankfurt, Germany, and worked in investment banking at M Partners in Toronto, where he focused on digital assets, technology, and mining.

Mike Hinson Executive Vice President of Sales

Mike Hinson serves as Executive Vice President of Sales for Greenlane. He was appointed to this role in June 2025. In this position, he focuses on revenue optimization, sales strategies, and business development for the company.

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The public company Greenlane (symbol: GNLN) faces several significant risks to its business operations and financial stability:

1. Financial Challenges and Probability of Bankruptcy: Greenlane has reported substantial net losses in recent quarters, including losses of $4.5 million in Q1 2024, $615,000 in Q2 2024, and $8.9 million in Q3 2025. The company exhibits significant operational inefficiencies, with an operating margin of -408.04% and a net margin of -532.78%. A highly concerning indicator is an Altman Z-Score of -25.18, placing the company in the distress zone, which suggests a high risk of bankruptcy within the next two years. Furthermore, Macroaxis assesses Greenlane Holdings with an 84% probability of bankruptcy. The company's limited access to debt markets has also led to equity issuances at dilutive prices, making future financing potentially unfavorable.
2. Nasdaq Listing Compliance and Delisting Risk: Greenlane has encountered difficulties in adhering to Nasdaq's listing standards, specifically regarding minimum bid price and board independence. Non-compliance with these requirements could result in the company's delisting from Nasdaq, which would negatively impact its stock liquidity and ability to secure future financing.
3. Legal and Regulatory Risks: Operating within the cannabis and hemp-derived product industry exposes Greenlane to a complex and evolving legal and regulatory landscape. Any shifts in laws, regulations, or enforcement priorities could materially affect its business operations. The company has also been involved in a class-action lawsuit filed by shareholders.

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• The increasing trend for cannabis accessory brands to establish robust direct-to-consumer (DTC) sales channels, bypassing wholesale distributors like Greenlane and directly reaching end-users.
• The ongoing vertical integration and expansion of large multi-state operators (MSOs) and major cannabis retailers, who are increasingly developing their own in-house distribution networks or leveraging their scale to demand direct sourcing, thereby reducing reliance on third-party distributors.
• The rapid evolution of cannabis consumption technology and product formats, which could lead to the widespread adoption of new methods that diminish the demand for traditional accessories (e.g., pipes, grinders, rolling papers) that form a significant part of Greenlane's product catalog.

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Greenlane (NASDAQ: GNLN) operates as a prominent global platform for the development and distribution of premium consumer goods accessories and lifestyle products, primarily focusing on the cannabis and liquid nicotine markets. Its main product categories include cannabis accessories and vape devices.

Addressable Markets:

Vape Devices (E-cigarettes and Vaporizers)

• Global Market: The global e-cigarette and vape market was estimated at USD 28.17 billion in 2023 and is projected to reach USD 182.84 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 30.6% from 2024 to 2030. Other estimates place the global market at USD 40.71 billion in 2025, expanding to over USD 260.59 billion by 2035 with a CAGR of approximately 20.4%.
• U.S. Market: The U.S. e-cigarette and vape market was valued at USD 13.98 billion in 2024 and is expected to reach USD 48.22 billion by 2033, exhibiting a CAGR of 14.02% from 2025-2033. Another report indicates the U.S. market was USD 25.00 billion in 2024 and is projected to reach USD 232.83 billion by 2034, with a CAGR of 25.00% during the forecast period of 2025-2034.

Cannabis Accessories

• U.S. Market: The U.S. cannabis sifting and accessory market was valued at USD 111.8 million in 2023. It is projected to surpass USD 703.1 million by 2032, demonstrating a robust CAGR of 22.8%. This market includes tools and equipment for processing and handling cannabis, such as sifters, grinders, screens, storage containers, vaporizers, dab rigs, and rolling papers.
• Global Smoking Accessories Market (broader category including cannabis accessories): The global smoking accessories market size was valued at USD 6.82 billion in 2024 and is expected to reach USD 10.31 billion by 2032, at a CAGR of 5.30%. Another estimate places the global smoking accessories market at USD 71.07 billion in 2024, projected to reach USD 101.59 billion by 2033, with a CAGR of 3.85% from 2025-2033.

Other Products/Services

• Child-resistant packaging: null
• Lifestyle products (e.g., apparel): null

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Here are 3-5 expected drivers of future revenue growth for Greenlane (symbol: GNLN) over the next 2-3 years:

1. New Product Introductions and Enhanced Product Offerings: Greenlane is focusing on enhancing its product offerings and introducing new products to improve its financial position. The company consistently works on optimizing its operations, which includes the introduction of new product lines.
2. Strategic Distribution Agreements and Partnerships: Greenlane has recently secured several exclusive multi-year distribution agreements. These include an agreement with Safety Strips Tech Corp to distribute fentanyl, xylazine, and drink spike detection test strips in the U.S., and a distribution agreement with Veriteque USA, Inc. Additionally, the company entered into a new exclusive U.S. distribution agreement with Green Gruff USA Inc. These strategic partnerships and agreements are anticipated to expand Greenlane's platform and bolster future revenue.
3. Growth in New Customer Acquisition and Reactivation of Customer Accounts: The company's reorganized sales team and a new marketing strategy, led by Cannabis Creative Group, are actively driving campaigns for new customer acquisitions and retargeting wholesale customers. This focus has already shown promising early results, with an approximate 880% increase in revenue from new customers month-over-month from June to July 2025, and a further 40% increase from July to August 2025 (MTD), alongside the reactivation of 19 customer accounts.
4. Optimized Sales Organization and Efficiency Efforts: Greenlane initiated and completed a restructuring of its sales organization, including new leadership and the recruitment of a stronger sales team. This new structure is specifically designed to accelerate sales, improve customer experience, and increase efficiency throughout the sales process, which is a foundational element for driving future revenue growth. Management remains committed to these initiatives, which are fueling its transformation and aim to improve profitability and drive growth.

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Share Issuance

• Greenlane completed a private placement on February 19, 2025, generating aggregate gross proceeds of approximately $25.0 million from the issuance of common stock and investor warrants.
• In October 2025, Greenlane completed a $110 million private placement that included the issuance of 3,328,012 shares, 25,293 pre-funded warrants, and 5,264,757 strategic advisor warrants, with proceeds comprising approximately $50 million in cash and $60 million in BERA tokens.
• A 1-for-750 reverse stock split of Class A common stock was effective on June 26, 2025, reducing outstanding shares from approximately 1.04 billion to 1.39 million to maintain Nasdaq listing compliance.

Inbound Investments

• Greenlane secured a $110 million private placement, which closed on October 24, 2025, to fund a new digital-asset treasury strategy (BeraStrategy) by accumulating BERA tokens.
• The $110 million private placement was led by Polychain Capital with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX, and dao5.
• This investment comprised approximately $50 million in cash or cash equivalents and about $60 million in BERA tokens.

Capital Expenditures

• In the last 12 months, Greenlane's capital expenditures amounted to -$161,000.
• The company made significant progress in 2023 and 2024 consolidating and streamlining its warehouse and distribution operations, including moving its Worcester, MA warehouse and Hebron, KY 3PL location to its owned facility in Moreno Valley, California in 2023.
• Depreciation and amortization expenses decreased in Q3 2024 compared to the previous year, partly due to asset sales and a reduction in office footprint.