Greenlane Holdings, Inc. and KushCo Holdings, Inc. have announced the completion of their merger, previously announced as “The Transaction,” as of yesterday, September 1st. Choosing to operate under the name Greenlane, the merged companies represent two unbelievable powerhouses in the cannabis industry coming together to form an undeniable leader in ancillary products and services.
While KushCo’s common stock has ceased trading on the OTCQX, those whole held shares on August 31st, the official merger closing date, are entitled to receive 0.3016 of a Greenline share for each of the KushCo shares they held. The new company’s Class A common stock, “Greenline Shares,” will continue to trade on the Nasdaq Global Market as “GNLN” as Greenline had previously done.
“I am proud to announce the successful closing of our transformative merger and would like to thank our combined teams for all of their hard work over the past few months,” said Greenlane’s CEO, Nick Kovacevich. “As we turn the page to an exciting new chapter as Greenlane, I am more confident than ever in our ability to build the industry’s leading ancillary cannabis company by leveraging our size, scale, strategy, and talent to take advantage of the significant growth opportunities that lie ahead. The substantial progress both companies have made in our combined 26 years of history positions us at the forefront of a rapidly evolving landscape. I look forward to the road ahead with our new colleagues and am excited to report our continued progress in the months and years to come,” he continued.
Greenlane Holdings, Inc. was first founded in 2005 and has seen immense growth and expansion over the past 16 years, leading to their now over 11,000 global retail locations, according to their website. The team at Greenlane operates cannabis dispensaries, smoke shops, and specialty retailers and provides services such as marketing support, product development, supply chain management, and distribution, among others.
KushCo Holdings, Inc. was first established in 2010 as Kush Bottles and became the KushCo we know and love today in 2018. They are pioneers in the ancillary products and services niche within the cannabis industry and have maintained a global presence and popularity over their years of expansion. According to their website, KushCo has “sold more than 1 billion units and regularly services legally operated medical and adult-use growers, processors, and producers across North America, South America, and Europe.” The trailblazing company provides packaging, paper, and supplies, vaporizer hardware and technology (as an authorized CCELL vape battery partner), energy and natural products, equipment financing, and CBD services.
“I am thrilled by the strong support our customers, employees, and shareholders have shown for this transformative merger and excited to welcome Nick and our new colleagues to the Greenlane team,” said Aaron LoCascio, Greenland co-founder and president. “I am convinced that together we will continue to drive innovation and build the industry’s leading ancillary cannabis company that is incredibly well positioned to provide both exceptional service to our customers and create long term value for our shareholders,” he continued.
This exciting merger promises to cause a positive wave of industry innovation over the coming months and years, and we’re so excited for Greenlane and KushCo, now formally known as Greenline.