Greenlane Holdings Inc. announced that it has set an Initial Public Offering (IPO) price point on its Class A common stock of between $14 and $16 per share. Greenlane will offer 4,666,666 shares and selling shareholders will offer 666,667 shares. Selling shareholders have decided to grant the underwriters the ability to purchase up to 800,000 shares through a 30-day option. An application was filed by Greenlane Holdings to trade onto the Nasdaq Global Market with the stock ticker symbol of “GNLN”.
Greenlane is one of the many leading distributors of premium cannabis vaporization technology products. The company has a distribution line in place to over 6,600 cannabis shops that are independently owned and to regional retail chain stores for an estimated combined total of 9,700 retail locations.
The Securities and Exchange Commission (SEC) has received a registration statement that is not yet considered to be effective. The shares of Greenlane are not able to be bought, sold, or offered without the direct announcement by the SEC that the registration statement is in effect.
Cowen, along with Canaccord Genuity, will act as joint-lead bookrunners for the proposed offering while Ladenburg Thalmann & Co. Inc., Roth Capital Partners, and Northland Capital Markets will act as co-managers.
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