Greenlane Announces Dismissal of Remaining Securities Class Action
February 09 2021 - 7:00AM
Greenlane Holdings, Inc. (“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 that a complaint
filed on December 9, 2019 with the Circuit Court of the Fifteenth
Judicial Circuit for Palm Beach County, Florida (“the Court”), Case
No. 50-2019-CA-010026, has been dismissed in its entirety for
failure to state a cause of action. The plaintiffs in this action
had alleged that the Company’s registration statement related for
its initial public offering contained material omissions and false
or misleading statements. As Greenlane previously announced, a
related case in the United States District Court for the Southern
District of Florida, concerning the same claims and issues, was
dismissed in its entirety with prejudice on January 6, 2021. With
these dismissals, there are no further class action securities
lawsuits pending against the Company at this time.
“We’re pleased to put this last remaining case
behind us and that the Court has dismissed the complaint as we
anticipated,” said Aaron LoCascio, Co-Founder and CEO of Greenlane.
“As always, we remain committed to communicating transparently as
we continue to execute on our strategy to deliver sustained growth
and long-term value for our shareholders.”
The plaintiffs in the lawsuits mentioned in this
release may pursue appeals.
About Greenlane Holdings, Inc.
Greenlane (NASDAQ: GNLN) is the leading global
platform for the development and distribution of premium cannabis
accessories and lifestyle products. The company operates as a
powerful house of brands, third-party brand accelerator, and
omni-channel distribution platform. Greenlane serves the global
markets with an expansive customer base of more than 7,000 retail
locations, including licensed cannabis businesses, smoke shops, and
specialty retailers. As a pioneer in the cannabis space, Greenlane
is the partner of choice for many of the industry’s leading brands,
including PAX Labs, Storz & Bickel (Canopy-owned), Cookies,
Grenco Science, and DaVinci. Greenlane also proudly owns and
operates a diverse brand portfolio including packaging innovator
Pollen Gear™, the K.Haring Glass Collection by Higher Standards,
Marley Natural™, and VIBES™ rolling papers. Higher Standards,
Greenlane’s flagship brand, offers both a high-end product line and
immersive retail experience with groundbreaking stores in both New
York City’s Chelsea Market and Malibu, California. Greenlane also
owns and operates both Vapor.com and VapoShop.com, two
industry-leading, direct-to-consumer e-commerce platforms in North
America and Europe respectively. For additional information, please
visit: https://gnln.com/.
Forward Looking Statements
Certain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those projected in the forward-looking statements. For a
description of factors that may cause the Company’s actual results
or performance to differ from its forward-looking statements,
please review the information under the heading “Risk Factors”
included in the Company's most recent Annual Report on Form 10-K
for the year ended December 31, 2019 and the Company's other
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. Additional information is also set forth in
Greenlane's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to Greenlane on the date hereof. Greenlane
undertakes no duty to update this information unless required by
law.
Media Contact
MATTIO CommunicationsGreenlane@mattio.com
Investor Contact:Rob
KellyInvestor Relations, MATTIO
CommunicationsGreenlane@mattio.com1-416-992-4539
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