Greenlane Holdings, Inc. Files Amended 10-K for Fiscal Year Ended December 31, 2022

TL;DR

<b>Greenlane Holdings, Inc. has filed an amended 10-K for the fiscal year ending December 31, 2022, providing updated financial and business information.</b>

AI Summary

Greenlane Holdings, Inc. (GNLN) filed a Amended Annual Report (10-K/A) with the SEC on January 5, 2024. Greenlane Holdings, Inc. filed an amended 10-K report for the fiscal year ending December 31, 2022. The filing is dated January 5, 2024, with a date as of change also on January 5, 2024. The company's principal business address is located at 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487. The filing pertains to the Securities Exchange Act of 1934. The SIC code for Greenlane Holdings, Inc. is 5099 (Wholesale - Durable Goods, NEC).

Why It Matters

For investors and stakeholders tracking Greenlane Holdings, Inc., this filing contains several important signals. This amended filing indicates potential updates or corrections to the company's previously reported financial status and business operations for FY 2022. Investors and analysts will review this filing for any material changes that could impact the company's valuation or future performance.

Risk Assessment

Risk Level: low — Greenlane Holdings, Inc. shows low risk based on this filing. The risk is low as this is an amended filing (10-K/A) which typically serves to correct or update information, rather than indicating new, significant negative developments.

Analyst Insight

Monitor for specific details within the amended 10-K that may clarify or alter previous financial reporting or business disclosures.

Key Numbers

• 2022-12-31 — Fiscal Year End (The period for which the 10-K report is filed.)
• 2024-01-05 — Filing Date (The date the amended 10-K was filed with the SEC.)
• 103 — Public Document Count (Number of documents included in the filing.)

Key Players & Entities

• Greenlane Holdings, Inc. (company) — Filer name and subject of the report.
• 2022-12-31 (date) — Conformed period of report.
• 2024-01-05 (date) — Filed as of date.
• 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487 (address) — Business and mailing address.
• 877-292-7660 (phone) — Business phone number.
• 001-38875 (filing_number) — SEC file number.
• 5099 (sic_code) — Standard Industrial Classification code.

FAQ

Industry Context

Greenlane Holdings operates within the wholesale durable goods sector, specifically classified under NEC (Not Elsewhere Classified).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies.

What Investors Should Do

1. Review the specific amendments made in the 10-K/A filing for any material changes.
2. Analyze the company's business address and contact information for accuracy.
3. Note the SIC code to understand the company's primary industry classification.

Key Dates

• 2022-12-31: Fiscal Year End — The reporting period for the 10-K filing.
• 2024-01-05: Filing Date — Date the amended 10-K was submitted to the SEC.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to the original 10-K for the fiscal year ended December 31, 2022.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value per share GNLN Nasdaq Global

Filing Documents

• gnln-20221231.htm (10-K/A) — 2699KB
• consentdraft1524.htm (EX-23.1) — 4KB
• gnln-20221231xexx31110ka.htm (EX-31.1) — 10KB
• gnln-20221231xexx31210ka.htm (EX-31.2) — 10KB
• gnln-20221231xexx32110ka.htm (EX-32.1) — 6KB
• 0001743745-24-000011.txt (&nbsp;) — 14494KB
• gnln-20221231.xsd (EX-101.SCH) — 75KB
• gnln-20221231_cal.xml (EX-101.CAL) — 147KB
• gnln-20221231_def.xml (EX-101.DEF) — 576KB
• gnln-20221231_lab.xml (EX-101.LAB) — 952KB
• gnln-20221231_pre.xml (EX-101.PRE) — 806KB
• gnln-20221231_htm.xml (XML) — 2457KB

— Item 1A. Risk Factors

Part I — Item 1A. Risk Factors

— Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Part II — Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

— Item 8. Financial Statements and Supplementary Data

Part II — Item 8. Financial Statements and Supplementary Data

— Item 15. Exhibits, Financial Statement Schedules

Part IV — Item 15. Exhibits, Financial Statement Schedules In accordance with applicable SEC rules, this Amendment No. 1 includes new certifications specified in Rule 13a-14 under the Exchange Act from our Chief Executive Officer and Chief Legal and Financial Officer dated as of the date of this filing. This Amendment No. 1 also contains a modified report of Marcum LLP ("Marcum"), the Company's independent registered public accounting firm, on the financial statements for year ended December 31, 2022 and a new consent of Marcum. Other than as described above, this Amendment No. 1 does not reflect adjustments for events occurring after the filing of the Original Form 10-K except to the extent that they are otherwise required to be included and discussed herein. See below and Part II, Item 8, "Note 2 — Summary of Significant Accounting Policies - Restatement of Previously Issued Financial Statements" in the notes to the financial statements included in this Amendment No. 1, for a detailed discussion of the effect of the restatement on the financial statements included in this Amendment No. 1. Except as noted herein, the information included in the Original Form 10-K remains unchanged. This Amendment No. 1 continues to describe the conditions as of the date of the Original Form 10-K and, except as contained herein, we have not updated or modified the disclosures contained in the Original Form 10-K to reflect any events that have occurred after the Original Form 10-K. Accordingly, forward-looking statements included in this Amendment No. 1 may represent management's views as of the Original Form 10-K and should not be assumed to be accurate as of any date thereafter. This Amendment No. 1 should be read in conjunction with the Company's filings made with the SEC subsequent to the filing of the Original Form 10-K, including any amendment to those filings. Background on the Restatement As previously disclosed in the Company's Current Report on Form 8-K filed with

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 44

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44

[Reserved]

Item 6. [Reserved] 45

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 57

Changes in Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in Disagreements with Accountants on Accounting and Financial Disclosure 105

Controls and Procedures

Item 9A. Controls and Procedures 105

Other Information

Item 9B. Other Information 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 108

Executive Compensation

Item 11. Executive Compensation 108

Security Ownership of Certain Beneficial Owners and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 109 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 110

Form 10-K Summary

Item 16. Form 10-K Summary 113 Signatures 113 NOTE ABOUT FORWARD-LOOKING STATEMENT S This Amendment No. 1 contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Many of the forward-looking statements are located in Part, Item 7 of this Form 10-K/A under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could" and similar expressions. Examples of forward-looking statements include, without limitation: projections of revenue, earnings, capital structure and other financial items; assumptions underlying statements regarding us or our business; and other similar expressions concerning matters that are not historical facts. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect t

BUSINESS

ITEM 1. BUSINESS General Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium cannabis accessories, vape devices, and lifestyle products. In 2021, we completed several transformative acquisitions, including the acquisition of two proprietary house brands, EYCE ("Eyce") and DaVinci ("DaVinci"), along with a larger merger with KushCo Holdings, adding a significant industrial line of business to the Greenlane platform. These acquisitions strengthened our leading position as a consumer ancillary products house-of-brands business by adding two established brands to our portfolio (Eyce and DaVinci), and significantly expanded our customer network, bringing strategic relationships with leading cannabis multi-state-operators ("MSOs"), cannabis single-state operators ("SSOs"), and Canadian licensed-producers ("LPs"). Greenlane provides a wide array of consumer ancillary products and industrial ancillary products to thousands of cannabis producers, processors, brands, and retailers ("Cannabis Operators"), in addition to specialty retailers, smoke shops, head shops, convenience stores, and consumers directly through our own proprietary web stores and large online marketplaces such as Amazon. We have been developing a world-class portfolio of our own proprietary brands (the "Greenlane Brands") that we believe will, over time, deliver higher margins and create long-term value for our customers and shareholders. Our wholly-owned Greenlane Brands includes our recently launched more affordable product line – Groove, our innovative silicone pipes and accessories line – Eyce, our best-in-class premium vaporizer brand – DaVinci, our premium smoke shop and ancillary product brand – Higher Standards, and our child-resistant packaging brand - Pollen Gear. We also have category exclusive licenses for the premium Marley Natural branded products, as well as the Keith Haring branded products. The Greenlane Brands, along with a curated

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View this 10-K/A filing on SEC EDGAR