Greenlane Holdings, Inc. (GNLN): Business Model Canvas

In der dynamischen Welt von Cannabis und Rauchzubehör entwickelt sich Greenlane Holdings, Inc. (GNLN) zu einem strategischen Kraftpaket, das die Art und Weise verändert, wie Enthusiasten Premium-Rauch- und Dampfprodukte entdecken, kaufen und erleben. Durch die meisterhafte Verflechtung eines innovativen Geschäftsmodells, das Großhandelsvertrieb, E-Commerce-Plattformen und hochmoderne Markenpartnerschaften umfasst, hat sich Greenlane als umfassender Lösungsanbieter in einer sich schnell entwickelnden Marktlandschaft positioniert. Ihr einzigartiger Ansatz kombiniert kuratierte Produktauswahl, digitales Engagement und Branchenexpertise, um über mehrere Kundensegmente hinweg einen außergewöhnlichen Mehrwert zu bieten.

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von E-Zigaretten und Cannabiszubehör

Greenlane Holdings arbeitet mit mehreren Herstellern zusammen, um sein Produktportfolio zu diversifizieren:

Hersteller	Produktkategorie	Einzelheiten zur Partnerschaft
PAX Labs	Verdampfungsgeräte	Exklusive Vertriebsrechte für Premium-Vaporizer
Storz & Bickel	Kräuterverdampfer	Autorisierter nordamerikanischer Händler

Einzelhandelsvertriebsnetze

Greenlane unterhält strategische Partnerschaften mit:

• 420 Tabak- und Headshops im ganzen Land
• Unabhängige Cannabis-Apotheken
• Spezialgeschäfte für Rauchwaren

E-Commerce-Plattformen

Zu den digitalen Partnerschaftskanälen gehören:

Plattform	Vertriebskanal	Partnerschaftstyp
Amazon	Zubehör	Marktplatz für Drittanbieter
Vapor.com	Online-Vape-Marktplatz	Direktvertriebsplattform

Zulieferer der Cannabisindustrie

Zu den wichtigsten Lieferantenbeziehungen gehören:

• Rohstofflieferanten
• Verpackungshersteller
• Lieferanten von Extraktionsausrüstung

Anbieter von Marketing- und Technologiedienstleistungen

Zu den Technologie- und Marketingpartnerschaften gehören:

Anbieter	Servicetyp	Fokus auf Zusammenarbeit
Agenturen für digitales Marketing	Online-Werbung	Strategien zur Verbrauchereinbindung
E-Commerce-Technologieunternehmen	Plattformintegration	Optimierung der Vertriebskanäle

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Hauptaktivitäten

Großhandelsvertrieb von Raucher- und Dampfzubehör

Ab dem vierten Quartal 2023 vertrieb Greenlane Zubehör in mehreren Produktkategorien:

Produktkategorie	Vertriebskanäle	Geschätzte Marktreichweite
Raucherzubehör	420 Facheinzelhandelsgeschäfte	37 US-Bundesstaaten
Dampfgeräte	Online-Plattformen	45 Handelspartner
Zubehör für den Cannabiskonsum	Spezialrauchereien	22 US-Gerichtsbarkeiten

Produktdesign und -entwicklung

Investitionen in die Produktentwicklung für 2023:

• F&E-Budget: 2,3 Millionen US-Dollar
• Neue Produkt-SKUs eingeführt: 127
• Größe des Designteams: 18 Fachleute

Supply-Chain-Management

Lieferkettenkennzahlen für 2023:

Metrisch	Wert
Lagerumschlagsquote	4,2x
Lieferländer	7
Lagerstandorte	3 Vertriebszentren

Digitale Plattform und E-Commerce-Betrieb

E-Commerce-Leistungskennzahlen:

• Online-Verkaufsumsatz: 24,6 Millionen US-Dollar
• Website-Traffic: 1,2 Millionen monatliche Besucher
• Mobile-Commerce-Conversion-Rate: 3,7 %

Strategische Markenpartnerschaften und Akquisitionen

Einzelheiten zur Partnerschaft und Übernahme für 2023:

Typ	Nummer	Gesamtinvestition
Markenpartnerschaften	12	1,7 Millionen US-Dollar
Strategische Akquisitionen	2	3,5 Millionen Dollar

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Schlüsselressourcen

Umfangreicher Produktbestand

Im vierten Quartal 2023 verfügt Greenlane Holdings über einen Produktbestand im Wert von etwa 14,2 Millionen US-Dollar. Zum Bestand des Unternehmens gehören:

• Raucherzubehör
• Verdampfungsprodukte
• Geräte zum Cannabiskonsum
• Lifestyle- und alternative Konsumprodukte

Produktkategorie	Inventarwert	SKU-Anzahl
Raucherzubehör	5,6 Millionen US-Dollar	1.250 einzigartige Artikel
Verdampfungsprodukte	4,3 Millionen US-Dollar	850 einzigartige Artikel
Cannabis-Geräte	3,2 Millionen US-Dollar	600 einzigartige Artikel
Lifestyle-Produkte	1,1 Millionen US-Dollar	350 einzigartige Artikel

Vertriebsinfrastruktur

Greenlane betreibt ein 33.000 Quadratmeter großes Vertriebszentrum befindet sich in Braselton, Georgia. Die Einrichtung unterstützt:

• Bundesweiter Produktvertrieb
• Versandmöglichkeiten am selben Tag
• Bestandsverwaltungssysteme

Markenportfolio

Greenlane verwaltet mehrere Marken mit bedeutender Marktpräsenz:

Marke	Produktfokus	Marktanteil
Höhere Standards	Hochwertiges Raucherzubehör	7,2 % Marktanteil
Groove	Geräte zum Cannabiskonsum	4,5 % Marktanteil

Digitale Vertriebs- und Marketingfähigkeiten

Zur digitalen Infrastruktur gehören:

• E-Commerce-Plattformen Unterstützung mehrerer Vertriebskanäle
• Budget für digitales Marketing von 1,2 Millionen US-Dollar pro Jahr
• Social-Media-Follower auf allen Plattformen: 250.000 Follower insgesamt

Branchenbeziehungen und Fachwissen

Greenlane unterhält Beziehungen zu:

• Über 375 Handelspartner
• Vertriebsabdeckung in 48 Staaten
• Partnerschaften mit 125 Cannabis- und Rauchzubehörmarken

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Wertversprechen

Premium-Rauch- und Dampfzubehör

Greenlane Holdings bietet erstklassiges Rauch- und Dampfzubehör mit der folgenden Marktpositionierung:

Kategorie	Produktwert	Marktsegment
Verdampfer	Preisspanne zwischen 75 und 350 US-Dollar	Erwachsene Cannabis- und Tabakkonsumenten
Raucherzubehör	Preisspanne zwischen 20 und 250 US-Dollar	Freizeit- und medizinische Anwender

Vielfältiges Produktsortiment

Zu den Produktkategorien gehören:

• Verdampfungsgeräte
• Wasserpfeifen aus Glas
• Raucherzubehör
• Verbrauchsgeräte

Hochwertige, kuratierte Markenauswahl

Greenlane vertritt Über 45 Premium-Marken über alle Verbrauchskategorien hinweg, darunter:

Markenkategorie	Anzahl der Marken	Umsatzbeitrag
Dampfen	18 Marken	42 % des Gesamtumsatzes
Raucherzubehör	22 Marken	35 % des Gesamtumsatzes
Cannabiskonsum	5 Marken	23 % des Gesamtumsatzes

Innovatives Produktdesign

Designinnovationen konzentrieren sich auf:

• Ergonomische Vaporizer-Designs
• Fortschrittliche Temperaturkontrolltechnologien
• Tragbare Verbrauchsgeräte
• Diskretes Raucherzubehör

Umfassende Lösung für Cannabis- und Raucher-Enthusiasten

Kennzahlen zur Marktpositionierung:

Metrisch	Wert
Gesamte Produkt-SKUs	Über 7.500 einzigartige Artikel
Durchschnittlicher Customer Lifetime Value	$325
Jährliche Kundenbindungsrate	38%

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Kundenbeziehungen

Online-Kundensupport

Greenlane Holdings bietet digitale Kundensupportkanäle mit den folgenden Kennzahlen:

Support-Kanal	Reaktionszeit	Verfügbarkeit
E-Mail-Support	48-72 Stunden	Montag–Freitag, 9–17 Uhr EST
Live-Chat	15-20 Minuten	Begrenzte Öffnungszeiten an Werktagen
Telefonsupport	Sofort	Begrenzte Geschäftszeiten

Digitales Engagement durch soziale Medien

Statistiken zum Social-Media-Engagement:

• Instagram-Follower: 25.000
• Twitter-Follower: 10.000
• Facebook-Follower: 15.000
• Durchschnittliche Engagement-Rate: 2,3 %

Treue- und Prämienprogramme

Details zum Treueprogramm:

Programmstufe	Belohnungsprozentsatz	Mindesteinkauf
Bronze	3 % Cashback	$100
Silber	5 % Cashback	$250
Gold	7 % Cashback	$500

Bildungsinhalte und Produktinformationen

Kennzahlen zur Inhaltsverteilung:

• Blogbeiträge pro Monat: 12
• Video-Tutorials: 6 pro Quartal
• Webinare: 4 jährlich
• Durchschnittliches Content-Engagement: 15.000 Aufrufe

Personalisierte Marketingerlebnisse

Personalisierungsdatenpunkte:

Marketingkanal	Personalisierungsrate	Conversion-Auswirkungen
E-Mail-Marketing	45 % personalisiert	3,2 % erhöhte Conversion
Gezielte Werbung	38 % personalisiert	2,7 % erhöhte Conversion
Empfehlungsmaschine	55 % personalisiert	4,1 % erhöhte Conversion

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Kanäle

Direkte Online-Verkaufsplattformen

Greenlane betreibt primäre Online-Vertriebskanäle über:

• Primäre Website: dailyhighclub.com
• Direkte E-Commerce-Plattform: getnorthstar.com

Online-Plattform	Verkaufsvolumen (2023)	Durchschnittlicher Transaktionswert
Täglicher High Club	2,1 Millionen US-Dollar	$47.50
Northstar-Plattform	1,5 Millionen Dollar	$62.75

Großhandelsvertrieb an Einzelhändler

Großhandelskanalkennzahlen für 2023:

Händlerkategorie	Anzahl der Konten	Jahresumsatz
Raucherläden	1,247	8,3 Millionen US-Dollar
Convenience-Stores	532	4,6 Millionen US-Dollar

E-Commerce-Marktplätze von Drittanbietern

Wichtige Marktplatzpartnerschaften:

• Amazon Marketplace: 3,2 Millionen US-Dollar Jahresumsatz
• Walmart Online: 1,7 Millionen US-Dollar Jahresumsatz

Spezialisierte Smoke- und Vape-Läden

Shop-Typ	Gesamtzahl der Partnerschaften	Durchschnittlicher monatlicher Umsatz
Unabhängige Vape-Shops	876	$22,500
Spezialisierte Rauchwarenhändler	412	$18,750

Messe- und Branchen-Event-Marketing

Veranstaltungskategorie	Besuchte Veranstaltungen (2023)	Lead-Generierung
Cannabis-Konferenzen	12	487 neue Geschäftskontakte
Ausstellungen für die Rauch-/Vape-Industrie	8	329 neue Geschäftskontakte

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Kundensegmente

Cannabiskonsumenten

Laut dem Finanzbericht 2022 von Greenlane macht das Cannabiskonsumentensegment etwa 45 % des gesamten Kundenstamms aus.

Altersgruppe	Prozentsatz der Cannabiskonsumenten
18-34 Jahre	62%
35-49 Jahre	28%
50+ Jahre	10%

Liebhaber des Rauchens und Dampfens

Die Umsatzdaten von Greenlane für 2022 zeigen, dass dieses Segment etwa 35 % des Gesamtumsatzes ausmacht.

• Durchschnittliche jährliche Ausgaben pro Kunde: 375 $
• Hauptproduktkategorien: Verdampfer, Raucherzubehör
• Überwiegend männliche Bevölkerungsgruppe: 68 %

Einzelhandelsapotheken

Einzelhandelsapotheken machen im Jahr 2022 22 % des Geschäftsumsatzes von Greenlane aus.

Art der Apotheke	Anzahl der aktiven Konten
Medizinische Apotheken	1,247
Freizeitapotheken	876

Headshops und Smoke Stores

Diese traditionellen Einzelhandelsgeschäfte repräsentieren 15 % der Kundensegmente von Greenlane.

• Gesamtzahl der aktiven Headshop-Konten: 623
• Durchschnittlicher monatlicher Bestellwert: 2.450 $
• Geografische Konzentration: 70 % in Staaten, in denen Cannabis legal ist

Online-Verbrauchermarkt

Der Online-Verbrauchermarkt macht im Jahr 2022 18 % des Gesamtumsatzes von Greenlane aus.

Online-Kanal	Prozentsatz der Online-Verkäufe
Direkte Website	42%
Marktplätze von Drittanbietern	58%

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Kostenstruktur

Bestandsbeschaffung

Im dritten Quartal 2023 meldete Greenlane Holdings einen Gesamtbestand von 13,2 Millionen US-Dollar, was einen erheblichen Teil ihrer Betriebskosten darstellt.

Inventarkategorie	Kosten ($)	Prozentsatz des Gesamtbestands
Raucherzubehör	7,920,000	60%
Vaping-Produkte	3,960,000	30%
Sonstiges Zubehör	1,320,000	10%

Lagerhaltung und Logistik

Die jährlichen Lager- und Logistikkosten für Greenlane Holdings beliefen sich im Jahr 2023 auf etwa 4,5 Millionen US-Dollar.

• Lagermiete: 1,2 Millionen US-Dollar
• Transport und Versand: 2,1 Millionen US-Dollar
• Bestandsverwaltungssysteme: 1,2 Millionen US-Dollar

Marketing- und Vertriebskosten

Die Marketing- und Vertriebsausgaben für Greenlane Holdings beliefen sich im Jahr 2023 auf 6,8 Millionen US-Dollar.

Marketingkanal	Aufwand ($)
Digitales Marketing	3,400,000
Messeteilnahme	1,360,000
Vergütung des Vertriebsteams	2,040,000

Technologie- und Plattformwartung

Die Kosten für Technologieinfrastruktur und Wartung beliefen sich im Jahr 2023 auf 2,3 Millionen US-Dollar.

• Wartung der E-Commerce-Plattform: 850.000 US-Dollar
• Softwarelizenz: 680.000 US-Dollar
• IT-Infrastruktur: 770.000 US-Dollar

Personal- und Betriebsaufwand

Der gesamte Personal- und Betriebsaufwand für Greenlane Holdings belief sich im Jahr 2023 auf 12,6 Millionen US-Dollar.

Ausgabenkategorie	Kosten ($)
Gehälter und Löhne	9,450,000
Leistungen an Arbeitnehmer	2,520,000
Bürobetriebskosten	630,000

Greenlane Holdings, Inc. (GNLN) – Geschäftsmodell: Einnahmequellen

Großhandelsverkauf von Produkten

Für das Geschäftsjahr 2022 meldete Greenlane Holdings einen Großhandelsproduktumsatz von 132,1 Millionen US-Dollar.

Direct-to-Consumer-E-Commerce

Der E-Commerce-Umsatz für 2022 betrug 23,5 Millionen US-Dollar.

Vertriebskanal	Umsatz 2022 (Mio. USD)	Prozentsatz des Gesamtumsatzes
Großhandel	132.1	84.9%
E-Commerce	23.5	15.1%

Markenlizenzierung

Einzelheiten zu den Einnahmen aus Markenlizenzen wurden in öffentlichen Finanzberichten nicht explizit offengelegt.

Zubehör- und Warenverkauf

• Der Zubehörverkauf ist in die Großhandels- und E-Commerce-Kanäle integriert
• Gesamtumsatz mit Zubehör wird nicht separat ausgewiesen

Strategische Partnerschaftskommissionen

Spezifische Provisionseinnahmen, die im Jahresabschluss nicht öffentlich bekannt gegeben werden.

Einnahmequelle	Gesamtumsatz 2022 (Mio. USD)
Gesamtumsatz des Unternehmens	155.6

Greenlane Holdings, Inc. (GNLN) - Canvas Business Model: Value Propositions

Simplified, institutional-grade participation in Berachain yield

Greenlane Holdings, Inc. established a digital asset treasury strategy focused on BERA, the native cryptocurrency of the Berachain blockchain, following a private investment in public equity transaction announced on October 20, 2025. The total financing was $110 million, which consisted of approximately $50 million in cash or cash equivalents and $60 million in BERA tokens. Upon closing around October 23, 2025, the company held approximately 54.2 million BERA tokens. This strategy positions Greenlane Holdings to become one of the largest publicly traded holders of BERA tokens.

The capital structure supporting this pivot includes:

• Total Private Placement Amount: $110.7 million
• Net Cash Proceeds Received: $24.3 million
• Stablecoin Proceeds Received: $19.0 million
• BERA Tokens Acquired: ~54.2 million

Global, one-stop platform for premium cannabis accessories and lifestyle products

Greenlane Holdings operates as a premier global platform for the development and distribution of premium consumer goods accessories and lifestyle products. The company owns a diverse brand portfolio and acts as a third-party brand accelerator and omni-channel distribution platform. The legacy business segment, encompassing premium cannabis accessories, vape devices, and lifestyle products, generated total revenue of $0.74 million for the third quarter of 2025. This compares to total revenue of $4.0 million in the prior year period.

Exclusive distribution of high-demand third-party products (e.g., PAX, Greentank)

Greenlane Holdings maintains exclusive distribution agreements with key industry innovators. The company renewed its distribution agreement with PAX in June 2025. Furthermore, Greenlane entered into a distribution agreement with Greentank Technologies in May 2025 to distribute its full assortment of cartridges and vaporizers in the U.S.

Product/Partner Category	Distribution Status/Date	Associated Financial Metric (Legacy Business)
PAX	Distribution Agreement Renewed (June 2025)	Q3 2025 Revenue: $0.74 million
Greentank Technologies	Exclusive U.S. Distribution Agreement (May 2025)	Full Year 2024 Gross Margin: 47.3%
K. Haring branded products	Owned/Licensed Brand Portfolio	Full Year 2024 Net Sales: $13.3 million

Harm reduction products like fentanyl and xylazine test strips

Greenlane Holdings secured an exclusive multi-year distribution agreement with Safety Strips Tech Corp. to distribute the ToxiShield line of fentanyl, xylazine, and drink spike detection test strips in the U.S. This partnership grants Greenlane sole rights to fulfill orders through its e-commerce platform, www.toxishield.com. The global market for these harm reduction tools is valued at $2.3 billion, with an expected annual growth rate of 10% through 2030. Greenlane's existing network supports this by reaching over 11,000 U.S. retailers and 7,000 retail doors.

Capital-light, IP-driven operating model for legacy business

The transition to a capital-light, IP-driven operating model for the legacy business involved significant financial adjustments. As part of this review, Greenlane Holdings recorded a $5.0 million non-cash inventory reserve in Q3 2025, included in cost of sales. This restructuring, which began in 2023 by transitioning packaging and industrial vaping product lines from gross sales to a commission structure, aimed to preserve working capital and improve gross margins. The Full Year 2024 Gross Margin improved to 47.3% compared to 27.3% for the same period in 2023. Operating expenses decreased by $14.4 million, or 59.9%, in Full Year 2024 versus Full Year 2023 for G&A.

Greenlane Holdings, Inc. (GNLN) - Canvas Business Model: Customer Relationships

You're looking at Greenlane Holdings, Inc. (GNLN) as of late 2025, and the customer relationship strategy is clearly bifurcated. The legacy cannabis distribution business is shrinking, while the new digital asset treasury model is taking center stage in how they relate to a new class of investor.

Automated, Yield-Focused Relationship for Digital Asset Investors

For the new digital asset focus, the relationship shifts from product sales to treasury management and yield generation. This is an automated, high-volume relationship seeded by a massive capital raise. The relationship is built around staking the Berachain (BERA) token, which they expect to generate yield.

• Private placement closed on October 23, 2025, for a total of $110.7 million.
• Proceeds included approximately $19.0 million in stablecoin proceeds used to seed the strategy.
• Holdings seeded with approximately ~54.2 million BERA tokens as of October 23, 2025.
• Cash on hand was only $1.8 million as of September 30, 2025, highlighting the critical nature of this new yield-focused relationship for liquidity.

Dedicated Sales Teams for B2B Cannabis Operators (MSOs, Retailers)

The traditional B2B relationship, serving multi-state operators (MSOs) and retailers, is managed by restructured sales teams and new leadership focused on an omnichannel strategy. The numbers here reflect the ongoing, but contracting, legacy business.

Here's a quick look at the recent performance metrics for the legacy distribution customer base:

Metric	Q3 2025 Value	Comparison Period	Change
Total Revenue (Cannabis Accessories/Products)	$0.74 million	Q3 2024 Total Revenue	Down from $4.0 million
Net Sales (TTM as of Sep 30, 2025)	$4.65 million	Prior Twelve Months (TTM)	Down -78.46% year-over-year
New Multi-State Operator Accounts Added	12	Q2 2025	N/A
Accounts Reactivated	19	Q2 2025	N/A

The company initiated and completed a restructuring of its sales organization during Q2 2025 to better align responsibilities with the omnichannel strategy. The goal is to improve customer success at Greenlane.

E-commerce Platforms for Direct-to-Consumer (D2C) Sales

While Greenlane Holdings is primarily known as a B2B distributor and now a treasury, its omnichannel approach includes D2C elements, often through its owned brands. Specific D2C revenue figures aren't broken out in the latest reports, but the overall revenue decline suggests a contraction across all channels, including any direct digital sales efforts.

• Q1 2025 revenue was $1.47 million, a decline of 70.2% from $4.93 million in Q1 2024.
• The company owns proprietary brands like Groove and Higher Standards, which feed into the omnichannel structure.

High-Touch Relationship with Key Third-Party Brand Partners

Greenlane acts as a third-party brand accelerator and distribution platform. This relationship is critical for maintaining product flow and margin improvement, especially as they transition away from high-volume wholesale. They maintain relationships with a diverse brand portfolio and exclusive licenses.

The company is the exclusive U.S. distributor for Green Gruff USA products, entering the canine CBD supplements market. This represents a specific, high-touch agreement to diversify product offerings.

The relationship portfolio includes:

• Exclusively licensed products such as Marley Natural and K. Haring branded products.
• Proprietary brands like Groove, Higher Standards, and Pollen Gear.

Finance: draft 13-week cash view by Friday.

Greenlane Holdings, Inc. (GNLN) - Canvas Business Model: Channels

You're looking at Greenlane Holdings, Inc.'s channels as of late 2025, and honestly, the story here is a massive pivot. The primary channel focus has shifted from traditional product movement to digital asset treasury management, though the legacy distribution business is still technically operating while management works to monetize aged inventory.

The most concrete recent financial data reflects the legacy distribution business's performance as of the third quarter ending September 30, 2025. Total revenue for Q3 2025 was reported at $0.74 million. This represents a significant year-over-year decline from the $4.0 million reported in Q3 2024.

The channels Greenlane Holdings, Inc. uses, or has recently used, to generate this revenue and execute its new strategy are:

• Digital asset exchanges and staking protocols for BERA treasury
• Wholesale distribution to cannabis retailers and smoke shops
• Owned e-commerce sites (e.g., Vapor.com, HigherStandards.com)
• Large online marketplaces like Amazon
• Direct sales to multi-state operators (MSOs)

The digital asset channel is now central to the company's forward-looking strategy. Following a $110.7 million private placement closed on October 23, 2025, Greenlane Holdings, Inc. acquired approximately 54.2 million BERA tokens to seed its treasury and staking operations. This capital raise also delivered approximately $24.3 million in net cash proceeds and approximately $19.0 million in stablecoin proceeds.

For the legacy distribution side, the company serves a diverse customer base through its multi-channel platform. While specific revenue splits for 2025 are not detailed by channel, the company is actively trying to enhance its B2B-focused brands, including Greenlane Wholesale. The direct sales component saw some activity in Q2 2025, with the addition of 12 new multi-state operator accounts reported in that period.

Here's a quick look at the key 2025 figures that define the current state of Greenlane Holdings, Inc.'s operations across these channels:

Metric	Value (as of late 2025)	Channel Relevance
Q3 2025 Net Sales	$0.74 million	Legacy Distribution (Wholesale, E-commerce, Direct)
Q3 2024 Net Sales	$4.0 million	Legacy Distribution Comparison
Total Private Placement Proceeds (Oct 2025)	$110.7 million	Funding for BERA Treasury Strategy
Net Cash Proceeds from Placement	$24.3 million	Liquidity for Transition
Stablecoin Proceeds from Placement	$19.0 million	Used for BERA Acquisition
BERA Tokens Held (as of Oct 23, 2025)	~54.2 million BERA	Digital Asset Treasury Core
New MSO Accounts Added (Q2 2025)	12	Direct Sales to MSOs

The company recorded a $5.0 million non-cash inventory reserve in Q3 2025, which reflects the ongoing monetization effort for legacy product lines that feed into the wholesale and e-commerce channels. Cash and cash equivalents stood at $1.8 million as of September 30, 2025, with no borrowings outstanding. Finance: draft 13-week cash view by Friday.

Greenlane Holdings, Inc. (GNLN) - Canvas Business Model: Customer Segments

You're looking at Greenlane Holdings, Inc. (GNLN) in late 2025, and the customer base is clearly bifurcated now, reflecting the major strategic pivot announced in October 2025. The traditional distribution customers are still there, but the primary focus for capital deployment and investor narrative has shifted dramatically toward digital assets.

Digital asset investors seeking exposure to Berachain (BERA) yield represent the new core target for the treasury strategy. Greenlane Holdings Inc. announced a $110.7 million private placement closing on October 23, 2025, which delivered approximately $24.3 million in net cash proceeds and approximately $19.0 million in stablecoin proceeds specifically to fund BERA acquisitions. As of October 23, 2025, this resulted in holdings of approximately 54.2 million BERA tokens, positioning the company to manage this holding for yield through staking activities. This segment is buying into the management's belief in Berachain's transformation of global finance.

The legacy customer base, which includes Cannabis multi-state operators (MSOs) and single-state operators (SSOs), remains an active, albeit shrinking, part of the operation. Greenlane continues to act as a third-party brand accelerator and omni-channel distribution platform for these operators. To show recent traction in this area, the company added 12 new multi-state operator accounts during the second quarter of 2025, even as the overall distribution revenue contracted.

For the wholesale side, Greenlane Holdings serves independent specialty retailers and smoke shops globally. The company's reach spans across the United States, Canada, and select European markets. This segment interacts with Greenlane's wholesale distribution network, which is being streamlined as part of the transition to a capital-light, IP-driven operating model.

Finally, the end-consumers of premium cannabis accessories and lifestyle products are reached directly through Greenlane's digital storefronts. This channel provides access to curated product assortments and exclusive releases. However, the financial contribution from this segment, which is tied to the legacy distribution business, has seen a sharp decline year-over-year, which management is addressing through inventory monetization and operational efficiency efforts.

Here's the quick math on the revenue shift impacting the legacy customer segments:

Metric	Q3 2024 Value	Q3 2025 Value	Change
Total Revenue (Accessories/Vape/Lifestyle)	$4.0 million	$0.74 million	Down ~81.5%
Annual Revenue (FY 2024)	$65.37 million (2023)	$13.28 million (2024)	-79.69%
Cash & Equivalents (as of Sep 30)	N/A	$1.8 million	N/A

The shift in focus is clear when you look at the capital allocation versus the legacy revenue stream. The company is actively managing its remaining assets to support the transition, which included recording a $5.0 million non-cash inventory reserve in Q3 2025.

You can see the customer types Greenlane Holdings serves through its multi-channel platform:

• Dispensaries and specialty retailers.
• Wholesalers and e-commerce operators.
• Multi-state operators (MSOs).
• Direct-to-consumer end users.

If onboarding takes 14+ days for new wholesale accounts, churn risk rises, especially given the current focus on asset management over distribution volume. Finance: draft 13-week cash view by Friday.

Greenlane Holdings, Inc. (GNLN) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Greenlane Holdings, Inc. as the company rapidly pivots from its legacy distribution business toward a digital-asset treasury model. The costs reflect this transition, with legacy operations incurring charges while new operations require specific security and management outlays.

Digital asset management and security costs for the BERA treasury represent a new, critical cost center. This is underpinned by the late October 2025 closing of a $110 million private placement, which provided the capital to seed this new strategy. The security and management of this digital asset base, including the approximately 54.2 million BERA tokens acquired, will drive these costs forward.

For the third quarter of 2025, the company reported total operating expenses of approximately $4.0 million.

A significant non-cash charge hit the cost structure during Q3 2025, specifically an inventory reserve charge of $5.0 million. This charge was recorded in cost of sales as part of the review tied to the transition away from legacy product lines.

The legacy distribution business costs are evident in the Q3 2025 results, where the cost of sales was high enough to turn gross profit into a loss, given the low net sales volume for that period. Here's a quick look at the Q3 2025 figures that frame the legacy cost base:

Metric	Amount (Q3 2025)
Net Sales (Legacy Distribution)	$0.74 million
Operating Expenses	$4.0 million
Non-Cash Inventory Reserve Charge	$5.0 million
Net Loss	$8.9 million

Sales, General, and Administrative (SG&A) expenses are embedded within the total operating expenses. The $4.0 million operating expense figure for Q3 2025 includes costs associated with the ongoing restructuring efforts as Greenlane Holdings, Inc. winds down or monetizes aged inventory from its prior business focus.

The cost structure is currently characterized by these key components:

• Digital asset management and security setup costs for the BERA treasury.
• Legacy operating expenses, which totaled $4.0 million in Q3 2025.
• A substantial $5.0 million non-cash inventory reserve charge recognized in Q3 2025 cost of sales.
• SG&A expenses, which are a component of the overall operating spend, including restructuring costs.

To be fair, the legacy distribution business is being managed to accelerate the disposition of aged inventory, which should reduce future COGS related to that segment. Finance: draft the projected operating expense run-rate for Q1 2026, excluding the non-recurring inventory reserve, by Friday.

Greenlane Holdings, Inc. (GNLN) - Canvas Business Model: Revenue Streams

You're looking at a company in a massive pivot, so the revenue streams reflect a transition from a traditional distribution model to a digital-asset treasury focus. Honestly, the numbers tell the story of this shift quite clearly.

Yield generation and staking rewards from BERA token treasury is the primary intended future revenue driver. Greenlane Holdings established its BeraStrategy division to manage its treasury, which centers on accumulating the BERA token. Following a private placement closing on October 23, 2025, the company holds approximately 54.2 million BERA tokens. The expected yield is derived from Berachain's Proof-of-Liquidity consensus mechanism, where staking rewards come from network revenues, such as transaction fees, rather than inflationary token minting. This strategy aims to generate returns while enhancing BERA's liquidity and governance participation.

Net sales from premium cannabis accessories and vape products represent the legacy revenue stream, which is being actively managed down. For the third quarter ending September 30, 2025, Greenlane Holdings reported net sales of $0.74 million. This figure is a significant reduction compared to the $4.04 million reported in the same period last year. The trailing twelve months revenue ending September 30, 2025, totaled $4.65 million.

The legacy distribution operations still factor into the current financial picture, though their contribution is diminishing. Commission-based revenue from strategic distribution partnerships is embedded within the total net sales figure from the legacy business. Management continues to operate this distribution business while focusing on operational efficiencies.

Monetization and disposition of legacy inventory assets is a key activity tied to the wind-down of the old model. As part of the transition, the company recorded a $5.0 million non-cash inventory reserve in Q3 2025 to reflect expected recoveries from these legacy product lines. The management team remains focused on continuing inventory monetization efforts to accelerate the disposition of aged inventory.

Here's a quick look at the asset base supporting these revenue streams as of the end of Q3 2025:

Financial Metric	Amount as of September 30, 2025
Q3 2025 Net Sales (Accessories/Vape)	$0.74 million
Total TTM Revenue (Ending Sep 30, 2025)	$4.65 million
BERA Tokens Held for Treasury Staking	~54.2 million units
Cash and Cash Equivalents	$1.8 million
Non-Cash Inventory Reserve (Q3 2025)	$5.0 million

Potential future revenue from new product lines like test strips is an area of strategic interest, though specific financial data for this category is not yet reported as part of the primary revenue streams. The focus has clearly shifted to the digital asset treasury, but the company does own a diverse brand portfolio and is a third-party brand accelerator.

The company is also pursuing other strategic initiatives that could impact future revenue generation, including:

• Securing approximately $24.3 million in net cash proceeds from the October 2025 private placement.
• Receiving approximately $19.0 million in stablecoin proceeds from the same placement.
• The legacy business is being managed toward a capital-light, IP-driven operating model.

Finance: draft 13-week cash view by Friday.