Greenlane Holdings, Inc. (GNLN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los accesorios de cannabis y fumar, Greenlane Holdings, Inc. (GNLN) surge como una potencia estratégica, transformando la forma en que los entusiastas descubren, compran y experimentan productos de fumar y vapear premium. Al tejer magistralmente un modelo de negocio innovador que abarca la distribución mayorista, las plataformas de comercio electrónico y las asociaciones de marca de vanguardia, Greenlane se ha posicionado como un proveedor integral de soluciones en un panorama del mercado en rápida evolución. Su enfoque único combina selecciones curadas de productos, participación digital y experiencia en la industria para ofrecer un valor excepcional en múltiples segmentos de clientes.

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: asociaciones clave

Fabricantes de accesorios de vape y cannabis

Greenlane Holdings colabora con múltiples fabricantes para diversificar su cartera de productos:

Fabricante	Categoría de productos	Detalles de la asociación
PAX Labs	Dispositivos de vaporización	Derechos de distribución exclusivos para vaporizadores premium
Storz & Bickel	Vaporizadores de hierbas	Distribuidor norteamericano autorizado

Redes de distribución minorista

Greenlane mantiene asociaciones estratégicas con:

• 420 tiendas minoristas de humo y cabeza en todo el país
• Dispensarios de cannabis independientes
• Tiendas de humo especializadas

Plataformas de comercio electrónico

Los canales de asociación digital incluyen:

Plataforma	Canal de ventas	Tipo de asociación
Amazonas	Accesorios	Mercado de vendedores de terceros
Vapor.com	Mercado de vape en línea	Plataforma de ventas directas

Proveedores de la industria del cannabis

Las relaciones clave del proveedor abarcan:

• Proveedores de materia prima
• Fabricantes de embalaje
• Proveedores de equipos de extracción

Proveedores de servicios de marketing y tecnología

Las asociaciones de tecnología y marketing incluyen:

Proveedor	Tipo de servicio	Enfoque de colaboración
Agencias de marketing digital	Publicidad en línea	Estrategias de participación del consumidor
Empresas de tecnología de comercio electrónico	Integración de plataforma	Optimización del canal de ventas

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: actividades clave

Distribución mayorista de accesorios para fumar y vapear

A partir del cuarto trimestre de 2023, Greenlane Distributed Accessories en múltiples categorías de productos:

Categoría de productos	Canales de distribución	Alcance del mercado estimado
Accesorios para fumar	420 tiendas minoristas especializadas	37 estados de EE. UU.
Dispositivos de balles	Plataformas en línea	45 socios minoristas
Accesorios de consumo de cannabis	Tiendas de humo especializadas	22 jurisdicciones estadounidenses

Diseño y desarrollo de productos

Inversiones de desarrollo de productos para 2023:

• Presupuesto de I + D: $ 2.3 millones
• Nuevo producto Skus lanzado: 127
• Tamaño del equipo de diseño: 18 profesionales

Gestión de la cadena de suministro

Métricas de la cadena de suministro para 2023:

Métrico	Valor
Relación de rotación de inventario	4.2x
Países proveedores	7
Ubicaciones de almacenamiento	3 centros de distribución

Plataforma digital y operaciones de comercio electrónico

Métricas de rendimiento de comercio electrónico:

• Ingresos de ventas en línea: $ 24.6 millones
• Tráfico del sitio web: 1.2 millones de visitantes mensuales
• Tasa de conversión de comercio móvil: 3.7%

Asociaciones y adquisiciones de marca estratégica

Detalles de asociación y adquisición para 2023:

Tipo	Número	Inversión total
Asociaciones de marca	12	$ 1.7 millones
Adquisiciones estratégicas	2	$ 3.5 millones

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: recursos clave

Inventario de productos extenso

A partir del cuarto trimestre de 2023, Greenlane Holdings mantiene un inventario de productos valorado en aproximadamente $ 14.2 millones. El inventario de la compañía incluye:

• Accesorios para fumar
• Productos de vaporización
• Dispositivos de consumo de cannabis
• Productos de estilo de vida y consumo alternativo

Categoría de productos	Valor de inventario	Conteo de sku
Accesorios para fumar	$ 5.6 millones	1.250 artículos únicos
Productos de vaporización	$ 4.3 millones	850 artículos únicos
Dispositivos de cannabis	$ 3.2 millones	600 artículos únicos
Productos de estilo de vida	$ 1.1 millones	350 artículos únicos

Infraestructura de distribución

Greenlane opera un Centro de distribución de 33,000 pies cuadrados Ubicado en Braselton, Georgia. La instalación es compatible con:

• Distribución de productos a nivel nacional
• Capacidades de envío del mismo día
• Sistemas de gestión de inventario

Cartera de marca

Greenlane administra múltiples marcas con una importante presencia en el mercado:

Marca	Enfoque del producto	Cuota de mercado
Estándares más altos	Accesorios de fumar premium	Cuota de mercado de 7.2%
Ranura	Dispositivos de consumo de cannabis	4.5% de participación de mercado

Capacidades de ventas digitales y marketing

La infraestructura digital incluye:

• Plataformas de comercio electrónico Soporte de múltiples canales de ventas
• Presupuesto de marketing digital de $ 1.2 millones anuales
• A continuación en las redes sociales en todas las plataformas: 250,000 seguidores combinados

Relaciones y experiencia en la industria

Greenlane mantiene las relaciones con:

• Más de 375 socios minoristas
• 48 estados cobertura de distribución
• Asociaciones con 125 marcas de accesorios de cannabis y fumar

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: propuestas de valor

Accesorios premium de fumar y vapear

Greenlane Holdings ofrece accesorios premium de fumar y vapear con el siguiente posicionamiento del mercado:

Categoría	Valor del producto	Segmento de mercado
Vaporizadores	Rango de precios de $ 75- $ 350	Consumidores de cannabis y tabaco para adultos
Accesorios para fumar	Rango de precios de $ 20- $ 250	Usuarios recreativos y médicos

Gama de productos diversos

Las categorías de productos incluyen:

• Dispositivos de vaporización
• Tuberías de agua de vidrio
• Accesorios para fumar
• Dispositivos de consumo

Selecciones de marca curada de alta calidad

Greenlane representa 45+ marcas premium en categorías de consumo, que incluyen:

Categoría de marca	Número de marcas	Contribución de ingresos
Vapeo	18 marcas	42% de los ingresos totales
Accesorios para fumar	22 marcas	35% de los ingresos totales
Consumo de cannabis	5 marcas	23% de los ingresos totales

Diseño de productos innovador

Innovaciones de diseño se centran en:

• Diseños de vaporizador ergonómicos
• Tecnologías de control de temperatura avanzada
• Dispositivos de consumo portátiles
• Accesorios discretos para fumar

Solución integral para los entusiastas del cannabis y el tabaquismo

Métricas de posicionamiento del mercado:

Métrico	Valor
Skus de producto total	7,500+ artículos únicos
Valor promedio de por vida del cliente	$325
Tasa anual de retención de clientes	38%

Greenlane Holdings, Inc. (GNLN) - Modelo de negocios: relaciones con los clientes

Atención al cliente en línea

Greenlane Holdings proporciona canales de atención al cliente digital con las siguientes métricas:

Canal de soporte	Tiempo de respuesta	Disponibilidad
Soporte por correo electrónico	48-72 horas	De lunes a viernes de 9 a.m. a 5 p.m.
Chat en vivo	15-20 minutos	Horas limitadas durante los días hábiles
Soporte telefónico	Inmediato	Horario comercial limitado

Compromiso digital a través de las redes sociales

Estadísticas de compromiso de las redes sociales:

• Seguidores de Instagram: 25,000
• Seguidores de Twitter: 10,000
• Seguidores de Facebook: 15,000
• Tasa de compromiso promedio: 2.3%

Programas de lealtad y recompensas

Detalles del programa de fidelización:

Nivel de programa	Porcentaje de recompensas	Compra mínima
Bronce	3% de reembolso	$100
Plata	5% de reembolso	$250
Oro	7% de reembolso	$500

Contenido educativo e información del producto

Métricas de distribución de contenido:

• Publicaciones de blog por mes: 12
• Tutoriales de video: 6 por trimestre
• Webinarios: 4 anualmente
• Compromiso de contenido promedio: 15,000 visitas

Experiencias de marketing personalizadas

Puntos de datos de personalización:

Canal de marketing	Tasa de personalización	Impacto de conversión
Marketing por correo electrónico	45% personalizado	3.2% aumento de la conversión
Anuncios dirigidos	38% personalizado	2.7% aumento de la conversión
Motor de recomendación	55% personalizado	4.1% aumentó la conversión

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: canales

Plataformas directas de ventas en línea

Greenlane opera canales de ventas en línea principales a través de:

• Sitio web principal: DailyhighClub.com
• Plataforma directa de comercio electrónico: getnorthstar.com

Plataforma en línea	Volumen de ventas (2023)	Valor de transacción promedio
Club diario	$ 2.1 millones	$47.50
Plataforma Northstar	$ 1.5 millones	$62.75

Distribución mayorista a los minoristas

Métricas de canales al por mayor para 2023:

Categoría minorista	Número de cuentas	Ingresos anuales
Tiendas de humo	1,247	$ 8.3 millones
Tiendas de conveniencia	532	$ 4.6 millones

Mercados de comercio electrónico de terceros

Asociaciones clave del mercado:

• Amazon Marketplace: $ 3.2 millones de ventas anuales
• Walmart en línea: $ 1.7 millones de ventas anuales

Tiendas especializadas de humo y vape

Tipo de tienda	Total de asociaciones	Ventas mensuales promedio
Tiendas de vape independientes	876	$22,500
Minoristas de humo especializados	412	$18,750

Marketing de eventos de ferias comerciales y de la industria

Categoría de eventos	Los eventos asistieron (2023)	Generación de leads
Conferencias de cannabis	12	487 nuevos contactos comerciales
Exposiciones de la industria de humo/vape	8	329 nuevos contactos comerciales

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: segmentos de clientes

Consumidores de cannabis

Según el informe financiero 2022 de Greenlane, el segmento de consumidor de cannabis representa aproximadamente el 45% de su base de clientes total.

Grupo de edad	Porcentaje de consumidores de cannabis
18-34 años	62%
35-49 años	28%
Más de 50 años	10%

Fumar y vapear entusiastas

Los datos de ingresos 2022 de Greenlane indican que este segmento contribuye con aproximadamente el 35% de las ventas totales.

• Gasto anual promedio por cliente: $ 375
• Categorías de productos primarios: vaporizadores, accesorios para fumar
• Predominantemente demográfico masculino: 68%

Dispensarios minoristas

Los dispensarios minoristas representan el 22% de los ingresos comerciales de Greenlane en 2022.

Tipo de dispensario	Número de cuentas activas
Dispensario médico	1,247
Dispensarios recreativos	876

Cabras de tiendas y tiendas de humo

Estos puntos de venta minoristas tradicionales representan el 15% de los segmentos de clientes de Greenlane.

• Número total de cuentas activas de taller: 623
• Valor promedio de pedido mensual: $ 2,450
• Concentración geográfica: 70% en estados legales de cannabis

Mercado de consumo en línea

El mercado de consumo en línea representa el 18% del total de ventas de Greenlane en 2022.

Canal en línea	Porcentaje de ventas en línea
Sitio web directo	42%
Mercados de terceros	58%

Greenlane Holdings, Inc. (GNLN) - Modelo de negocio: Estructura de costos

Adquisición de inventario

A partir del tercer trimestre de 2023, Greenlane Holdings reportó un inventario total de $ 13.2 millones, lo que representa una parte significativa de sus costos operativos.

Categoría de inventario	Costo ($)	Porcentaje del inventario total
Accesorios para fumar	7,920,000	60%
Productos de salto	3,960,000	30%
Otros accesorios	1,320,000	10%

Almacenamiento y logística

Los gastos anuales de almacenamiento y logística para Greenlane Holdings en 2023 totalizaron aproximadamente $ 4.5 millones.

• Alquiler de almacén: $ 1.2 millones
• Transporte y envío: $ 2.1 millones
• Sistemas de gestión de inventario: $ 1.2 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para Greenlane Holdings en 2023 fueron de $ 6.8 millones.

Canal de marketing	Gasto ($)
Marketing digital	3,400,000
Participación de la feria comercial	1,360,000
Compensación del equipo de ventas	2,040,000

Tecnología y mantenimiento de la plataforma

Los costos de infraestructura y mantenimiento de tecnología para 2023 alcanzaron $ 2.3 millones.

• Mantenimiento de la plataforma de comercio electrónico: $ 850,000
• Licencias de software: $ 680,000
• Infraestructura: $ 770,000

Personal y gastos generales operativos

El personal total y la sobrecarga operativa para Greenlane Holdings en 2023 fue de $ 12.6 millones.

Categoría de gastos	Costo ($)
Salarios y salarios	9,450,000
Beneficios para empleados	2,520,000
Gastos operativos de la oficina	630,000

Greenlane Holdings, Inc. (GNLN) - Modelo de negocios: flujos de ingresos

Venta de productos al por mayor

Para el año fiscal 2022, Greenlane Holdings reportó ventas de productos mayoristas de $ 132.1 millones.

Comercio electrónico directo al consumidor

Los ingresos por comercio electrónico para 2022 fueron de $ 23.5 millones.

Canal de ventas	Ingresos 2022 ($ M)	Porcentaje de ingresos totales
Al por mayor	132.1	84.9%
Comercio electrónico	23.5	15.1%

Licencia de marca

Los detalles de los ingresos por licencia de marca no se divulgaron explícitamente en los informes financieros públicos.

Venta de accesorios y mercancías

• Ventas de accesorios integradas dentro de los canales mayoristas y de comercio electrónico
• Ingresos de accesorios totales no informados por separado

Comisiones de asociación estratégica

Ingresos de comisión específicos no divulgados públicamente en los estados financieros.

Flujo de ingresos	2022 Ingresos totales ($ M)
Ingresos totales de la empresa	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.