Greenlane Holdings, Inc. (GNLN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du cannabis et des accessoires pour fumer, Greenlane Holdings, Inc. (GNLN) émerge comme une puissance stratégique, transformant la façon dont les amateurs découvrent, achètent et connaissent des produits de tabagisme et de vapotage premium. En tissant magistralement un modèle commercial innovant qui s'étend sur la distribution en gros, les plateformes de commerce électronique et les partenariats de marque de pointe, Greenlane s'est positionné comme un fournisseur de solutions complet dans un paysage de marché en évolution rapide. Leur approche unique combine les sélections de produits organisés, l'engagement numérique et l'expertise de l'industrie pour offrir une valeur exceptionnelle sur plusieurs segments de clients.

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: partenariats clés

Fabricants d'accessoires de vape et de cannabis

Greenlane Holdings collabore avec plusieurs fabricants pour diversifier son portefeuille de produits:

Fabricant	Catégorie de produits	Détails du partenariat
Pax Labs	Dispositifs de vaporisation	Droits de distribution exclusifs pour les vaporisateurs premium
Storz & Bickel	Vaporisateurs à base de plantes	Distributeur nord-américain autorisé

Réseaux de distribution de détail

Greenlane maintient des partenariats stratégiques avec:

• 420 magasins de fumée de détail et de tête à l'échelle nationale
• Dispensaires de cannabis indépendants
• Boutiques de fumée spécialisées

Plates-formes de commerce électronique

Les canaux de partenariat numérique comprennent:

Plate-forme	Canal de vente	Type de partenariat
Amazone	Accessoires	Marché du vendeur tiers
Vapor.com	Marché de vape en ligne	Plateforme de vente directe

Fournisseurs de l'industrie du cannabis

Les relations clés des fournisseurs englobent:

• Fournisseurs de matières premières
• Fabricants d'emballages
• Fournisseurs d'équipements d'extraction

Fournisseurs de services de marketing et de technologie

Les partenariats technologiques et marketing comprennent:

Fournisseur	Type de service	Focus de la collaboration
Agences de marketing numérique	Publicité en ligne	Stratégies d'engagement des consommateurs
Entreprises technologiques de commerce électronique	Intégration de la plate-forme	Optimisation du canal de vente

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: Activités clés

Distribution en gros des accessoires de tabagisme et de vapotage

Au Q4 2023, Greenlane a distribué des accessoires dans plusieurs catégories de produits:

Catégorie de produits	Canaux de distribution	Port du marché estimé
Accessoires fumeurs	420 magasins de détail spécialisés	37 États américains
Dispositifs de vapotage	Plateformes en ligne	45 partenaires de vente au détail
Accessoires de consommation de cannabis	Boutiques de fumée spécialisées	22 juridictions américaines

Conception et développement des produits

Investissements en développement de produits pour 2023:

• Budget de R&D: 2,3 millions de dollars
• SKUS de nouveaux produits lancés: 127
• Taille de l'équipe de conception: 18 professionnels

Gestion de la chaîne d'approvisionnement

Métriques de la chaîne d'approvisionnement pour 2023:

Métrique	Valeur
Ratio de rotation des stocks	4.2x
Pays fournisseurs	7
Emplacements d'entreposage	3 centres de distribution

Opérations de plate-forme numérique et de commerce électronique

Métriques de performance du commerce électronique:

• Revenus de vente en ligne: 24,6 millions de dollars
• Trafic de site Web: 1,2 million de visiteurs mensuels
• Taux de conversion du commerce mobile: 3,7%

Partenariats et acquisitions de marque stratégique

Détails de partenariat et d'acquisition pour 2023:

Taper	Nombre	Investissement total
Partenariats de marque	12	1,7 million de dollars
Acquisitions stratégiques	2	3,5 millions de dollars

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: Ressources clés

Inventaire complet de produits

Au quatrième trimestre 2023, Greenlane Holdings maintient un inventaire de produits évalué à environ 14,2 millions de dollars. L'inventaire de l'entreprise comprend:

• Accessoires fumeurs
• Produits de vaporisation
• Dispositifs de consommation de cannabis
• Produits de vie et de consommation alternatifs

Catégorie de produits	Valeur d'inventaire	Comptage des SKU
Accessoires fumeurs	5,6 millions de dollars	1 250 articles uniques
Produits de vaporisation	4,3 millions de dollars	850 articles uniques
Dispositifs de cannabis	3,2 millions de dollars	600 articles uniques
Produits de style de vie	1,1 million de dollars	350 articles uniques

Infrastructure de distribution

Greenlane exploite un Centre de distribution de 33 000 pieds carrés Situé à Braselton, en Géorgie. L'installation prend en charge:

• Distribution des produits à l'échelle nationale
• Capacités d'expédition le jour même
• Systèmes de gestion des stocks

Portefeuille de marque

Greenlan gère plusieurs marques avec une présence sur le marché importante:

Marque	Focus du produit	Part de marché
Normes plus élevées	Accessoires de fume premium	7,2% de part de marché
Rainure	Dispositifs de consommation de cannabis	4,5% de part de marché

Capacités de vente et de marketing numériques

L'infrastructure numérique comprend:

• Plates-formes de commerce électronique Soutenir plusieurs canaux de vente
• Budget de marketing numérique de 1,2 million de dollars par an
• Médias sociaux Suivre sur toutes les plateformes: 250 000 abonnés combinés

Relations et expertise de l'industrie

Greenlane entretient des relations avec:

• Plus de 375 partenaires de vente au détail
• 48 Couverture de distribution des États
• Partenariats avec 125 marques de cannabis et d'accessoires fumeurs

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: propositions de valeur

Accessoires de tabagisme et de vapotage premium

Greenlane Holdings propose des accessoires de tabagisme et de vapotage haut de gamme avec le positionnement du marché suivant:

Catégorie	Valeur du produit	Segment de marché
Vaporisateurs	75 $ à 350 $	Consommateurs de cannabis et de tabac pour adultes
Accessoires fumeurs	20 $ à 250 $	Utilisateurs récréatifs et médicaux

Gamme de produits diversifiée

Les catégories de produits comprennent:

• Dispositifs de vaporisation
• Pipes à eau en verre
• Accessoires fumeurs
• Dispositifs de consommation

Sélections de marque organisées de haute qualité

Greenlane représente 45+ marques premium entre les catégories de consommation, notamment:

Catégorie de marque	Nombre de marques	Contribution des revenus
Vapotage	18 marques	42% des revenus totaux
Accessoires fumeurs	22 marques	35% des revenus totaux
Consommation de cannabis	5 marques	23% des revenus totaux

Conception de produits innovants

Les innovations de conception se concentrent sur:

• Conceptions de vaporisateur ergonomique
• Technologies de contrôle de la température avancées
• Dispositifs de consommation portables
• Accessoires de fumer discret

Solution complète pour les amateurs de cannabis et de tabagisme

Métriques de positionnement du marché:

Métrique	Valeur
Total SKU de produits	7 500+ articles uniques
Valeur à vie moyenne du client	$325
Taux de rétention de la clientèle annuelle	38%

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: Relations clients

Support client en ligne

Greenlane Holdings fournit des canaux de support client numérique avec les mesures suivantes:

Canal de support	Temps de réponse	Disponibilité
Assistance par e-mail	48-72 heures	Du lundi au vendredi, de 9 h à 17 h HNE
Chat en direct	15-20 minutes	Heures limitées pendant les jours ouvrables
Support téléphonique	Immédiat	Heures d'ouverture limitées

Engagement numérique via les médias sociaux

Statistiques d'engagement des médias sociaux:

• Followers Instagram: 25 000
• Fondeurs Twitter: 10 000
• Fonds Facebook: 15 000
• Taux d'engagement moyen: 2,3%

Programmes de fidélité et de récompenses

Détails du programme de fidélité:

Niveau de programme	Pourcentage de récompenses	Achat minimum
Bronze	Cashback à 3%	$100
Argent	5% de cashback	$250
Or	7% de cashback	$500

Contenu éducatif et informations sur les produits

Métriques de distribution de contenu:

• Articles de blog par mois: 12
• Tutoriels vidéo: 6 par trimestre
• Webinaires: 4 par an
• Engagement de contenu moyen: 15 000 vues

Expériences de marketing personnalisées

Points de données de personnalisation:

Canal de marketing	Taux de personnalisation	Impact de la conversion
E-mail marketing	45% personnalisé	3,2% ont augmenté la conversion
Annonces ciblées	38% personnalisé	2,7% de conversion accrue
Moteur de recommandation	55% personnalisés	4,1% de conversion accrue

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: canaux

Plates-formes de vente en ligne directes

Greenlane exploite les principaux canaux de vente en ligne via:

• Site Web primaire: DailyHighclub.com
• Plateforme directe de commerce électronique: getnorthstar.com

Plate-forme en ligne	Volume des ventes (2023)	Valeur de transaction moyenne
Club quotidien	2,1 millions de dollars	$47.50
Plate-forme Northstar	1,5 million de dollars	$62.75

Distribution de gros aux détaillants

Métriques du canal de gros pour 2023:

Catégorie des détaillants	Nombre de comptes	Revenus annuels
Boutiques de fumée	1,247	8,3 millions de dollars
Dépanneurs	532	4,6 millions de dollars

Marchés de commerce électronique tiers

Partenariats clés du marché:

• Amazon Marketplace: 3,2 millions de dollars de ventes annuelles
• Walmart en ligne: 1,7 million de dollars de ventes annuelles

Suites de fumée et de vape spécialisées

Type de magasin	Partenariats totaux	Ventes mensuelles moyennes
Magasins de vape indépendants	876	$22,500
Détaillants de fumée spécialisés	412	$18,750

Salon du commerce et marketing d'événements de l'industrie

Catégorie d'événements	Événements assistés (2023)	Génération de leads
Conférences de cannabis	12	487 nouveaux contacts commerciaux
Expositions de l'industrie de la fumée / vape	8	329 NOUVELLES contacts commerciaux

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: segments de clientèle

Consommateurs de cannabis

Selon le rapport financier de Greenlane 2022, le segment des consommateurs de cannabis représente environ 45% de sa clientèle totale.

Groupe d'âge	Pourcentage de consommateurs de cannabis
18-34 ans	62%
35 à 49 ans	28%
Plus de 50 ans	10%

Fumer et vapoter les passionnés

Les données sur les revenus de Greenlane en 2022 indiquent que ce segment contribue à environ 35% du total des ventes.

• Dépenses annuelles moyennes par client: 375 $
• Catégories de produits primaires: vaporisateurs, accessoires fumeurs
• Précédent démographique masculin: 68%

Dispensaires de détail

Les dispensaires de détail représentent 22% des revenus commerciaux de Greenlane en 2022.

Type de dispensaire	Nombre de comptes actifs
Dispensaires médicaux	1,247
Dispensaires récréatifs	876

Magasins de tête et magasins de fumée

Ces points de vente traditionnels représentent 15% des segments de clients de Greenlane.

• Nombre total de comptes de magasin de tête actifs: 623
• Valeur de commande mensuelle moyenne: 2 450 $
• Concentration géographique: 70% dans les États de cannabis légaux

Marché de consommation en ligne

Le marché de la consommation en ligne représente 18% des ventes totales de Greenlane en 2022.

Canal en ligne	Pourcentage de ventes en ligne
Site Web direct	42%
Marchés tiers	58%

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: Structure des coûts

Marchandage des stocks

Au troisième rang 2023, Greenlane Holdings a déclaré un inventaire total de 13,2 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Catégorie d'inventaire	Coût ($)	Pourcentage de l'inventaire total
Accessoires fumeurs	7,920,000	60%
Produits de vapotage	3,960,000	30%
Autres accessoires	1,320,000	10%

Entreposage et logistique

Les dépenses annuelles d'entreposage et de logistique pour Greenlane Holdings en 2023 ont totalisé environ 4,5 millions de dollars.

• Location d'entrepôt: 1,2 million de dollars
• Transport et expédition: 2,1 millions de dollars
• Systèmes de gestion des stocks: 1,2 million de dollars

Frais de marketing et de vente

Les dépenses de marketing et de vente pour Greenlane Holdings en 2023 étaient de 6,8 millions de dollars.

Canal de marketing	Dépenses ($)
Marketing numérique	3,400,000
Participation des salons commerciaux	1,360,000
Compensation de l'équipe de vente	2,040,000

Technologie et maintenance des plateformes

L'infrastructure technologique et les coûts de maintenance pour 2023 ont atteint 2,3 millions de dollars.

• Maintenance de la plate-forme de commerce électronique: 850 000 $
• Licence de logiciel: 680 000 $
• Infrastructure informatique: 770 000 $

Personnel et frais généraux opérationnels

Le personnel total et les frais généraux opérationnels pour Greenlane Holdings en 2023 étaient de 12,6 millions de dollars.

Catégorie de dépenses	Coût ($)
Salaires et salaires	9,450,000
Avantages sociaux	2,520,000
Frais opérationnels de bureau	630,000

Greenlane Holdings, Inc. (GNLN) - Modèle d'entreprise: Strots de revenus

Ventes de produits en gros

Pour l'exercice 2022, Greenlane Holdings a déclaré des ventes de produits en gros de 132,1 millions de dollars.

Commerce électronique directement au consommateur

Les revenus du commerce électronique pour 2022 étaient de 23,5 millions de dollars.

Canal de vente	Revenus 2022 ($ m)	Pourcentage du total des revenus
De gros	132.1	84.9%
Commerce électronique	23.5	15.1%

Licence de marque

Les détails des revenus des licences de marque n'ont pas été explicitement divulgués dans les rapports financiers publics.

Ventes d'accessoires et de marchandises

• Ventes accessoires intégrées dans les canaux de vente en gros et de commerce électronique
• Revenus accessoires totaux non signalés séparément

Commissions de partenariat stratégique

Les revenus spécifiques de la Commission non divulgués publiquement dans les états financiers.

Flux de revenus	2022 Revenus totaux ($ m)
Revenus totaux de l'entreprise	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.