Greenlane Holdings, Inc. (GNLN): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, Greenlane Holdings, Inc., that is attempting one of the most dramatic strategic shifts I've seen in my two decades analyzing markets: ditching the tough grind of cannabis accessory distribution to become a digital asset treasury anchored in the Berachain ecosystem. Honestly, this pivot means their Business Model Canvas is a fascinating, dual-sided document, balancing legacy sales-which brought in about $0.74 million in Q3 2025-with a new focus on yield from their 54.2 million BERA token holdings. It's a high-stakes bet, and to see exactly how they plan to manage both worlds, you need to dive into the nine building blocks below.

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

You're looking at Greenlane Holdings, Inc.'s (GNLN) network of alliances as of late 2025, which clearly shows a dual focus: maintaining its core cannabis accessory distribution while aggressively pivoting toward a digital asset treasury strategy.

Berachain ecosystem and development community

Greenlane Holdings, Inc. has made a significant strategic shift by establishing a digital asset treasury centered on the Berachain ecosystem's native cryptocurrency, BERA. This initiative, branded as BeraStrategy, positions the Company to participate in the Layer 1 blockchain powered by Proof of Liquidity (PoL). The firm raised over $110 million in capital and digital assets through a private placement closing on October 23, 2025, to fund this strategy. This move signals a transformation from its traditional operations, with BERA intended to be the Company's primary treasury reserve asset. The Digital Assets Committee, formed in October 2025 and chaired by Bruce Linton, oversees this operation.

The capital structure from the October 23, 2025, closing of the private placement was detailed as follows:

The BERA tokens are managed actively through staking and other activities to generate yield, aiming to compound growth while the distribution business continues to operate and monetize aged inventory. The stock price reacted strongly to this news, surging nearly 27% in premarket trading on October 19, 2025.

Greentank Technologies and PAX for distribution agreements

Distribution partnerships remain vital for Greenlane Holdings, Inc.'s legacy business of selling premium cannabis accessories and vaporization products. The Company renewed its distribution agreement with PAX on June 4, 2025, maintaining U.S. distribution for PAX's dry herb device portfolio, which includes the PAX MINI and PAX PLUS. Separately, Greenlane inked a U.S. distribution deal with Greentank Technologies on May 21, 2025, to distribute Greentank's full assortment of cartridges and vaporizers, including those featuring the Quantum Chip™ technology. Greentank has a proven track record of over 500+ successful vape brand launches across the United States and Canada.

Here's a look at some of the key product and technology distribution relationships:

• PAX: Distribution renewed for dry herb vaporizers, including the PAX MINI and PAX PLUS.
• Greentank Technologies: Exclusive U.S. distribution for their cartridges and vaporizers featuring Quantum Chip™ technology.
• PAX/Greentank Alignment: Both partnerships leverage Greenlane's established sales, marketing, B2B, and B2C channels.

For context on the core business performance leading up to late 2025, Greenlane Holdings, Inc. reported total revenue from premium cannabis accessories, vape devices, and lifestyle products for the third quarter ended September 30, 2025, of $0.74 million, down from $4.0 million in the prior year period. The gross profit margin for the Company was reported at 56% as of July 2025.

JointCommerce for B2C e-commerce digital marketing

To accelerate scalable, sustainable growth for its premium cannabis brands and wellness products, Greenlane selected JointCommerce as its B2C e-commerce digital marketing platform in July 2025. Greenlane is using JointCommerce's software and proprietary data tools to navigate strict advertising restrictions. This partnership immediately provided access to significant marketing infrastructure.

The JointCommerce platform capabilities include:

• Access to over 200 million first-party canna-curious audience profiles and known purchasers.
• A network of in excess of 150 Cannabis advertising partners in the U.S.
• A track record of delivering over 500 successful marketing campaigns for brands and retailers.

The initial deployment of this platform was completed on Greenlane's vapor.com website.

Safety Strips, Inc. for exclusive U.S. distribution (LOI)

Greenlane Holdings, Inc. entered into an exclusive multi-year agreement with Safety Strips Tech Corp. to distribute their fentanyl, xylazine, and drink spike detection test strips in the United States. While an initial non-binding Letter of Intent (LOI) was announced in August 2024, the subsequent exclusive multi-year agreement in November 2024 solidified this as a key, complementary offering. These ISO 13485 validated products are designed to offer affordable, reliable substance testing to help prevent opioid-related deaths, tapping into a high-margin segment outside of traditional cannabis accessories.

Multi-state operators (MSOs) and licensed cannabis producers

Greenlane Holdings, Inc. continues to serve as a distribution platform for licensed cannabis producers and brands. The company's Q2 2025 report mentioned the addition of new multi-state operator accounts subsequent to the end of the second quarter of 2025, indicating continued engagement with major industry players through its sales and marketing infrastructure. As of September 30, 2025, the Company reported cash and cash equivalents of $1.8 million and no borrowings outstanding, suggesting a focus on operational efficiency and inventory monetization to support its strategic shift.

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

You're looking at the core actions Greenlane Holdings, Inc. is taking as it pivots its entire operational focus in late 2025. Honestly, the numbers tell a clear story of a massive shift from product sales to digital asset treasury management.

Digital asset treasury management and BERA token staking

This is the new engine. Greenlane Holdings, Inc. executed a $110 million private placement in October 2025 to seed this strategy, branded as BeraStrategy. The goal is to become one of the largest publicly traded holders of BERA tokens, managing them for yield via staking on the Berachain network.

• Private placement size: $110.7 million closed on October 23, 2025.
• Proceeds breakdown: Approximately $24.3 million net cash proceeds and approximately $19.0 million in stablecoin proceeds.
• Initial BERA holding: Approximately 54.2 million BERA tokens as of October 23, 2025, valued at an aggregate of approximately $108 million based on the prior day\'s VWAP.
• New leadership: Ben Isenberg appointed Chief Investment Officer to oversee treasury execution.

Global distribution of cannabis accessories and vape products

The legacy distribution business continues, but its financial contribution has sharply declined year-over-year as the company executes its capital-light transition. The operational focus here is on managing the wind-down or maintenance of existing channels.

Strategic inventory monetization and disposition of aged inventory

The shift in focus necessitated a significant write-down of legacy product assets. This activity is now focused on recovering value from existing stock rather than driving primary revenue.

• Non-cash inventory reserve recorded in Q3 2025: $5.0 million.
• Impact on Q3 2025 Gross Margin: Plunged to (692)% due to the inventory reserve.
• Intention: Accelerate the disposition of aged inventory.

Corporate restructuring and operational efficiency enhancement

Greenlane Holdings, Inc. has been actively restructuring its operations to align with the new capital-light model. This included significant corporate actions to maintain exchange listing compliance.

• Q2 2025 Operating Expenses: $3.3 million, representing a 27% decrease from the prior year period\'s $4.5 million.
• Sales Organization Restructuring: Initiated in Q2 2025, shifting the sales framework from gross sales to a commission structure.
• Stock Structure Change: Effected a one-for-seven hundred and fifty (1-750) reverse stock split on June 27, 2025, primarily to maintain Nasdaq listing compliance.
• Debt Status: Reported zero debt outstanding as of September 30, 2025.

Intellectual property (IP) development for proprietary brands

The new digital asset strategy is explicitly framed as moving towards a 'capital-light, IP-driven operating model.' While specific IP revenue figures for late 2025 aren't detailed separately from the declining distribution sales, the IP portfolio remains a core asset supporting the company\'s brand value.

• Brand Portfolio: Owns a diverse brand portfolio and exclusively licensed Marley Natural and K. Haring branded products.
• Marketing Support: Engaged Cannabis Creative Group (CCG) to lead the new marketing strategy for B2B-focused brands.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Greenlane Holdings, Inc. is relying on as it pivots hard into the digital asset space while managing its legacy distribution business. Honestly, the Key Resources section has fundamentally changed since late 2025, shifting from purely physical inventory and distribution to a significant digital treasury component. Here's the breakdown of what matters right now.

The most significant new resource is the digital asset treasury, seeded by a major capital raise in October 2025. This provides immediate liquidity and a new strategic focus. The company closed a private placement on October 23, 2025, which delivered substantial capital to execute this new strategy.

The executive team is now structured to manage this dual focus. You've got new leadership specifically brought in to handle the digital asset treasury strategy, which is a critical resource for governance and yield generation.

• New Chief Investment Officer: Ben Isenberg, appointed to lead the BeraStrategy.
• New Board Chairman: Bruce Linton, who previously led Canopy Growth Corporation.
• New Director: Billy Levy, a capital markets executive.

The distribution network remains a foundational asset, though the focus is shifting to an IP-driven model. Greenlane Holdings, Inc. maintains its physical reach, which is necessary for monetizing aged inventory and supporting the transition. This network spans several key geographies.

The company operates its distribution platform across these regions:

• United States
• Canada
• Europe
• Latin America is also mentioned in their operational scope.

Regarding the proprietary brands, Greenlane Holdings, Inc. offers its own diverse brand portfolio and acts as a third-party brand accelerator. The strategic shift involves moving toward a capital-light, IP-driven operating model, suggesting the intellectual property associated with brands like Higher Standards, Groove, and Pollen Gear is now valued more for its licensing/margin potential than pure volume distribution. Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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.