Greenlane Holdings, Inc. (GNLN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos acessórios de cannabis e tabagismo, a Greenlane Holdings, Inc. (GNLN) surge como uma potência estratégica, transformando a maneira como os entusiastas descobrem, compram e experimentam produtos de fumar e vaping premium. Ao tecer um modelo inovador de negócios que abrange a distribuição atacadista, as plataformas de comércio eletrônico e as parcerias de marca de ponta, a Greenlane se posicionou como um fornecedor abrangente de soluções em um cenário de mercado em rápida evolução. Sua abordagem exclusiva combina seleções de produtos com curadoria, engajamento digital e experiência no setor para oferecer valor excepcional em vários segmentos de clientes.

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: Parcerias -chave

Fabricantes de acessórios de vape e cannabis

A Greenlane Holdings colabora com vários fabricantes para diversificar seu portfólio de produtos:

Fabricante	Categoria de produto	Detalhes da parceria
PAX LABS	Dispositivos de vaporização	Direitos de distribuição exclusivos para vaporizadores premium
Storz & Bickel	Vaporizadores de ervas	Distribuidor norte -americano autorizado

Redes de distribuição de varejo

Greenlane mantém parcerias estratégicas com:

• 420 lojas de fumaça e cabeça de varejo em todo o país
• Dispensários independentes de cannabis
• Lojas de fumaça especializadas

Plataformas de comércio eletrônico

Os canais de parceria digital incluem:

Plataforma	Canal de vendas	Tipo de parceria
Amazon	Acessórios	Marketplace de vendedores de terceiros
Vapor.com	Marketplace de vape online	Plataforma de vendas direta

Fornecedores da indústria de cannabis

Os principais relacionamentos do fornecedor abrangem:

• Provedores de matéria -prima
• Fabricantes de embalagens
• Fornecedores de equipamentos de extração

Provedores de serviços de marketing e tecnologia

As parcerias de tecnologia e marketing incluem:

Provedor	Tipo de serviço	Foco de colaboração
Agências de marketing digital	Publicidade online	Estratégias de envolvimento do consumidor
Empresas de tecnologia de comércio eletrônico	Integração da plataforma	Otimização do canal de vendas

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: Atividades -chave

Distribuição por atacado de acessórios de fumo e vaping

A partir do quarto trimestre 2023, os acessórios distribuídos de Greenlane em várias categorias de produtos:

Categoria de produto	Canais de distribuição	Alcance estimado do mercado
Acessórios para fumantes	420 lojas de varejo especializadas	37 Estados dos EUA
Dispositivos vaping	Plataformas online	45 parceiros de varejo
Acessórios de consumo de cannabis	Lojas de fumaça especializadas	22 Jurisdições dos EUA

Design e desenvolvimento de produtos

Investimentos de desenvolvimento de produtos para 2023:

• Orçamento de P&D: US $ 2,3 milhões
• Novo produto SKUS lançado: 127
• Tamanho da equipe de design: 18 profissionais

Gestão da cadeia de abastecimento

Métricas da cadeia de suprimentos para 2023:

Métrica	Valor
Taxa de rotatividade de inventário	4.2x
Países de fornecedores	7
Locais de armazenamento	3 centros de distribuição

Plataforma digital e operações de comércio eletrônico

Métricas de desempenho de comércio eletrônico:

• Receita de vendas on -line: US $ 24,6 milhões
• Tráfego do site: 1,2 milhão de visitantes mensais
• Taxa de conversão de comércio móvel: 3,7%

Parcerias de marca estratégicas e aquisições

Detalhes de parceria e aquisição para 2023:

Tipo	Número	Investimento total
Parcerias de marca	12	US $ 1,7 milhão
Aquisições estratégicas	2	US $ 3,5 milhões

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: Recursos -chave

Extenso inventário de produtos

No quarto trimestre 2023, a Greenlane Holdings mantém um inventário de produtos avaliado em aproximadamente US $ 14,2 milhões. O inventário da empresa inclui:

• Acessórios para fumantes
• Produtos de vaporização
• Dispositivos de consumo de cannabis
• Estilo de vida e produtos de consumo alternativo

Categoria de produto	Valor do inventário	Sku contagem
Acessórios para fumantes	US $ 5,6 milhões	1.250 itens únicos
Produtos de vaporização	US $ 4,3 milhões	850 itens exclusivos
Dispositivos de cannabis	US $ 3,2 milhões	600 itens exclusivos
Produtos de estilo de vida	US $ 1,1 milhão	350 itens exclusivos

Infraestrutura de distribuição

Greenlane opera a Centro de distribuição de 33.000 pés quadrados Localizado em Braselton, Geórgia. A instalação suporta:

• Distribuição nacional de produtos
• Recursos de envio no mesmo dia
• Sistemas de gerenciamento de inventário

Portfólio de marcas

Greenlane gerencia várias marcas com presença significativa no mercado:

Marca	Foco do produto	Quota de mercado
Padrões mais altos	Acessórios para fumantes premium	7,2% de participação de mercado
Sulco	Dispositivos de consumo de cannabis	4,5% de participação de mercado

Recursos de vendas e marketing digitais

A infraestrutura digital inclui:

• Plataformas de comércio eletrônico Suportando vários canais de vendas
• Orçamento de marketing digital de US $ 1,2 milhão anualmente
• Mídias sociais seguindo as plataformas: 250.000 seguidores combinados

Relacionamentos e conhecimentos do setor

Greenlane mantém relacionamentos com:

• Mais de 375 parceiros de varejo
• 48 Estados Cobertura de distribuição
• Parcerias com 125 marcas de maconha e acessórios para fumantes

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: proposições de valor

Fumando premium e acessórios de vaping

A Greenlane Holdings oferece acessórios de fumar e vaping premium com o seguinte posicionamento de mercado:

Categoria	Valor do produto	Segmento de mercado
Vaporizadores	Faixa de preço de US $ 75 a US $ 350	Consumidores de cannabis e tabaco adultos
Acessórios para fumantes	Faixa de preço de US $ 20 a US $ 250	Usuários recreativos e médicos

Gama diversificada de produtos

As categorias de produtos incluem:

• Dispositivos de vaporização
• Tubos de água de vidro
• Acessórios para fumantes
• Dispositivos de consumo

Seleções de marca com curadoria de alta qualidade

Greenlane representa 45+ marcas premium nas categorias de consumo, incluindo:

Categoria de marca	Número de marcas	Contribuição da receita
Vaping	18 marcas	42% da receita total
Acessórios para fumantes	22 marcas	35% da receita total
Consumo de cannabis	5 marcas	23% da receita total

Design inovador do produto

As inovações de design se concentram em:

• Designs de vaporizador ergonômico
• Tecnologias avançadas de controle de temperatura
• Dispositivos de consumo portátil
• Acessórios discretos para fumantes

Solução abrangente para cannabis e entusiastas do tabagismo

Métricas de posicionamento de mercado:

Métrica	Valor
Skus total do produto	7.500+ itens exclusivos
Valor médio de vida útil do cliente	$325
Taxa anual de retenção de clientes	38%

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: Relacionamentos do cliente

Suporte ao cliente online

A Greenlane Holdings fornece canais de suporte ao cliente digital com as seguintes métricas:

Canal de suporte	Tempo de resposta	Disponibilidade
Suporte por e -mail	48-72 horas	Segunda a sexta-feira, das 9h às 17h est
Bate -papo ao vivo	15-20 minutos	Horas limitadas durante dias úteis
Suporte telefônico	Imediato	Horário comercial limitado

Engajamento digital através da mídia social

Estatísticas de engajamento de mídia social:

• Seguidores do Instagram: 25.000
• Seguidores do Twitter: 10.000
• Seguidores do Facebook: 15.000
• Taxa de engajamento médio: 2,3%

Programas de lealdade e recompensas

Detalhes do programa de fidelidade:

Nível de programa	Porcentagem de recompensas	Compra mínima
Bronze	3% de reembolso	$100
Prata	5% de reembolso	$250
Ouro	7% de reembolso	$500

Conteúdo educacional e informações do produto

Métricas de distribuição de conteúdo:

• Postagens do blog por mês: 12
• Tutoriais em vídeo: 6 por trimestre
• Webinars: 4 anualmente
• Engajamento médio de conteúdo: 15.000 visualizações

Experiências de marketing personalizadas

Pontos de dados de personalização:

Canal de marketing	Taxa de personalização	Impacto de conversão
Marketing por e -mail	45% personalizados	3,2% aumentou a conversão
Anúncios direcionados	38% personalizados	2,7% aumentou a conversão
Mecanismo de recomendação	55% personalizados	4,1% aumentou a conversão

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: Canais

Plataformas de vendas on -line diretas

Greenlane opera os canais de vendas on -line primários por meio de:

• Site primário: DailyHighClub.com
• Plataforma direta de comércio eletrônico: getNorthStar.com

Plataforma online	Volume de vendas (2023)	Valor médio da transação
Clube Alto Diário	US $ 2,1 milhões	$47.50
Plataforma Northstar	US $ 1,5 milhão	$62.75

Distribuição por atacado para varejistas

Métricas de canal por atacado para 2023:

Categoria de varejista	Número de contas	Receita anual
Lojas de fumaça	1,247	US $ 8,3 milhões
Lojas de conveniência	532	US $ 4,6 milhões

Mercados de comércio eletrônico de terceiros

Principais parcerias do mercado:

• Amazon Marketplace: vendas anuais de US $ 3,2 milhões
• Walmart Online: US $ 1,7 milhão de vendas anuais

Lojas de fumaça e vape especializadas

Tipo de loja	Total de parcerias	Vendas mensais médias
Lojas de vape independentes	876	$22,500
Varejistas especializados de fumaça	412	$18,750

Feira de feira e marketing de eventos do setor

Categoria de evento	Eventos comparecidos (2023)	Geração de chumbo
Conferências de cannabis	12	487 novos contatos comerciais
Exposições da indústria de fumaça/vape	8	329 novos contatos comerciais

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

Consumidores de cannabis

De acordo com o relatório financeiro de 2022 da Greenlane, o segmento de consumo de cannabis representa aproximadamente 45% de sua base total de clientes.

Faixa etária	Porcentagem de consumidores de cannabis
18-34 anos	62%
35-49 anos	28%
Mais de 50 anos	10%

Entusiastas fumantes e vaping

Os dados de receita de 2022 da Greenlane indicam que esse segmento contribui com aproximadamente 35% do total de vendas.

• Gastos anuais médios por cliente: US $ 375
• Categorias de produtos primários: vaporizadores, acessórios para fumantes
• Predominantemente demográfico masculino: 68%

Dispensários de varejo

Os dispensários de varejo representam 22% da receita comercial da Greenlane em 2022.

Tipo de dispensário	Número de contas ativas
Dispensários médicos	1,247
Dispensários recreativos	876

Lojas de cabeça e lojas de fumaça

Esses pontos de venda tradicionais representam 15% dos segmentos de clientes da Greenlane.

• Número total de contas ativas da loja de cabeças: 623
• Valor médio mensal do pedido: US $ 2.450
• Concentração geográfica: 70% nos estados legais de cannabis

Mercado de consumo online

O mercado de consumo on -line representa 18% das vendas totais da Greenlane em 2022.

Canal online	Porcentagem de vendas online
Site direto	42%
Mercados de terceiros	58%

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: estrutura de custos

Compras de inventário

No terceiro trimestre de 2023, a Greenlane Holdings registrou um inventário total de US $ 13,2 milhões, representando uma parcela significativa de seus custos operacionais.

Categoria de inventário	Custo ($)	Porcentagem do inventário total
Acessórios para fumantes	7,920,000	60%
Produtos vaping	3,960,000	30%
Outros acessórios	1,320,000	10%

Armazenamento e logística

As despesas anuais de armazenamento e logística de Holdings Greenlane em 2023 totalizaram aproximadamente US $ 4,5 milhões.

• Aluguel de armazém: US $ 1,2 milhão
• Transporte e envio: US $ 2,1 milhões
• Sistemas de gerenciamento de inventário: US $ 1,2 milhão

Despesas de marketing e vendas

As despesas de marketing e vendas para a Greenlane Holdings em 2023 foram de US $ 6,8 milhões.

Canal de marketing	Despesa ($)
Marketing digital	3,400,000
Participação na feira	1,360,000
Compensação da equipe de vendas	2,040,000

Manutenção de tecnologia e plataforma

Os custos de infraestrutura e manutenção de tecnologia para 2023 atingiram US $ 2,3 milhões.

• Manutenção da plataforma de comércio eletrônico: US $ 850.000
• Licenciamento de software: US $ 680.000
• Infraestrutura de TI: US $ 770.000

Pessoal e sobrecarga operacional

O pessoal total e a sobrecarga operacional para a Greenlane Holdings em 2023 foi de US $ 12,6 milhões.

Categoria de despesa	Custo ($)
Salários e salários	9,450,000
Benefícios dos funcionários	2,520,000
Despesas operacionais do escritório	630,000

Greenlane Holdings, Inc. (GNLN) - Modelo de negócios: fluxos de receita

Vendas de produtos por atacado

Para o ano fiscal de 2022, a Greenlane Holdings relatou vendas de produtos por atacado de US $ 132,1 milhões.

Comércio eletrônico direto ao consumidor

A receita de comércio eletrônico para 2022 foi de US $ 23,5 milhões.

Canal de vendas	Receita 2022 ($ m)	Porcentagem da receita total
Atacado	132.1	84.9%
Comércio eletrônico	23.5	15.1%

Licenciamento da marca

Os detalhes da receita de licenciamento da marca não foram divulgados explicitamente em relatórios financeiros públicos.

Vendas de acessórios e mercadorias

• Vendas de acessórios integrados nos canais de atacado e comércio eletrônico
• Receita de acessório total não relatada separadamente

Comissões de parceria estratégica

Receita específica da Comissão não divulgada publicamente nas demonstrações financeiras.

Fluxo de receita	2022 Receita total ($ m)
Receita total da 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.