How Come Greenlane Holdings (GNLN) Stock Is Surging?

The stock of Greenlane Holdings Inc. (NASD: GNLN) rose 8.57% to $2.15 after the company announced management changes. GNLN has been fluctuating between $1.99 and $2.30 trading 0.62 million shares at the last check.

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GNLN has made what changes?

The management team at Greenlane Holdings (GNLN) has undergone exciting changes today. From January 1, 2023, Craig Snyder, Greenlane Holdings’ current President, will assume the position of CEO. GNLN’s current CEO, Nick Kovacevich, will become Chief of Corporate Development and will continue to oversee the company’s key corporate development initiatives, as well as execute the previously disclosed liquidity plan. In addition to his new role, Mr. Kovacevich will continue to serve on Greenlane’s board of directors.

Become a leading consumer brand company in the cannabis ancillary sector, as Greenlane moves forward into its next chapter. In addition to handing over the reins to Craig, I intend to stay with his team and add value to Greenlane in my new role as a chief corporate development officer,” said Nick Kovacevich, CEO of Greenlane. “Craig has the right background and skill set for where the company is headed.

Besides the planned change of CEO, GNLN has also announced that it is considering changing the existing Board of Directors as well. In order to provide guidance and oversight as the company undergoes this important business transformation, the Nominating and Corporate Governance Committee of the Board is currently evaluating potential candidates with relevant skill sets in CPG as well as technology.

In order to position Greenlane for success in these endeavors, Management and the Board are excited to make changes together to create the premier ancillary consumer brand business in the global cannabis market. The industry continues to face challenging macro-dynamics, but GNLN has stayed committed to maximizing its business capitalization, driving toward profitable growth, and bringing in the right talent to meet the needs of the business today and tomorrow.

Reforms to GNLN’s assets:

In accordance with GNLN’s previously announced liquidity plan, the company’s headquarters building at 1095 Broken Sound Parkway, Boca Raton, Florida has recently been sold. Greenlane Holdings (GNLN) closed the sale for $9,950,000 on September 22, 2022. The company will remain located in the same building and move to Suite 100.