Greenlane reports preliminary Q4 2021 net loss $11-13M; cost cuts and liquidity plans unveiled

Greenlane Holdings, Inc.

Preliminary Q4 net sales $55.5-56.5M, FY2021 net sales ~$165.5-166.5M; gross margin guidance raised to 20-22% for Q4.
Net loss expected $11-13M for Q4 and $53-55M for FY2021; adjusted EBITDA loss $5.5-7.5M for Q4; cash balance ~$12.9M.
Workforce reduction to yield ~$8M annual cash savings; targeting quarterly adjusted SG&A of $14-16M by Q3 2022 (from $26.6M in Q3 2021).
Plans to generate >$30M liquidity via sale-leaseback of HQ, asset-based loan, and disposal of non-core assets.
CMO Adam Schoenfeld steps down effective Mar 31; remains on board. Craig Snyder appointed Chief Commercial Officer effective Mar 28.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Craig Snyder

Chief Commercial Officer

GNLN · Greenlane Holdings, Inc.

Effective: 2022-03-28
Filed: March 10, 2022, 6:59 PM ET

On March 9, 2022, the Board of Directors (the “Board”) of the Company appointed Craig Snyder as the Company’s Chief Commercial Officer, effective March 28, 2022.

Departed

Adam Schoenfeld

Chief Marketing Officer

GNLN · Greenlane Holdings, Inc.

Effective: 2022-03-31
Filed: March 10, 2022, 6:59 PM ET

On March 10, 2022, Adam Schoenfeld, the Chief Marketing Officer and co-founder of the Company and a member of the Board, entered into a Separation and General Release Agreement (the “Separation Agreement”) with Warehouse Goods LLC, a wholly owned subsidiary of the Company, whereby Mr. Schoenfeld’s employment with the Company will be terminated effective March 31, 2022 (the “Separation Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Craig Snyder was appointed as Chief Commercial Officer at Greenlane Holdings, Inc..

Action: appointed
Role: Chief Commercial Officer

Exact text from the filing

On March 9, 2022, the Board of Directors (the “Board”) of the Company appointed Craig Snyder as the Company’s Chief Commercial Officer, effective March 28, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Adam Schoenfeld departed as Chief Marketing Officer at Greenlane Holdings, Inc..

Action: stepped down
Role: Chief Marketing Officer

Exact text from the filing

On March 10, 2022, Adam Schoenfeld, the Chief Marketing Officer and co-founder of the Company and a member of the Board, entered into a Separation and General Release Agreement (the “Separation Agreement”) with Warehouse Goods LLC, a wholly owned subsidiary of the Company, whereby Mr. Schoenfeld’s employment with the Company will be terminated effective March 31, 2022 (the “Separation Date”).

View on SEC.gov

Greenlane Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001743745-22-000007

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