Greenlane Becomes First U.S.-Based Cannabis Business to List on NASDAQ
Earlier this month, Pryor Cashman client Greenlane Holdings, Inc., a leading distributor of premium vaporization products and consumption accessories, commenced an initial public offering (IPO) of its Class A common stock. On April 18, 2019, the Florida-based company became the first U.S.-based cannabis business to list on the Nasdaq Global Market, trading under the ticker symbol “GNLN.” After its first day of trading, the stock closed up nearly 25%, bringing the company’s market cap to north of $1B. The IPO officially closed on April 23, raising more than $100 million.
Greenlane also owns and operates both Vapor.com and VapoShop.com, two industry-leading, direct-to-consumer e-commerce platforms in North America and Europe respectively.
The Pryor Cashman Team
Partners Jeffrey Johnson, Co-Chair of Pryor Cashman’s Cannabis practice, and Eric Hellige, Co-Chair of the Corporate Group, advised Greenlane on the complex transaction, along with Tax Partner Michael Dunworth and Associates Jennifer Wang, Taylor Weinstein and Bridget Henwood.
