Greenlane Holdings, Inc., GNLN a leading global retailer of high-end cannabis accessories, child-resistant packaging and specialty vaporization products, reported its financial results as of late Monday for the fourth quarter and full year ended December 31, 2022.

highlights

The company’s total revenue for 2022 declined 17.4% to $137.1 million compared to $166.1 million in 2021.

Greenlane has taken several actions to align its fundamentals and streamline its operations to achieve profitability in 2023. These actions include restructuring the industrial business, repaying debt, executing cost reduction initiatives and reducing adjusted SG&A by 11.8%.

The company also launched its Groove product line and expanded its global omnichannel strategy by partnering with distributors in Latin America, Mexico, Puerto Rico and Argentina.

Craig Snyder, CEO of Greenlane, acknowledged that the company had a difficult year in 2022 and did not live up to expectations. However, the company has implemented a transformation strategy to achieve profitability that includes demonstrating tangible proof points, product innovation and disruption, and advancing its global omnichannel strategy. Greenlane intends to focus on efficiency, scalability, leverage and consistent margins in 2023.

The company has already reported sales growth in Q1-23 compared to Q4-23 and plans to launch 23 proprietary products in 2023.

Strategic partnerships with channel partners in Latin America, Canada, Puerto Rico and Mexico will enable the company to reach consumers worldwide without establishing offices in those locations. With these initiatives, Greenlane is optimistic about its path to success in 2023.

financial overview

• Net sales for fiscal 2022 were $137.1 million, down 17.4% from fiscal 2021.
• Gross profit was $24.9 million, or 18.2% of net sales, in 2022, compared to $33.9 million, or 20.4% of net sales, in 2021.
• Cash on hand totaled $12.2 million and working capital was $41.0 million as…