Greenlane Holdings, Inc. (NASDAQ: GNLN) provided an update on its strategy to generate more than $30 million in liquidity, as part of its strategic plan to reduce its cost structure, accelerate its path to profitability, and increase liquidity on a non-dilutive basis.
As previously announced in March 2022, this strategy to generate $30 million in non-dilutive liquidity entails the following primary components:
Securing an asset-based loan to support working capital needs.
Selling the company's headquarters building in Boca Raton, Florida.
Discontinuing and disposing of non-core and lower-margin inventory.
For the past three months, Greenlane has been engaged in an intensive and comprehensive process to select the ideal partner for an asset-based loan that can support its working capital needs. The company is in negotiations with respect to this loan facility, and expects to execute an agreement by early Q3 2022, which is expected to result …