In other recent news, Greenlane Holdings has reported significant developments in its financial and operational strategies. The company has effectively reduced its U.S. vendor accounts payable by nearly $4.4 million, strengthening its financial position. Greenlane has also restructured its debt, achieving a reduction of approximately $617,000 and extending its maturity.

The company has made strategic moves in product distribution, entering into a multi-year partnership with Veriteque USA, Inc. and Safety Strips Tech Corp. to distribute their field test kits across the U.S. Furthermore, Greenlane has signed a non-binding letter of intent to distribute CURB Lifestyle’s patented inhalation device across various markets.

Greenlane has issued a $3.2 million convertible note to Cobra Alternative Strategies, providing immediate capital with potential for equity conversion. The company also plans to raise $6.5 million for working capital and general corporate purposes by issuing over 2.3 million units, with Aegis Capital Corp. serving as the exclusive placement agent.

In a show of confidence, CEO Barbara Sher recently purchased 12,500 common shares. Lastly, Greenlane has announced a one-for-11 reverse stock split of its Class A common stock. These are recent developments in the company’s ongoing growth initiatives.

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