- Earnings call transcript Q3 2022

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Operator

Good afternoon, and welcome to today's conference call to discuss Greenlane Holdings Third Quarter 2022 Financial Results. A press release detailing the financial results for the quarter ended September 30, 2022 was distributed earlier this morning and is available on the Investor Relations section of the Greenlane website at investor.gnln.com.

As a reminder, today’s conference is being recorded. A replay of this call as well as a copy of the supplemental earnings slides will be archived on the company's IR website at investor.gnln.com.

On the call today are Nick Kovacevich, Chief Executive Officer; Darsh Dahya, Chief Accounting Officer; and Craig Snyder, President.

to would contain remind may forward-looking forward-looking in Greenlane prepared that make begin, statements may received. remarks statements response we like listeners to today's additional Before questions the and management statements not placed should not undue be future and upon performance, These therefore, do reliance them. guarantee company's and statements discussed other the expectations in are inherent involve today's current on and These release. factors risks based press of management and uncertainties live time contains the sensitive information November only speaks of this also that date as of call broadcast, XXXX. XX, This cause that the ended are report Form quarterly December Factors XX, September Annual and to set ended forth Greenlane’s filed and months on could results in on XXXX, previously differ Form in XX-K Report SEC. release year XXXX materially for XX-Q the today’s with for press XX, three Greenlane’s the or this as statements today, of update Greenlane assumptions forward-looking today Any result made a are of events. these based on obligation as call information assumes future to statements no and on new

During of today’s reconciliation gross EBITDA. at a Investor turn discuss included which Kovacevich, measures, the call, press in in of Chief company’s would Greenlane investor.gnln.com. Mr. website section to of now has Officer like available go release, the I and to ahead, financial the Please may over adjusted today’s SG&A margin, is Greenlane Greenlane. non-GAAP call Relations adjusted measures management these Nick included Executive adjusted Nick. non-GAAP

Nick Kovacevich

third you our for quarter thank Hello, attending earnings and XXXX everyone, call.

in to and key setting beyond. continue initiatives, this up We great XXXX for success progress make our on

we long recent accomplishments and importantly, also initiatives the Today, today's more to the on QX, will in several our obviously how will results the and benefit results make indicators Liquidity our initiatives. we not liquidity represented some will from macro fully but progress is extremely environment in However, in continue these strong road. we discuss down efforts and the until believe financial Greenlane of quarters results lagging many be important run. those of of discuss are our

our interest base excess of the previously previously we brought $XX capital. raise monetizing which off First, assets, headquarters such To sale financial, non-core as with our inventory, million $XX in are of of LLC, have a Two, we Vibes, pleased European Florida. loan. to building E&O in various sale our disposing accordance in Boca our securing one plan the XXXX million and plan, update our million of asset announced Raton, and on includes assets everyone $XX three, non-dilutive over to in company date, written

raise of is our In participation to strong the million. announced non-dilutive progress offering. investors addition this extremely so in recent a see plan were and XXXX difficult, challenging encouraged recently environment the capital to we $X.X gross institutional offering in public for proceeds on to our of Raising from capital, closing we

we labor significantly well public as Greenlane less not far our capital Office investment to Lastly, run while we our behind. plan further from reduce on capitalized management Lease, our has XXXX area. focus, streamline growth inventory XXXX far to the higher being consumer success County significantly million which plan our run inventory and remaining Liquidity capital, margin save where to will approximately business. cost executing the be non-dilutive business by $XX to industrial of we words, right profitability. on other QX been working the inventory In company which company should business meaningful the and which September throughout our believe overall intend with continued business XXXX properly believe number the inflect into will a to allow looks $X.X to the is We to in plan business hand. our financing our reduction we on raise previously from Orange announced of recent we believe this annual exposure our we can have the in overhang, to the annually. combined position The million with over million one driving removed offering free and focus the up exit exit can were reducing now in force, to packaging by We required make with $XXX,XXX reduces couple QX able businesses, items the notable our profitable, expense cutting progress $X.X a and rightsizing

will cost Our continuing we business, to smaller, efforts of for exit to of lower provide transform completely in to rationalize our significantly house business. plans as a Greenlane more every model our packaging brands including a profitable operations, aspect XXXX

focused remain expenses, managing and to margins. expanding our reducing our continue will We on liquidity,

by we grow. overall expect However, design, not revenue do to

believe our third on at large it shops cannabis valued in fact, move In or the necessarily help cash decrease via vapor.com margin industry, or finding either with are and we own profitability our us more Moreover, in revenues national our needle platform not presence rejecting is we margin are for revenue, Leaf business brand are and DTC Two, sites. mom looking our and other consumer increasingly will pop customer new Well And storefronts one, large new than with much We for? revenue Trade, sites a at expect also high and portal smaller focused with bigger via higher wholesale.greenlane.com party areas, are revenue, more margin plan. ways MSOs in all accretive via large smoke can. our especially high the like Walmart, Amazon, shops revenue, producing packaging. that sites, others revenue revenue business with We who products. three, on or C-store chains head like to e-commerce and doesn't automated ideally goals. from consumer adding What website and us sustainable to brands costs, comport our many achieve being models company from and house revenue many we alone our strategic past. the

So expect top more main we is one to all to as revenue our created revenue to summary, some that is not in equal, channels, drive being profitability. strategic The from continues not overall goals. accretive shed to Greenlane revenue and work contributing our line

are lot covered Las recent the at We MJBizCon. in our as our we And today Vegas in prepared a annual earnings most conference, are industry keeping live remarks call. QX brief we actually largest

out Craig's to recent cadence we be have progress, pour Greenlane institutional sector like the legislative point However, in my Snyder before the that over Maryland with have the of over progress continued cannabis, point as control business recent to of to looks President overhangs. the in a Officer the transition with. pivoting done call to if future for capitalizing by quarter. to properly we turning Greenlane allow in what shovels to If would our expands recipient to through and the to reducing date, Craig control, the not midterm and stellar start performance, can will developments industry. Biden's expenses in Pardon. into tailwinds. industry and industry work providers federal of but any control of that our With their outsize leadership a tremendously. overdue for with windfall end as and look will to of intellectual our due strong federal removing to believe I property. what brand we our from made our opportunity Darsh, of Two, reform proud Senate, which cannabis I value fact positive long for have XXXX. position the to future remain One, I with strides into the we form company path industry Darsh, three, clear to back Chief positions the extremely over made and of Greenlane brand call consumer democratic margins the for over CEO And finally to turn higher turning I to tide a and Greenlane Missouri role the the Combined is the moving can benefit go like in never year, in efforts the an performance extremely we light model from And the to the of financial the Accounting and picks now only am the into profitability be our optimistic capital We legality. that, We Recent I team, keeps, has a closer. financing that a toward entire owned felt under benefit political garner higher third federal believe can will

Darsh Dahya

Thanks, Nick.

cash net company's XXXX million of XX.X XXXX. tightly year. through XX% and third including XXXX the statements QX faced by discuss primarily the the echo XX.X the As earlier details Revenues in XX.X of we decreased driven and we or transitioning million This during decline the to quarter. want the balance was million. QX cash during of quarter, challenges its to team's third restricted prior liquidity with activities XXXX, I a company the compared with quarter the a in efforts ended efforts third managed of navigate the during increase third regards to million, the revenues, Despite X.X the from to with quarter the

for XX, and were the brands. to Gross due XX.X reduction third $XX.X XX% compared decreased post-merger to September brand from This consumer in million. The down $XX.X million focus part XXXX to in party the in KushCo was margin margin was to party from XXXX. higher decreased brands sequentially Revenues offset away Greenlane brands months and X% million, X.X our on period Third three by ended million. for transition XX.X to of strategy XXXX sales sales same partially sales third-party million. lower increased proprietary QX

in million Salaries, benefits gain of X% administrative gross were obsolete including second a rationalization ongoing the from XX% downs. XXXX during excluding and the write XX% offs XXXX. quarter, margins in efforts, of write quarter, $X.X XX% on second quarter. inventory was to associated quarter and during the and inventory third the Sequentially, payroll Excluding corresponding gross sequentially XX% General million or XXXX. the million $X.X product assets in net decreased quarter XX% were the of million sold quarter taxes during $X.X and down with margin damaged during versus expenses post-merger $X

the prior Excluding were this from million, $XX.X gain, quarter. reported increase million in a the G&A X% $XX.X sequential expenses

in reductions discussed goodwill plans across accretive October of existing to reflecting reduce highly a seen but as million, industry, that our aggregating Greenlane pre-announcement, market our well recorded cap. new Consistent $XX.X we small a As offering lower intangible very and portfolio. asset impairment the and cannabis brands and our our we charge brands subset product as XX are with third-party to

loss in positive the first in $XX.X company's XXXX the including used helped $XX.X net from our activities expenses was cash XXXX same with versus $X.X the cash the quarter Cash and second and $XX.X cash $XX.X of million Boca in the depreciation company's amortization $XX million in offset million of of the expenses, of million flow from million the operating cash XXXX. quarter, loss financing million million the Raton, quarter $XX.X $XX.X in the cash million The first ending included by $XX.X restricted for first transactions including The flows XXXX from third operating million the impairment $X.X million XXXX largely for activities quarter in XXXX. sale and of Florida. the impairment in related from of million of quarter. was XXXX. and September inflow $XX.X charge. for versus XX% XXXX XX, investing at the provided Cash of of prior nine These of in third for VIBES, goodwill the the million which versus million related months outflow activities was proceeds $XX.X activities nine headquarters were resulted flows nine Excluding XXXX acquisitions. operating interest down million, $XX.X in was during XXXX net and Net of to in XXXX. balance, The to used period at was months resulting disposition $XX.X of the in million to a an months $XX.X

headquarters During million, senior with the company an its lender quarter, earlier. with towards sale improving of structure company $X XX. closed a company's by as efforts The $X $XX million financial on repaid connection securing the August over an the mentioned loan also of as secured mortgage completed which owed well million its the asset-based as

million deplete to million result saw QX of versus the by adjusted as company's in The to which the a the was to of EBITDA million decrease Looking was the lower driven as strategic during adjusted year, everyone XXXX. XXXX. we turn loss portion sheet, inventory decrease versus designed the in inventory, $XX.X well third of for $XX.X I'd company's in period call. purchases $XX.X Thanks company's quarter of a for of was million nine $XX XXXX XX, company like the third-party, loss as the move lower margin balance back revenues. the over initiatives, XXXX the The with in XXXX its quarter, of products significant same Q&A. the call quarter September the as for operator inventory the for EBITDA for $X.X third months to joining million to ended through

Operator

is our coming Global first like Looks Aaron Partners. Instructions]. question [Operator Alliance from with Grey

Aaron Grey

to XXX levels, a the the K do savings the is from question sales you mark with office, would levels profitability? the And And and SG&A are first what call you with from you'll you September expect about to at associate initiatives to the that be all then my believe hit X.X what once realized? SG&A spoke what that? do need you savings So reach GMs with

Nick Kovacevich

be we dash reductions obviously well, is costs. the sale business. look as and well. When we have that's see We're working into I X This annually to cost those our of upon by that going say, to to we moves. just we're reductions. some into line Craig those reduce speaking. But approximately, of those to here consolidate We're that's one to revenue, be the the serious store we plus key. is going exiting jars, storage of XX% in look, as packaging, when Nick out down makes think significantly another as to really reduce million on XXXX, able as start And save Because be going hard let's though of we to footprint. terms even We our think driven about able packaging warehouse. can to take up bulky warehouse with we'll XX% right? space it So, business,

annual -- the million in yeah, savings. So provided X almost

business. Just But consolidation the that Office coming with getting much then upon space into selling packaging consumer out Cyprus moving another of K. final bigger and XXX savings there's was

terms half if know So, have more kicking I that sort of haven't expected will we a target to XXXX. put we the question has of if And anything. we be specifically. that in else in we out Craig the on color see results what but -- of there anything back of when But colleagues to add don't hopefully, full provide my can

that. we're As of to do now, unable

Just out sort fully year be adding that put to of those reductions back recognized. and half for them of to we the

Craig Snyder

This Craig. is

make goal next be more year. we business SG&A and our -- precise our align one which through. margin think of that sure and by then cost to just the through I And of to profitability. we're Nick build that is work try help labor to way any do reaching certainly gross to packaging midpoint that the that The is it net will of talked tried

we through to the going also to and net SG&A wise, wise, with think do try tried well to the and then revenue gross E&O, we've as we're of work be divestiture labor margin to any with work where that. So, the

contemporary went other that those also a you business of entities things integration and went -- company. probably way And required entity. place, unique if is a It integration. in pretty expensive in The that a with acquired public the merger. take a especially to are there is number Many acquisitions know, as itself two ICE it through European proposition of And are you're a through things. the before

to the what the the integration part accounting move through be it So that D-XXX, of management. system whether move I'll inventory to or largest we've one worked call

fees XX% and to way So that make of I'd through businesses that's expenses the quickly. we to consulting some and and of say a went we're sure those perspective. the a from alignments related IT chops the needed have of the technical traditional services those systems, where Because didn't transitions lot the

is our that profitability next accelerate and to on that news feel completed half things good hidden of we too going case some year. integration there largely the the second there's through side like of are So the are

Aaron Grey

difficult second And and brands your keep there and can the giving margin making you margin margin there? regarding question are the that the maybe up sub-distributors issues to brands? Are that it own to use more on brands? business the of supply then third-party the attractive brand with and consumer outlook the chain business, between some Or side is break that my to there out speak due the third-party any

Nick Kovacevich

It’s I'll Nick. take part. the first

only margin segment. on In it's to have that you you some to aggregate in in hit the depending Xx in excess to cases, have very at try an retail you sell the a I would any channel sometimes product. develop, looking house about goal. which sub point. basis product you can close of be margin, how XX% when can be it we And the talk we not margin an it's different the sell products, sell selling in Xx a or you're gross our That's difference margins or margin. the say but it it. on on distribution our been to, whether to you're So, good And the expect

that haven't going And or being previous some well the where so as prevent side logistic from to the little there's sourced dropped. logistics tailwind manufactured in seen of have goal. a costs far from hitting bit anything that's pressure Off-course us of

goal that's there. our So

what a be call their you're market, will third-party the in goods for incentivized normalized side, I through think, seeing where sales consumer companies On other this I'll space. move more, the

XX%. market. MDF also that goal well. basis aggregate get is we a into margins as net can our now which and on this and That's making returns we that think of seeing we're funds at see And that the and next do an marketplace, on XX% to benefit. working we in are upwards you'll that's to of like and goal to combining channels well year and continue rebates, segments and So We're performing sure our think things we in the can, business, selling both it that flow

Operator

Fortune The ROTH Capital from Partners. question Scott coming is next with

Scott Fortune

and the are inventory mentioned how working a been much product where kind in mind more for at with do of inventory, here, you You've that level quick, down to while off on going down, you you about XX at talking little Real level rationalization? and a with that forward XXXX? that inventory of work like working that a down old but through to are you about into get kind to that have to million, that get here getting you

Nick Kovacevich

can Being This we commentary going and Hey, forward, but the a the that this after about prepared did be Craig able think talked climate, for But with I not remarks. capital fund is institutional because I attract preferred to his speaks volumes giving like Yes. is liquidity of team, able to lot what difficult the the thanks to Nick. dilution. to of I'd capital. a company of look, way We part for as were going start that. do that's Scott, question. a in mine, plan. our the very obviously we the raise

going have going be like run consumer what with business have several to right? and would I around somewhere million at that higher down initiatives maybe half That's really in to that to I we base. -- we going today. our can consolidate XX core significantly what day. than think, total we're to inventory the we inventory, consumer us our So of really We're we're literally to is that help do do, we're mean,

business, smarter this obviously if margin And down going produce Now even that there. are obviously, grow we're of the much that less with really the we'd lower sale a to So big higher, we to But grow business, we and business run business, the far more energy levels, to we're the and So with to margin. go today at not the going because our like can with business you're to packaging have same, get which inventory. the that's business more at business, be right? business, industrial margins ways if the consumer our the looking packaging would if than and CECL current run inventory sales reduction inventory producing we that's right? need you higher

we're our that overhang million we million And we're inventory we're we reduce like that's are where going why of $XX of If really pretty of keep managing coming for more say And that's not then needed on to We're some and raise we with know going that's to entire inventory, business working cash amount But to together working keep $XX try a should we've that. to that going confident business We're yes, more over And So going divesting capital. back what financing XXXX. there's need to our is to were this to we that course And to doing that lead the into time. business. the to been get quite feel packaging overall the capital. out our carry. stock capital. money. people play

were we secure to the with the we funds offering. public did So able

in invest to it's back very going able us into of Now Craig to run we we the into intend fruits do in back half over going some and see turn of where these going are under those working inventory come capital naturally to back of sort fuel initiatives, get business which XXXX. business that's areas reduce to that bring to be play good product the watch the us profitability, position to in I'd a efforts money it's able Craig, going that And are and of put today. we it the to to new this to leading to to is

I'd to that be my going XXXX Craig helm he's comment again, that's But as the sense. plan. leading taking like So and

Craig Snyder

even retained had revenue rationalization, number working about we XX% the of So rationalization. the with year, we that brand about was about with the that had business down brands that previously. you is XXX And that at the XX. The of asked to beginning

of focus. matter a been it's So

XX% go colors You that rationalization sort. during SKU to about SKUs probably that that XX% decreased the by of another I think we variations even assume And through and process. will should based on

So the focused. more catalog or you has tighter will gotten if set list much you and much, much will if our

of the next have between QX kind three The out almost of a majority, we and we set are too that of In products, of end proprietary roughly goal dozen will products terms mid-twenties year. the new fault. come new dual vast And got products those launch. part there is to probably

a good reach We leader the marketplace very products have always we been very accordingly. in high-end the high where there they end priced -- and are are of the

you that into the move that And approachable sacrifice I mid but even reason for call high down at of technology market the us EYCE the people of think are these and will a part see meet we a very is, place, founders each DaVinci the the the the I'll that of of not lot for at and high-end and the utility products. beginner taking many developed the segment the segment what the learnings were that to just market -- that segment. products

the So mid-tier well. beginner bring segment, each in as we that we markets the segment advance are approachable, that affordable, very and very have products will in and in the can therefore are products the segment segment into

not focus well. right the they internally. too have as that hitting they one, twofold sure, only higher on fold, come the so then So much we segments but the making new down that really margins brand in products better And are for making are rationalization focused

segment in concentrated are the not So or one other. we

Scott Fortune

for then here. you kind or of opening be space. the up come discussions your one, me. things, here And be you more seems of discussions movement a e-commerce the side real kind update more provide cannabis are could that e-commerce down of quick kind just board having on strategic helpful. partners What that are moving the weather lot we Can on seeing in But would legislation

Nick Kovacevich

Sure.

think is, the probably Europeans little you I one their acceptance in are us a see product what here bit of ahead the set. that of

at and to lead like there Amazon play other course. MercadoLibre and able we've continues there. have But looking eBay world is the to the be there, we role. significant And partners of that advance players kind So around are Then a been Flipkart Walmart driver. also

Priest as in it answers God pray says we Paris is. think time I our and

think way regulatory I legislation. government the with it's same

own we one done in We example go of are pieces applied place, our to transparency that the which Amazon our are things with and is that, products. you an the for to all brand have for with all so are give ready prepared really protection we around putting And of program, our we allows products. able to labeling the which be the good we score DSR the a we thing, score of case That advertising in requires product down, in which is buy case we'd all in or the the goes own box there, helps snickering it because particular drive own that which that segment. a and

perspective. vapor.com Shop from have pop from both revamps, targeting now assets, through an not e-commerce gone platforms, a and through also put Vapo and are through it and perspective but we So perspective into up only e-commerce a going tremendous are amount we our -- the of SEO energy going an

drive revenue on in you ads nice fourth or start So see hoping to we're where spend. quarter, to the a that hit

And has Da it's of start Vinci that each end ICE site probably kick or sitesum, whether then QX. gone metrics. the will brand in improvements to of and So through or the others, their

are on our of it stead of the because the So on margins done, product the than so of be one sold whether one that's of question lot important there's sub the if related it, some earlier, it of of here we early acceleration our brand year. in be that And whether sites third distribution the there can really of is or site, it in to things a that next websites, kind one whether be distribution. foundational do aggregator much the of been Aaron's kind aggregators, better part party a one is or doing groundwork of

also why want that's kind across balance us. important of very to we the those have of So nice segments and to they're marketplace

Operator

question Jefferies. Instructions] The Bond with is coming from [Operator Andrew next

Andrew Bond

to in back you for number for just industry MSO can to pressures. sure Owen terms maybe initiatives question. how the Bennett, MSO just or detail might doors tracking with Could going on give now general especially more if just that more consumer looking little on number for two? that's Bond just or give brands the the working margin or segment? thoughts, on customers MSOs, Have of Not thanks exact sales Andrew increase, the the of amid you your last for or that, retailers in can be given ways own quarter initiative metrics of our taking line some of a additional you, capture seen any cannabis you

Nick Kovacevich

start I'll one. So with that

out. you the MSOs have look, And that feeling and trying the are the things for but bit been MSOs that, a very through M&A routes, they triaging there. happening have and them opportunity today, or purchasing right? some a generally leaf the problem So, consumer to simultaneously They're you market, in are of right, busy you'll What's a pointed board busy. recognize huge store integrations sites right? of Everybody's all also So procuring doing instances, products the like absorb trade other we've a out pretty been managers different. no shocks as and the is know, the as of through sort that or through is are wholesale.greenlane.com board in across MSOs where with different online

some petty and and have telling kind district have to local pulling and these some the of have but you'll You'll the cash It's cash scattered. register type of relationships, carry enterprise folks do spread out. go down the to budtender store by really that of accessories. to that are Or it's glass managers out

uniform creating To that MSOs are also experience They're benefiting across consistent get right? these at customer footprints. a deserve larger not not retail ever-growing scale. breaks their they their price the from So scale, the

have and thing other that we the That's just recognize recognize visibility, you their and, people conversations for having and having a problem has in very with if those purchasing, about the that they No, bunch they don't the have Is spend Greenlane thing it's recognize Las problem come So on of we're they is. is problem into visibility a don't live it here received. that in we're right? wonderful different conversations, that have the them, it their what a That's MSOs where highest that well list? but they and Vegas, solution. solving you

business, this promising hopefully from conversations that of be resonating of as are these the the the dynamics It we all well. talking program of as the out. again, rolling of And are for mentioned, is this terms And the perfect so one about, be that's products, a market seen of and comprehensive our report that we all could consumer in as that Massachusetts, and into cost even more pressure. for you that pivoting that's underway on like what That's strategically MSOs it's our products pivoting the the quite Greenlane brands, products, publicly the into and in right, They're getting business, not mentioned, right? them one that consumer we just that's MSOs when more have larger the is So then on it’s meaningful. in we've industrial too to of to I'm is it under Illinois really out work landing, margins getting significant we're us saw the be and right? they're opportunity, side business. it's But MSOs then Everybody actually the of opportunity. those a extremely not some small. products, very right? while, time just you on right? the do focused. but ordering just that's MSOs, And ago, Greenlane getting in various their traded to well. pressure, that that but consumer I for announce business, capacities, generally, able like most that's opportunity We're specific No. that, And customers, pressure compression business spelled that in Greenlane better precipice the of today? programs We pretty you packaging offers. going not that's and that's because So We too are MSOs, now, starting this of generally? we're on energy which Are an these – CCELL was under under which us. when long When broad, precipice really where said Right, markets of don't we'll but And past. on are climate, of be accessories, some come obviously We're the pretty you the margin right? strong own with the for some could markets always been actually an reasons a

in doesn't happen much saw retail see presence going on this a know side, in we're to into Greenlane in. them Canada. Canada. huge the and in really got have so the lean mean, eroded leaned market more We consumer I Canada we products. quickly they've And

that here So to advantage it going and of take coming. to it's we're when effect the U.S. comes

I part. business that's more revenue dynamics current into move now side, the chain on play opportunity from to under becomes on going coming is of supply right the more more smart so increasing the price moving pressure, and margin side our think and as part industrial and be these climate a really And that's a the which accretive consumer a out

And that. with so to to lot but I and valuable can't beneficial Sure. financials, and to business, comprehensive to don't we successful it to to We're just extremely the a Do going ago? opportunity, a we're to I the we especially again, again, anything speaks and but It's large what little end value. promise right? position there, it our don't for the but gives in at else's I in solution MSOs, These know know making wish all the be like solution look adding We how customers, lead phenomenal lot all MSOs, business and it's timing, do in the like, to ultimately underway. you're just the a -- two it's good position if Greenlane things laid program position. have months the a but right? is be of channels. and us add. that on and works. in I very to to very, the prepared in But I months to is what already able of offer and relationships offering time, place. capitalize be know Greenlane to it little bit happened fast quarters. with, And that that have a the our able Craig, we're it to is those in the, going going discussed, result we who Things the happen think our going talked excitement also we're scale, a the a just take think And at we that have long-term passion coming for the future I and those of you extremely especially over the sure that's And out is control

Craig Snyder

Yes.

that or foot, that fundamental retail rates, and opportunity is really a of The And the of is to consider an it's MSOs goal rolling a each school to realize type driving engaged in all per order metrics. fundamental driving think of number old the you're store a And lot quite how come average I bit. aware they're up I'll has driving hard is cannabis working stores what commodity they're a up of though even M&A end stores. contemporarily attachment the now they well brands. of run the think, I and value, going decide revenue square

worked feel some part more week, model months to last you if moving the lot driving in out. very them there that's metric. we're this and And at And because are that that we've one along play think products, merchandising. with So where all we of and what the role a specifically the we're for foot a of of things But you'll on or on consistent one few them multiple square the important brand revenue work I of that things preparation, merchandising like towards them closely. have the can a placements scope done we've of whether with six see this and merchandising you it's and they see have scale brands, in look a that that is an help show

Operator

[Operator floor turn in I'd for any have remarks. to back no like to the Instructions] further We questions queue. closing management

Nick Kovacevich

us live here we setting as Greenlane’s you. know and know of Vegas, are Thank mentioned I in cannabis for you a the for lot up dialing making industry. in. success traveling are Las And making analysts been the XXXX, time. it's Obviously been rough for MJBizCon. a in adjustments, thank you guys at all I appreciate year here XXXX. I our

are we as like are platform scale mentioned, Again, right? still it appreciate Nobody and we unrivaled, are. offering that. what we there doing think So is us out really at doing as everybody I we I our is doing bearing with

year this consuming are So year prior. than away? industry going is every More people cannabis Absolutely not. the

times. those we positioning So future then to able is that very be And feel respect. get in the we these the on bright that. business are and through to tough to about future And opportunities, capitalize good

end industry at suite because that I Aaron Bottles, at earnings was involves So running be actually as call from research again, it it'll it's company I coverage was through step is Craig, at with be years When appreciate hanging going publicly-traded will my of that. bitter to This back the being that Grey and around for down And ever CEO. the X Kush analysts. think to in everybody last the and me, first us us the cannabis transition a Vivian. exactly and company really time have year

And I XXXX, here with skill so are his set. where thinking it's I'm going what Right, I'm Craig, for done. back on been. But the ride well his vision and staying not the his company in leadership company is aligns believe and really Greenlane.

and safe, my these here just happy we really to leadership. development We're talk bright. in do excited. holiday Vegas. of around. a in soon. I the new thank the last supported and your good you. week. it CEO, Hope means here to supported the to issue see and analysts rest has warm But corporate very I some telling just Las And look to of you role, will Bottles guys calls. to guys And we model, our very you future to want me I'm Kush as that you of seeing involved are I a story to be call stay to we as I'll appreciate, some and Greenlane, we a forward hope and community, appreciate support supported again, in transition to investor and as great So here world be company for still transition you the guys me, Stay Thank new everyone continuing The is to season everybody as going

Operator

This conclude today's gentlemen. Thank call. you, does and conference ladies

you your your You and may phone day. for this disconnect Thank participation. time wonderful a have lines at

Greenlane (GNLN) 16 Nov 222022 Q3 Earnings call transcript