Greenlane Holdings (NASDAQ: GNLN) this morning announced the date for the filing of its second quarter financial results. Concurrent will the announcement, the firm also released preliminary data on the quarters results.
Greenlane has revealed that on a preliminary basis, the company has seen net sale of $34.5 million for the second quarter. The results point to a quarter that is effectively flat, in what has been an ongoing trend for the cannabis accessories firm. The firm saw first quarter sales of $34.0 million comparatively, while the fourth quarter of 2020 had sales of $33.9 million, reflecting minimal growth on a quarter over quarter basis.
Gross margins on a preliminary basis meanwhile are expected to come in between 21% and 22%, while the firms cash position is expected to decline from $12.3 million in the first quarter to $11.5 million in the second quarter.
Perhaps most significantly however, the company this morning also suspended its pro-forma outlook provided back in March. The suspension is reportedly related to supply chain issues and the “lingering impacts of Covid-19.” The company had previously indicated that as part of its merger with KushCo Holdings (OTC: KSHB) it anticipated 2021 revenues of between $310 million and $330 million.
The company is expected to release its second quarter financial results on August 17 before the opening of markets.
Greenlane Holdings last traded at $3.64 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
