In the early trading session today, shares of Greenlane Holdings, Inc. (NASDAQ: GNLN) rose nearly 5% to $2.68. This increase followed the announcement of a new distribution partnership, positioning GNLN for potential growth in the substance testing and wellness markets.
Exclusive Partnership for Substance Detection Products
Greenlane (GNLN) revealed a multi-year distribution agreement with Safety Strips Tech Corp (“Safety Strips”) to exclusively distribute its fentanyl, xylazine, and drink spike detection test strips across the United States.
Given that the continuing opioid crisis is driving demand for easily accessible and dependable drug-testing solutions, Greenlane’s strategic aims are in line with its expansion into this product area. GNLN hopes to provide affordable testing strips through this collaboration, which may help stop unintentional overdoses and shield people from drug-facilitated assault.
Greenlane expands its product line and addresses a pressing public health need with the release of these affordable and reliable test strips. With the use of Safety Strips’ technology, people may check substances for the presence of two powerful additives connected to the escalating opioid crisis: fentanyl and xylazine.
New Developments in Inhalation and Wellness Products
A non-binding letter of intent (LOI) was signed last month by Greenlane and CURB Lifestyle, Inc. (“CURB”) to market CURB’s proprietary non-heating inhalation device in Americas, and Europe. CURB’s device is anticipated to be accessible by mid-November 2024 and will be given to dispensaries as a healthier alternative to cannabis use. It will also be marketed on Greenlane’s wholesale and e-commerce channels.
Dedication to Increasing Wellness Offerings
Greenlane intends to work with CURB to provide a variety of wellness items that will complement customers’ everyday activities. These wellness formulas will target health areas such as stress relief, workout recovery, sleep enhancement, and general lifestyle improvement.
Greenlane and CURB’s joint efforts aim to provide versatile options for integrating wellness seamlessly into daily life, further diversifying the company’s product line in a rapidly growing market. Through strategic partnerships and product innovation, GNLN strengthens its position as a comprehensive provider in both substance safety and wellness, addressing pressing consumer demands and public health challenges.