Cannabis industry ancillary products company Greenlane Holdings sold its corporate headquarters in Boca Raton, Florida, for nearly $10 million.
According to a news release issued Thursday, the sale is part of Greenlane’s ongoing plan to generate $30 million worth of “non-dilutive liquidity” by the end of the year.
The buyer was listed as ASC Capital.
Greenlane will use the proceeds “to repay the remainder of the $7.8 million mortgage note on the property,” a regulatory filing shows, with the remainder used for general corporate purposes.
The company will continue to work out of the same building but will move to a different suite of offices.
“In today’s hybrid work environment, owning a large HQ building doesn’t make sense for Greenlane and consolidating our office and warehouse footprints will allow us to be more cost-efficient, streamlined, and scalable,” Greenlane CEO Nick Kovacevich said in a statement.
In August, Greenlane announced it was selling off its marijuana packaging division after a 2021 merger with KushCo.
Greenlane’s portfolio includes cannabis smoking and vaporizing accessories, as well as packaging.