Ancillary cannabis company Greenlane sells head office for nearly $10 million

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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.