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

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.


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.