Greenlane Holdings, a Florida-based provider of cannabis accessories, said Tuesday it agreed to purchase portable vape manufacturer DaVinci in a deal worth up to $20 million.
According to a filing with the U.S. Securities and Exchange Commission, Greenlane will pay for the acquisition through a combination of cash and stock.
The company expects the deal to close in the fourth quarter.
Greenlane shares trade on the Nasdaq as GNLN.
“This acquisition perfectly illustrates our mission of elevating all elements of the consumption experience, and we look forward to building on our recent success of acquiring strategic and accretive brands,” Greenlane CEO Nick Kovacevich said in a news release, adding that the company has a “robust pipeline of acquisition targets.”
Greenlane’s portfolio already includes ancillary brands such as Pollen Gear, the K. Haring Glass Collection by Higher Standards, Vibes rolling papers and Marley Natural, according to the release.
Greenlane also owns and runs online e-commerce platforms Vapor.com and Vaposhop.com.
Greenlane merged with Kushco in March and since then has raised at least $32 million from selling stock and warrants.
