Cannabis company Greenlane Holdings, Inc. (NASDAQ: GNLN) reported a third-quarter net loss of $9 million Friday, compared to from $100,000 one year ago.
The larger loss was mainly because of a higher cost of sales, bigger depreciation and amortization expenses and investments in people and equipment, the company said in a press release.
Adjusted EBITDA was a loss of $3.4 million for the quarter versus an adjusted EBITDA gain of $900,000 in the same quarter in 2018.
Greenlane also posted quarterly net sales of $44.9 million, up 3% from $43.6 million in the third quarter of 2018.
Greenlane's board approved a stock repurchase program for up to $5 million in Class A common stock, the company said.
“In the third quarter, we continued to focus on our three strategic pillars of growing our supply and packaging business, enhancing our portfolio of owned brands, and expanding our direct-to-consumer operations to drive sustainable long-term growth,” Aaron LoCascio, Greenlane’s chairman and chief executive officer, said in a statement.
"Although we experienced some impact to sales of JUUL and other vaporization-related products related to regulatory uncertainty and the reports of acute liquid vaping-related health conditions, our core business remains strong, which going forward will be a larger focus of our strategy."
The stock was trading 3.7% higher at $4.06 at the time of publication.