Greenlane Holdings, Inc., one of the largest global sellers of premium cannabis accessories, today announced it has entered into a definitive agreement to acquire Conscious Wholesale, a European wholesaler and retailer of consumption accessories, vaporizers, and other high-quality products.
The acquisition will immediately expand Greenlane’s global footprint through its complementary product portfolio, comprised of premium brands such as Firefly, Davinci, PAX and Storz & Bickel, and existing distribution channels throughout Europe. In addition, Conscious Wholesale operates a retail shop in the Netherlands as well as e-commerce websites, including Vaposhop.com.
In addition to its acquisition of Conscious, Greenlane has also entered into an agreement with UK-based Access Fulfillment for logistics services, further enhancing Greenlane’s ability to deliver products to customers throughout Europe.
Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer said: “The addition of the Conscious Wholesale platform, Dutch retail shop Azarius, and e-commerce site Vaposhop.com immediately provides us with a strong and established foothold in Europe and creates opportunities to expand the distribution of both our third-party suppliers and house brands.
“These businesses are highly synergistic with our existing distribution, retail and e-commerce capabilities, and are led by a talented team with a strong culture that is an excellent fit with Greenlane. We look forward to driving growth, further broadening our geographic presence and delivering value for our shareholders.
“Our partnership with Access Fulfillment is expected to significantly expand our access to the European market and, coupled with the Conscious Wholesale acquisition, accelerates our global growth and reach.”
Sanne van Oosten, Conscious Wholesale’s Co-Founder and Director said: “Our entire team is excited to join Greenlane to significantly expand our combined global reach and market leadership. “We have built a platform in Europe that, in connection with Greenlane’s broad product portfolio, is well positioned to drive growth across all of our markets.”
The acquisitions are expected to be immediately accretive to annualized net earnings following the close of the transaction. On a consolidated basis, the acquired businesses generated £9.6m of revenue during calendar 2018.