Greenlane Holdings (NASDAQ: GNLN) is a company that pivoted from lifestyle accessories distribution to a digital asset treasury strategy centered on BERA, the native token of the Berachain blockchain network. Revenue generation shifted following a $110.7 million private investment in public equity transaction completed in October 2025, led by crypto-native investors and supported by the Berachain Foundation, which provided capital for accumulating and deploying BERA tokens. The legacy business, which distributed vaporizer accessories and consumer lifestyle products through vapor.com and related channels under brands including Higher Standards, Aerospaced, Groove, Pollen Gear, Marley Natural, and Keith Haring, continues to operate at materially reduced scale via an asset-light drop-ship structure after warehouse operations were substantially exited in 2025. As of March 17, 2026, the company employed eleven full-time staff, concentrated in treasury, finance, compliance, technology, and limited e-commerce support. Greenlane has never paid a cash dividend and does not expect to in the foreseeable future.

Revenue model

Post-transformation, the primary capital allocation model centers on BERA token accumulation and deployment as a digital asset treasury strategy. Residual e-commerce revenue is generated through an asset-light drop-ship model via vapor.com and related channels. The company received cash, stablecoin proceeds, and BERA tokens through the October 2025 PIPE transaction.

Products and services

Digital asset treasury holdings in BERA (Berachain native token); legacy e-commerce sales of lifestyle accessories through vapor.com operating under owned brands Higher Standards, Aerospaced, Groove, and Pollen Gear, and licensed brands Marley Natural and Keith Haring.

Customers and end markets

The filing excerpts do not specify customer counts, customer concentration, or end market breakdowns for the current operating period.

Value-chain role

Digital asset treasury operator for BERA tokens; residual asset-light drop-ship reseller of lifestyle accessories and vaporizer-related consumer products.

Geographic exposure

Primarily U.S.-based operations, with one employee in the Bahamas as of March 17, 2026.

Source: SEC 10-K, filed 2026-03-31

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