Greenlane

What Greenlane does

Greenlane Holdings, Inc. (NASDAQ: GNLN) is a publicly traded company that has executed a strategic pivot from cannabis accessories wholesale distribution into a Berachain-focused Digital Asset Treasury strategy branded as "BeraStrategy." Originally founded as a cannabis industry distribution company and strengthened by the 2021 acquisition of KushCo Holdings for approximately $130 million, Greenlane operated as a wholesale distributor of premium cannabis accessories, packaging, vape solutions, and lifestyle products in North America and Europe. Following years of operating losses, the company in October 2025 launched BeraStrategy, raising $110 million through a private placement led by Polychain Capital, Blockchain.com, and Kraken to accumulate Berachain's native BERA token.

The core product, BeraStrategy, is a four-layer digital asset treasury approach: (1) accumulate BERA, (2) support Berachain validators, (3) deploy liquidity into on-chain applications, and (4) participate in governance. As of Q1 2026 the company held approximately 77.7 million BERA tokens, representing a 44% increase in BERA-per-share, with validator infrastructure deployed via a strategic partnership with Infrared Finance. The stated annualized staking return is approximately 30%, generating $421K of staking revenue in Q1 2026.

Greenlane's business model combines token-staking yield, DeFi liquidity provisioning fees, and validator rewards earned through active protocol participation, while legacy cannabis wholesale operations continue to wind down (Q1 2026 revenue approximately $0.4 million). The customer base has shifted from cannabis industry wholesale buyers to institutional and crypto-native investors who access BERA exposure through a NASDAQ-listed, SEC-reporting public company wrapper without requiring direct cryptocurrency custody. The company is led by CEO Jason Hitchcock (appointed February 2026, former Head of Business Development at thirdweb) and Chairman Bruce Linton. A 1-for-8 reverse stock split was executed in April 2026 to restore Nasdaq listing compliance.

Name

Greenlane

Legal name

Greenlane Holdings, Inc.

Website

https://gnln.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Greenlane Holdings (NASDAQ: GNLN) is a publicly traded digital asset treasury company operating BeraStrategy, a Berachain-focused strategy that accumulates BERA tokens, supports validators, deploys on-chain liquidity, and participates in governance, while winding down legacy cannabis wholesale distribution.

Ownership category

akta.pro rank

Headquarters

HQ city

Boca Raton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Staking Revenue: Revenue generated from staking BERA tokens in the Berachain network, with annualized return rates of approximately 30%. Q1 2026 generated $421 thousand in staking revenue.
2. Liquidity Provisioning: Providing capital to trading pools, lending protocols, and DeFi applications on Berachain to earn variable fees and incentive rewards.
3. Validator Rewards: Earnings from supporting validators on Berachain network, including influence over how protocol rewards are directed.
4. Legacy Cannabis Wholesale: Traditional wholesale distribution of cannabis accessories and lifestyle products, now in wind-down phase with Q1 2026 revenue of approximately $0.4 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Greenlane operates BeraStrategy, a Berachain-focused Digital Asset Treasury strategy built around Proof of Liquidity, accumulating BERA tokens, supporting validators, deploying liquidity to on-chain applications, and participating in governance to generate yield. The company held approximately 77.7 million BERA tokens as of Q1 2026, generated $421 thousand in staking revenue that quarter, and reported annualized staking returns of approximately 30%. Legacy wholesale distribution of cannabis accessories and lifestyle products continues in wind-down with negligible current revenue.

Product overview

Greenlane operates as a Berachain-focused digital asset treasury company, having pivoted from its historical cannabis accessories business. The core product is BeraStrategy, a four-layer digital asset treasury strategy built around Proof of Liquidity: Layer 1 (Accumulate BERA), Layer 2 (Support Validators), Layer 3 (Deploy Liquidity), and Layer 4 (Govern & Compound). The company also historically developed and distributed cannabis accessories and related products in North America and Europe.

Differentiator

Problem solved

Functional benefit

Brands

• BeraStrategy: Berachain-focused Digital Asset Treasury strategy where capital is deployed into the Berachain network to support validators, provide liquidity to on-chain applications, and engage in governance decisions.

Products and services

• BeraStrategy A Berachain-focused Digital Asset Treasury strategy that accumulates BERA tokens, supports validators, deploys liquidity to on-chain applications, and participates in governance to generate yield through Proof of Liquidity mechanisms. Built for institutional and retail investors seeking on-chain yield exposure through a publicly traded company framework with SEC disclosure.
• Cannabis Accessories Wholesale Distribution Wholesale distribution of cannabis accessories, vaporizers, packaging, and lifestyle products to licensed cannabis operators and retailers in North America and Europe. Operations are in wind-down following the company's strategic pivot to digital asset treasury.

Quantifiable outcome

• 30% annualized staking return rate on BERA holdings
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• Jason Hitchcock (CEO)coreOthers · 18 February 2026Appointed as Chief Executive Officer on February 18, 2026. Former Head of Business Development at thirdweb, a blockchain development platform. Tasked with advancing Greenlane's Digital Asset Treasury strategy within the Berachain ecosystem.
• Berachain Operations CorporationcoreStrategic or Co-development Partner · 9 February 2026Greenlane's wholly owned subsidiary Greenlane Subsidiary Inc. signed Token Purchase and Sale and Token Lending Agreements with Berachain Operations Corporation (Cayman Islands) as part of the Berachain-focused digital asset treasury strategy.
• Infrared FinancecoreTechnology or Integration · 26 January 2026Strategic partnership for validator infrastructure deployment. Infrared operates validators on Berachain on Greenlane's behalf under protocol rules, decentralization requirements, and validator participation framework. Initial deployment of up to 30 million BERA tokens into validators.
• Berachain FoundationcoreStrategic or Co-development Partner · 20 October 2025Berachain Foundation has representation on Greenlane's board, aligning incentives at the deepest level and supporting the company's first-mover position in the Berachain ecosystem.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• MicroStrategy (Strategy): MicroStrategy pioneered the public-company digital asset treasury model by holding Bitcoin on its balance sheet. It is the most established analog to Greenlane's BeraStrategy, demonstrating both the equity-multiple upside and the concentration/regulatory risks of corporate crypto treasuries.
• Coinbase Global: Major U.S.-listed crypto exchange and custodian holding significant crypto assets on its balance sheet. Operates staking infrastructure across multiple protocols and provides the broader regulatory and infrastructure benchmark for Greenlane's DAT strategy.

Direct peers

• Metaplanet: Tokyo-listed public company that has accumulated Bitcoin as its primary treasury reserve asset. Like Greenlane, it uses equity raises and convertible debt to scale its treasury position and offers investors public-market exposure to a specific crypto asset.
• Semler Scientific: U.S. healthcare-turned-Bitcoin-treasury company that pivoted its balance sheet toward BTC accumulation. Direct peer in the small-cap digital asset treasury category with similar capital-markets-driven strategy.
• The Blockchain Group: European public company pursuing a Bitcoin-focused digital asset treasury strategy. Comparable to Greenlane in being a smaller, listed vehicle dedicated to accumulating and yield-generating a specific crypto asset.
• DeFi Technologies: Canadian-listed company offering institutional exposure to decentralized finance assets, including validator and staking infrastructure across multiple protocols. Comparable to Greenlane's active staking/validator deployment within a listed wrapper.

Emerging players

• Marathon Digital Holdings: Public Bitcoin miner with large BTC treasury holdings; pivoted toward active treasury management and HPC/AI. Adjacent peer demonstrating the listed-crypto-asset-holder business model with operational yield components.
• Riot Platforms: Public Bitcoin miner that has accumulated a sizable BTC treasury and recently pivoted into AI/HPC compute alongside crypto holdings. Comparable as a public-listed vehicle with crypto exposure and active yield-generating operations.
• Hut 8 Corp: Public crypto miner and infrastructure operator with Bitcoin holdings and managed services. Relevant comparable for a publicly listed company running yield-generating crypto infrastructure.

Others

• Infrared Finance: Berachain-native liquid staking and validator infrastructure protocol that operates validators on Greenlane's behalf. Direct partner and adjacent ecosystem participant; comparable as a Berachain-focused infrastructure provider.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/gnlnwholesale
• LinkedInlinkedin.com/company/greenlane-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds7 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenlane