Benzinga | Jan 11, 2021 07:16AM EST

Greenlane Announces Dismissal of Class Action Suit with Prejudice

Greenlane Holdings, Inc. ("Greenlane" or "the Company") (NASDAQ:GNLN), a global house of brands and one of the largest sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that a complaint filed on March 6, 2020, with the United States District Court, Southern District of Florida ("the Court"), Case No. 9:19-cv-81259-RKA, has been dismissed in its entirety with prejudice and the case closed.

The plaintiffs in this action had alleged that the Company's registration statement related for its initial public offering contained material omissions and false or misleading statements. The Court's opinion held that Greenlane had "candidly" outlined in clear terms the relevant risks and that the registration statement did not contain false or misleading statements or material omissions. In doing so, the Court deemed the Plaintiffs claims "meritless."

Greenlane is a defendant in a related case in Florida state court and has moved to dismiss that litigation on the same grounds.