Cannabis firm Greenlane slumps as Q3 results miss estimates

Greenlane Holdings

16/11/2022 13:50

** Cannabis retailer Greenlane Holdings Inc's shares
 GNLN.O  slump 10% premarket to 46 cents 
    ** Co reported Q3 loss of $11.43/shr vs analysts' avg.
estimate of a loss of $1.20/shr - Refinitiv IBES Data
    ** Co's Q3 sales missed analysts' expectations
    ** Brokerage Roth Capital Partners says co's results reflect
tighter consumer spending amid difficult macro backdrop
    ** Adds co is looking to divest its packaging division as co
foregoes certain revenue opportunities as it focuses on cost
cutting and profitability 
    ** Roth Capital Partners expect muted revenue growth in FY23
    ** Four of five brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $6
    ** Up to Tuesday's close, stock had fallen 97.4% compared
with a 27.3% decline in the Nasdaq Industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))