Why Greenlane Holdings Stock Is Soaring
Portfolio Pulse from Erica Kollmann
Greenlane Holdings, Inc. (NASDAQ:GNLN) shares are soaring after the company announced a non-binding letter of intent to be the exclusive U.S. distributor of Safety Strips, Inc.'s fentanyl, xylazine, and drink spike detection test strips. The stock's recent 1-for-11 reverse split and high short-interest are contributing to the volatile price action.
August 12, 2024 | 3:32 pm
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Greenlane Holdings shares surged 220% following the announcement of a non-binding LOI to be the exclusive U.S. distributor of Safety Strips' detection test strips. The recent 1-for-11 reverse stock split and high short-interest are contributing to the stock's volatility.
The announcement of the exclusive distribution agreement is a significant positive development for Greenlane Holdings, potentially expanding its product portfolio and market reach. The recent reverse stock split and high short-interest are likely amplifying the stock's price movement.
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