#1Q3 2021 RESULTS NOVEMBER 2021 greenlane#2GREENLANE DISCLAIMER NASDAQ: GNLN CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation contains, and oral statements made by representatives of Greenlane Holdings, Inc. (the "Company") in connection with this presentation may contain, forward-looking statements that are based on current expectations, forecasts and projections, including (but not limited to): capital market conditions, the current and future performance of the Company's business; the Company's long-term financial targets; growth in demand for the Company's products; growth in the market for cannabis, nicotine and hemp-derived CBD accessories; the Company's marketing and commercialization efforts; and the Company's financial outlook and expectations. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within the control of the Company, that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Factors that could cause results to differ include those set forth in the sections captioned and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the "Form 10-Q") and "Risk Factors" in Exhibit 99.1 to the Form 10-Q. This presentation information includes non-GAAP financial measures such as Adjusted EBITDA and Adjusted EBITDA Margin. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such non-GAAP financial measures. Accordingly, the Company's non-GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them together with the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for the Company's results as reported under GAAP. A reconciliation of non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP is included in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations -Non-GAAP Financial Measure -Adjusted EBITDA" in the Form 10-Q. 2#3GREENLANE CONSUMER GOODS HOW WE LOOK AT THE BUSINESS TODAY SERVES CONSUMERS ACROSS WHOLESALE, RETAIL AND E- COMMERCE OPERATIONS THROUGH PROPRIETARY BRANDS AND 3RD-PARTY PRODUCTS NASDAQ: GNLN INDUSTRIAL GOODS SERVES PREMIER BRANDS, OPERATORS, AND RETAILERS THROUGH WHOLESALE OPERATIONS 3#4GREENLANE H HIGHER STANDARDS C pollen gear A GREENLANE COMPAN GREENLANE BRANDS OUR PORTFOLIO OF OWNED BRANDS REPRESENT HIGHER GROWTH REVENUE STREAMS WITH HIGHER GROSS MARGINS, TYPICALLY IN THE RANGE OF 35% TO 60% *VIBES Rice VIBES VIBES M Hemp *MARLEY NATURAL SOCIAL MEDIA CHANNELS ENCOMPASS BOTH BRANCHES OF THE BRAND cace 1M+ MARLEY NATURAL SOCIAL MEDIA FOLLOWERS* A PAC AEROSPACED K.Haring GLASS COLLECTION C TER STANDARDS/ NDARDEV GROOVE GROOVE GROOVE эк восие NASDAQ: GNLN 4#5GREENLANE EXPANDS STRATEGIC MOAT • Creates defensibility by enhancing intellectual property portfolio • Enhances stickiness with customers • Allows for economies of scale • Enables significant cross-selling opportunities OUR STRATEGY ● EXPAND OUR PRODUCT OFFERING, MARKET SHARE, REVENUE, MARGINS AND PROFITABILITY BY SCALING PORTFOLIO OF PROPRIETARY BRANDS ENHANCES MARGINS AND REVENUE Significant margin accretion and higher-revenue streams • Enhances path to profitability ALLOWS FOR RAPID SCALE WITHOUT NEED FOR FEDERAL LEGALIZATION . Because we are non-plant- touching, we can ship our products globally and scale faster and wider NASDAQ: GNLN VIRTUALLY ONLY GAME IN TOWN Everyone is building a house of brands on the plant-touching side, but hardly any are doing the same on the ancillary side on the same scale as Greenlane • This opportunity is ours to own 5#6GREENLANE DAVINCI ACQUISITION AND COMMENTARY ON PACT ACT ACQUISITION OF INDUSTRY LEADING VAPORIZER BRAND AND DEVELOPER OF AWARD WINNING DAVINCI IQ WILL EXPAND GREENLANE BRANDS PORTFOLIO AND IP PIPELINE DAVINCI DAGANCI DaVinci Acquisition Highlights: ● ● Expands Greenlane Brands portfolio and intellectual property position, which should lead to higher margins and revenue, as well as a stronger defensive moat PACT Act Ruling and Implications: The recently issued final PACT Act rules DO NOT place any restrictions on shipping of products that are used with only dry herbs and solid concentrates (e.g. DaVinci vaporizer) ● NASDAQ: GNLN ● DaVinci estimated to achieve approximately $12 million in sales with product margins of 60% in 2021 Total consideration of up to $20 million (cash and stock), subject to achievement of earnouts (-1.7x sales) Only 12% of Greenlane's sales orders processed in 2021 contained products that are impacted by PACT Act Greenlane's robust compliance infrastructure and operational expertise enable us to continue delivering PACT Act-regulated products to customers efficiently, creating a competitive advantage 6#7GREENLANE 2022 $70M REVENUE 45% GROSS MARGINS 22-28% OF TOTAL REVENUE GREENLANE BRANDS REVENUE OUTLOOK¹ 2023 $100M REVENUE 45% GROSS MARGINS 1) Figures on this slide are estimates, not actual results or guidance provided by management. $45 2021E Greenlane Brands Revenue $70 49% CAGR 2022E $100 2023E NASDAQ: GNLN 7#8GREENLANE In 2021, Greenlane has serviced 22 of the top 25 cannabis operators reporting in U.S. Dollars listed on The New Cannabis Ventures Public Cannabis Company Revenue Tracker¹ Greenlane has strategically positioned itself as a one-stop shop for the largest MSOs in the U.S. cannabis market for their premium consumption accessories and lifestyle product needs, including customized packaging Major players continue to look for high quality service providers as consolidation increases and new state markets open Opportunity to sell higher margin Greenlane-owned branded products to MSOS CRESCO INDUSTRIAL GOODS OPPORTUNITY WITH U.S. MSOS CRESCO CRESCO CRESCO WALANG CRESCO CRESCO 609 524 907 QUARTERLY U.S. CANNABIS SALES² ($M) TOP 10 MSOS BY MARKET CAPITALIZATION 1,076 11 ¹New Cannabis Ventures public cannabis company revenue tracker: https://www.newcannabisventures.com/cannabis-company-revenue-ranking/ 2Source: FactSet as of September 28, 2021. Based on combined reported quarterly revenue for fiscal year 2020 and fiscal year 2021, and combined analyst estimates for fiscal year 2021 and fiscal year 2022 for the following companies: Curaleaf Holdings, Inc., Green Thumb Industries Inc., Cresco Labs, Inc., Trulieve Cannabis Corp., Verano Holdings, Ayr Wellness Inc., Ascend Wellness Holdings, Columbia Care Inc., Harvest Health & Recreation, Inc., and Jushi Holdings Inc. 1,246 71% CAGR 1,970 1,556 1,751 2,172 NASDAQ: GNLN 2,342 2,508 2,641 |||||||||||| Q1'20A Q2'20A Q3'20A Q4'20A Q1'21A Q2'21A Q3'21E Q4'21E Q1'22E Q2'22E Q3'22E Q4'22E 8#9GREENLANE greenlane +KUSHCO CLOSED TRANSFORMATIVE MERGER WITH KUSHCO, CREATING THE UNDISPUTED LEADER IN THE ANCILLARY CANNABIS INDUSTRY Q3 2021 HIGHLIGHTS $41.3M NET SALES 0% GROSS MARGIN¹ 16% YOY SALES GROWTH 21% ADJUSTED GROSS MARGIN 1) Includes one-time inventory rationalization adjustments of approximately $8.7 million implemented in connection with the closing of the merger with KushCo Holdings, Inc. NASDAQ: GNLN 26% YOY GREENLANE BRANDS GROWTH $13.2M CASH BALANCE 9#10GREENLANE 1) $ in millions, unless otherwise noted NET SALES SALES OF GREENLANE BRANDS GROSS PROFIT¹ GROSS MARGIN1¹ ADJUSTED GROSS PROFIT ADJUSTED GROSS MARGIN G&A NET LOSS ATTRIBUTABLE TO GREENLANE ADJUSTED EBITDA Q3 2021 FINANCIAL SNAPSHOT CASH Q3 2021 $41.3 $8.4 $0.1 0.3% $8.8 21.3% $15.4 $(16.3) $(6.9) $13.2 Includes one-time inventory rationalization adjustments of approximately $8.7 million implemented in connection with the closing of the merger with KushCo Holdings, Inc. Q3 2020 $35.8 $6.7 $2.5 6.9% $6.8 19.1% $10.7 $(4.5) $(6.3) $30.4 NASDAQ: GNLN 10#11GREENLANE THANK YOU! INVESTOR CONTACT: NAJIM MOSTAMAND, CFA INVESTOR RELATIONS [email protected] NASDAQ: GNLN#12GREENLANE $ in millions, unless otherwise noted Net income (loss) Adjustments related to product rationalization to increase inventory turnover of slow-selling products [1] Legal, professional fees and insurance expenses related to M&A transactions [2] ADJUSTED EBITDA RECONCILIATION Equity-based compensation expense Allowances for uncollectable vendor deposits incurred in connection with management's strategic initiative [1] Depreciation and amortization Other (expense) income, net [3] Non-recurring system implementation and website-development expenses [4] Restructuring expenses [5] Interest expense Provision for (benefit from) income taxes Obsolete inventory charges related to management's strategic initiative [1] Loss related to indemnification asset not probable of recovery [6] Adjusted EBITDA THREE MONTHS ENDED SEPTEMBER 30 2021 ($28.7) $8.7 $4.5 $3.8 $1.7 $1.2 $0.9 $0.5 $0.4 $0.1 NASDAQ: GNLN ($6.9) 2020 ($13.8) $3.2 ($1.0) $0.8 $0.6 ($0.4) $0.5 $0.1 $0.2 $1.1 $2.2 ($6.3) Note: Amounts may not add due to rounding 1] Includes certain non-recurring charges related to management's strategic initiative. These adjustments were incurred liquidate inventory on hand and on order, rationalize product offerings, improve inventory turnover of slow-selling products and vacate warehouse space for products with higher margin and marketability, along with synchronizing post-merger sales and inventory strategies. 2] Non-recurring M&A legal, professional services, Directors and Officers insurance costs relating to the KushCo merger. 3) Includes rental and interest income and other miscellaneous income. 4] Includes non-recurring expenses related to multiple software implementations, including the ERP implementation; along with non-recurring website development expenses. 5) Includes severance payments for employees terminated as part of transformation plans and post-merger restructuring expenses 6) Adjustment to reserve allowance for indemnification receivable from ARI's sellers primarily due to decrease of outstanding payable resulting from lower-than-expected interest and penalties. 12