Not long ago, Greenlane Holdings had announced the formalization of the merger with KushCo, and it seems that strategic moves are not long in coming. The fast-growing company announced two days ago that it was able to reach an agreement to acquire DaVinci, a leading developer and manufacturer of premium portable vaporizers. While the move appears to be quite interesting, no terms of the deal have yet been disclosed.
DaVinci has been very popular over the past few months, mainly because of its Clean First innovation, which employs medical-grade materials and total quality manufacturing processes. This allows it to ensure cleaner technology when its products are developed. Following the launch of its award-winning IQ vaporizer in 2016, the company’s products have begun to expand considerably.
Nick Kovacevich, the CEO of Greenlane, says he is very pleased with the accomplishments that DaVinci has achieved so far, which has put it in a great position with respect to portable vaporizer innovation. He says he and Greenlane, in general, are happy to open the doors and incorporate it into their extensive portfolio of own brands. “This acquisition perfectly illustrates our mission of elevating all elements of the consumption experience, and we look forward to building on our recent success of acquiring strategic and accretive brands. As we continue to execute on our robust pipeline of acquisition targets, we aim to ensure our customers have a best-in-class product selection while driving profitability and shareholder value by increasing our higher-margin owned brand offerings,” he added.
At the moment, the acquisition is still subject to traditional closing conditions, but should everything go according to plan, it is expected to close in the fourth quarter of 2021. Once that happens, Greenlane’s revenues and earnings are expected to start climbing further up the ladder to the sky.