As the cannabis industry continues to revolutionize, companies in this space are looking to do whatever it takes to continue to optimize their businesses and stay at the top of their game. With the clear goal of achieving this, the global brand house and one of the largest sellers of premium cannabis accessories, Greenlane Holdings, provided a few days ago an operational and integration update and major changes in its leadership department to optimize the cost structure of the business and streamline the organization.
Among these updates, it was reported that Aaron LoCascio stepped down as president on December 31 and will remain as a member of the board. As a co-founder of Greenlane and a major shareholder, LoCascio will continue to invest in the company’s continued future success.
That being the case, he said he would provide the company with an $8 million bridge loan in an effort to support organic growth-related initiatives. Although he is no longer a key part of the leadership department, LoCascio says he remains committed to the company and will do whatever he can to ensure that its growth continues unabated.
Since the merger was closed, LoCascio has been a key player in cross-functional collaboration and alignment within the executive leadership team, while continuing to lend his vast institutional knowledge and experience in consumer goods. In an effort to continue to share his contributions and expertise in guiding the company into the future, LoCascio will continue to play a key role on the Board of Directors.
“It’s been a wonderful 16 years starting, pioneering, and scaling Greenlane into the preeminent ancillary cannabis leader it is today,” said LoCascio. “I am truly proud to have worked alongside such passionate team members who give it their all to continue raising the bar for our customers, partners, employees, and shareholders-each and every day,”
Another major change revealed was that co-founder Adam Schoenfeld will move from his current position of CSO to CMO, eliminating the previous position effective December 31, 2021. Through this appointment, the company believes it will better streamline the organization, allow for direction, reduce overhead and help create more focused marketing to help drive Greenlane’s proprietary brands.