Greenlane Holdings, Inc. (NASDAQ: GNLN) is witnessing a notable dip in its stock value during today’s pre-market trading. Currently, GNLN shares have fallen by 4.57%, trading at $5.64. This decline follows a substantial 32.81% surge in the previous trading session, which saw the stock rise to $5.91. The earlier increase was fueled by recent announcements concerning a major new product launch.
Greenlane Announced New Product Launch and Distribution Agreement
Greenlane (GNLN) announced that it will be launching a new line of test strips under the Safety Strips, Inc trademark. These test strips are intended to identify drugs that spike drinks, such as xylazine and fentanyl.
The company’s online retail platforms and wholesale site will take orders for these items starting on September 25. Shipments are expected to commence on October 1. A non-binding letter of intent to act as Safety Strips’ sole US distributor for drug detection test strips was also announced by Greenlane in August.
The Opioid Crisis Effects
In the past several years, there has been a notable increase in the opioid problem. The number of drug-related deaths in the United States increased from 17,500 in 2000 to about 106,000 in 2021, according to SHADAC.ORG. Of these overdose deaths, nearly 71,000 have been linked to synthetic opioids, specifically fentanyl.
The widespread effects of fentanyl also extend to other drugs, including as prescription opioids, cocaine, and methamphetamines, all of which are frequently linked to overdose events.
Greenlane Is Combating the Overdose Events
Greenlane, with its vast sales, marketing, and distribution network, aims to mitigate the overdose problem. It is expected that the collaboration between GNLN and Safety Strips would make accurate, easily navigable test strips with a broad variety of substance detection capabilities more widely available.
The company’s commitment to public safety in the face of the ongoing crisis is reflected in this project, which is in line with Greenlane’s goal to avoiding accidental overdoses and shielding people from drug-induced date rape.
