Greenlane Holdings to pursue VeraChain token financial strategy… $110 million private placement

Nasdaq-listed Greenlane Holdings said on the 21st that it will conduct a $110 million private investment in public equity (PIPE) to pursue a VeraChain (BERA)-based digital asset financial strategy.

The deal was led by Polychain Capital, and investors included Blockchain.com, Kraken, North Rock Digital, CitizenX, and DAO5.

According to the statement, Greenlane plans to use the funds to purchase VeraChain's token BERA on public markets and over-the-counter and include them as primary financial reserve assets. The proceeds will consist of approximately $50 million in cash and $60 million worth of BERA tokens, and the transaction is expected to close on the 23rd of this month.

In addition, Greenlane appointed Ben Eisenberg as Chief Investment Officer (CIO), Bruce Linton as board chair, and Billy Levy as a director to execute the financial strategy.

Greenlane said, "We will build financial operations centered on the BERA token, establish transparent asset management, and strengthen cooperation with the VeraChain community." CIO Eisenberg said, "BERA provides a revenue structure different from existing blockchains by monetizing block rewards and has significant potential for institutional growth."

VeraChain is a Layer 1 blockchain based on a Proof of Liquidity mechanism that generates staking yields from corporate revenues within the network.

Founded in 2005, Greenlane Holdings distributes smoking accessories, vape devices, and lifestyle products. It supplies its own brands as well as Marley Natural and K Haring products, and also operates an e-commerce platform.