Greenlane (NASDAQ:GNLN) stock is skyrocketing on Monday after announcing a letter of intent for the exclusive sale of new testing strips in the U.S.
Greenlane has partnered with Safety Strips to sell fentanyl, xylazine, and drink spike detection test strips, offering quick and affordable testing options for consumers.
The Safety Strips are easy to use, requiring only a simple water mixture and a 15-second dip of the strip. Results are visible within five minutes, with one line indicating a positive result and two lines showing a negative result.
CEO Barbara Sher expressed excitement about the partnership, stating, “Safety Strips products are an innovative addition to our product portfolio, and we plan to leverage our strong distribution, operations, marketing, and sales teams to support the brand.”
GNLN Stock Movement Today
Following this announcement, GNLN stock has seen heavy trading with over 25 million shares traded, significantly higher than its daily average volume of 53,000 shares. The stock is up an impressive 210.4% as of Monday afternoon.
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Analysis:
Greenlane’s exclusive agreement with Safety Strips has led to a significant surge in its stock price, demonstrating the market’s positive response to the partnership. The introduction of innovative testing strips for detecting harmful substances like fentanyl and xylazine can have a significant impact on consumer safety and the company’s revenue growth. Investors should keep an eye on how this collaboration unfolds and its potential implications for Greenlane’s future performance in the cannabis accessories market.