Under the agreement terms, Greenlane has granted Universal Distribution the exclusive right to promote, market, distribute and sell the Greenlane Brands to retailers for resale in Chile, Uruguay, and Argentina.
Greenlane has also granted the non-exclusive right to its brands via all wholesale channels in other territories in South America, Central America, and Mexico.
Universal Distribution also secured the right to sell certain third-party brand products.
Universal Distribution has committed to sales targets of at least $1.5 million of Greenlane Brands and third-party products in the first year, at least $1.9 million in the second, and at least $2.4 million in the third year.
Price Action: GNLN shares traded higher by 5.25% at $0.33 on the last check Friday.