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Greenlane (NASDAQ:GNLN) stock is rocketing higher on Monday alongside a letter of intent for the cannabis accessories company to sell new testing strips in the U.S.
Greenlane has reached an agreement with Safety Strips to act as the exclusive seller of the company’s fentanyl, xylazine and drink spike detection test strips. This allows for quick and affordable testing for fentanyl, xylazine and spiked drinks.
The Safety Strips only require the substance to be mixed with water and the strip to be dipped for 15 seconds. After five minutes it will show if the water was compromised. A single line shows it is while two lines are a negative result.
Greenlane CEO Barbara Sher said the following about this agreement.
“We are excited and proud to provide Safety Strips affordable and highly accurate tests with trace level fentanyl and xylazine detection capabilities to our customers throughout the U.S. Safety Strips products are an innovative and complementary addition to our extensive product portfolio, and we plan to leverage our strong distribution, operations, marketing and sales teams to support the brand.”
GNLN Stock Movement Today
With this news comes increased interest and heavy trading of GNLN stock. This has more than 25 million shares traded as of this writing. For comparison, the company’s daily average trading volume is about 53,000 shares.
GNLN stock is up 210.4% as of Monday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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