Greenlane Holdings, Inc. has transitioned its primary strategic focus from a traditional wholesale and distribution business to a digital asset treasury strategy centered on BERA, the native token of the Berachain blockchain network, effective October 2025. The company reported a net loss of $85.6 million for the year ended December 31, 2025, a significant increase from $17.7 million in 2024. Net revenue decreased by 67% to $4.4 million in 2025 from $13.3 million in 2024, primarily due to the reduction of legacy operations and sales team reorganization. Operating expenses surged to $41.8 million in 2025 from $18.1 million in 2024, largely driven by $18.6 million in stock-based compensation for strategic advisory warrants and $6.3 million in inventory impairment write-downs. The company recorded $31.1 million in unrealized losses on digital assets in 2025 due to market fluctuations in BERA. As of December 31, 2025, Greenlane held approximately $32.5 million in cash and cash equivalents and $36.6 million in digital assets (BERA). A $110.7 million private placement in October 2025 provided capital for the digital asset strategy, consisting of cash, stablecoins, and BERA tokens. Greenlane received a Nasdaq delisting notice on March 25, 2026, due to non-compliance with minimum bid price requirements and previous reverse stock splits, and plans to appeal this determination. The company implemented a 1-for-750 reverse stock split on June 26, 2025, and stockholders approved another reverse stock split (1-for-5 to 1-for-15) on March 25, 2026, to be effected shortly after the filing date. Material weaknesses in internal control over financial reporting were identified as of December 31, 2025, particularly concerning IT access controls, digital asset treasury controls, and the overall control environment.