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Greenlane Holdings Inc. shares jumped 21% in premarket trades on Wednesday after the cannabis paraphernalia company said it sold its ownership position in Vibes Holdings LLC, a rolling paper and clothing company, for $5.3 million to an unnamed buyer. Greenlane said the purchase price of one times trailing 12-month revenue for Vibes Holding is “significantly higher than the implied multiple reflected in the company’s public market capitalization.” The company said the purchase multiple also validates its “belief that its stock remainder undervalued under a ‘sum of the parts’ analysis.”
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