Mr. Brad Douville reports

GREENLANE RENEWABLES ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS

Greenlane Renewables Inc. has released its financial results for the third quarter ended Sept. 30, 2022. For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed under the Company's profile on SEDAR at www.sedar.com . All amounts reported are in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS") unless otherwise stated.

Third Quarter Highlights

• Record revenue of $19.9 million, a 48% increase over the $13.4 million reported in the third quarter of 2021;
• Gross profit of $4.3 million, Gross Margin1 (gross profit excluding amortization) of $4.9 million (25% of revenue);
• Adjusted EBITDA2 of $0.4 million;
• Net income of $0.6 million;
• Sales Order Backlog3 of $36.7 million, as at Sept. 30, 2022;
• Sales Pipeline4 valued at approximately $900 million, as at Sept. 30, 2022;
• Cash and cash equivalents of $21.3 million and no debt, other than payables, performance bonding and letters of credit resulting from normal course operations, as at Sept. 30, 2022;
• The Company announced new contract wins totalling $13.5 million in the quarter for the supply of its biogas upgrading technology for two landfill gas-to-renewable natural gas ("RNG") projects in South America;
• The Company announced its second deployment of development capital to a company focused on developing landfill gas-to-RNG projects in the United States; and
• The Company increased its credit facility with The Toronto Dominion Bank from $12.5 million to $20.0 million. The facility is secured by a guarantee from Export Development Canada and is used to enhance sales by providing guarantees and letters of credit to the Company's customers who require them.

"We've delivered record quarterly revenue and a solid bottom line, and we maintain our excitement about the growth of the RNG industry and our role in its success," said Brad Douville, CEO of Greenlane. "We remain driven to grow our business and balance this growth's impact on our bottom line."

"With increasing global focus on impactful solutions to decarbonize our planet, the RNG industry has experienced significant consolidation this year together with new supportive regulations and funding, pointing to the scale up of the number of RNG projects. The acquisition by bp of US-based Archaea is particularly noteworthy as several of the energy super majors have announced decarbonization efforts and have both the capital and capacity to amalgamate existing RNG development platforms into their business models. It was never a matter of 'if', it was always a matter of 'when'. We anticipate further consolidation in the sector, which together with supportive regulations and policies such as the Inflation Reduction Act and REPowerEU plan, are expected to provide additional capital to help expedite the RNG industry's growth. We expect this will have a positive effect on the pace of development for RNG project developers and owners, increasing market strength, project financing and new sales opportunities for Greenlane."

"We appreciate that macroeconomic events have dominated market headlines in recent months. However, even with this uncertainty, we have maintained a balanced and analytical approach to our business. Our balance sheet is strong and we will continue to be opportunistic as the market for RNG further develops. Looking ahead, we're excited about what 2023 can bring."

Greenlane continually updates its pipeline of active system sales opportunities ("Sales Pipeline"), which at Sept. 30, 2022 was approximately $900 million, representing a net increase of $50 million in new opportunities since year-end 2021, and a 6% increase year-over-year versus $850 million at the end of Q3 2021. The Sales Pipeline represents visibility to a significant number of opportunities for which the Company provides a quote, and those opportunities that successfully convert into contract wins move into our sales order backlog ("Sales Order Backlog"). The Company's Sales Order Backlog of $36.7 million as at Sept. 30, 2022 is a snapshot in time which varies from quarter-to-quarter. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue. System sales of $18.5 million in the quarter largely reflects revenue from 18 customer upgrader contracts, recognized in accordance with the stage of completion of projects. A typical system sales contract (excluding Airdep product sales) has six stages of completion and a duration of nine to 18 months, and therefore quarterly operating results will fluctuate as a result of the timing of contract related work.

The Market Outlook

The RNG industry has experienced significant consolidation this year as well as new supportive regulations and funding, pointing to the scale up of RNG projects and production. bp's recently announced acquisition of US-based RNG producer Archaea Energy for US$4.1 billion marks the largest ever RNG transaction, with bp announcing plans to increase Archaea's current RNG production five-fold by 2030. Global energy supermajor Shell is one of several companies involved in a second bidding round to acquire one of Europe's largest biomethane producers, Danish-based Nature Energy, in a transaction that could be worth US$2 billion.

Real estate and infrastructure project investor CIM Group announced that it has acquired 100% of the RNG project development platform of MAS Energy LLC, a developer, owner and operator of landfill gas-based RNG in the US and Canada. US renewable energy developer NextEra Energy recently revealed the acquisition of a portfolio of approximately 30 operating landfill gas-to-electric facilities in a US$1.1 billion deal, with plans to spend about US$400 million to convert the portfolio to RNG. Global infrastructure investment firm Macquarie announced that its Green Investment Group has acquired German biogas platform BayWa r.e. Bioenergy.

During the third quarter, the US Inflation Reduction Act was signed into law, which will provide US$369 billion over the next ten years on spending and tax policies to reduce greenhouse gas emissions and spur the expanded production and use of domestic clean energy. This legislation also contains provisions for biogas property, which includes biogas upgrading equipment, as qualifying equipment for purposes of the Section 48 energy investment tax credit which can reach 40%.

In Canada, revised legislation in Quebec centered on minimum RNG volumes in the natural gas grid now requires gas distributors like Energir to deliver five per cent RNG volumes by 2025 and 10 percent by 2030, with Energir subsequently openly asking RNG producers across North America for information about long-term commitments for RNG volumes. In Italy, the European Commission announced that it had approved plans put forward by the Italian government to help increase domestic production of biomethane in the country backed by funding of euros4.5 billion. The approval will support ambitions set forth in the REPowerEU plan, under which the EU aims to increase production of biomethane to a share of over 12% of anticipated gas demand by 2030. euros1.7 billion is in the form of an investment grant covering up to 40% of eligible project costs to be paid at the end of the construction phase, and euros2.8 billion is the estimated budget for incentive tariffs to be paid during the operational phase of the projects, for a 15-year period, covering the difference between the incentive tariffs and the evolving gas prices.

The whiskey industry in the US is also looking to RNG as an important tool to help decarbonize operations, as both Jack Daniels and Jim Beam have announced recent projects involving significant capital. Jack Daniels has partnered with Canada-based TC Energy to invest US$29 million in a new RNG production facility at the Jack Daniel distillery in Tennessee that will convert waste products from the distillation process into pipeline-quality RNG that will be injected into the local gas grid. And the owners of bourbon producer Jim Beam announced an investment of US$400 million in renewable energy systems and increased bourbon production at its largest Kentucky distillery, with RNG ultimately fueling 65% of the distillery's operations.

Conference Call

The public is invited to listen to the conference call by telephone at 2 pm PT (5 pm ET) today, November 8 th. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 1-604-638-5340. Callers should dial in 10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable audio file.

About Greenlane Renewables

Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas ("RNG") industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants, dairy farms, and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 30 years of industry experience, patented and proprietary technology, over 100 biogas desulfurization units shipped, and over 135 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com .

We seek Safe Harbor.